Tag: BlockFi

Surprise twist as BlockFi receives Money Services License in Iowa

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Just two weeks after being fined by Iowa’s regulators for offering and selling unregistered securities, crypto lending platform BlockFi announced on June 28 thait has received a Money Services License in the state. The Iowan license will allow the crypto lender to receive money and sell payment instruments in the state. BlockFi on Twitter stated it will begin by allowing Iowan residents to trade stablecoins. We’re excited to announce that we’ve received our Money Services License in Iowa. Iowa residents can now trade stablecoins on our platform and instantly transfer…

Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

According to Yusko, the FTX credit line proposal had a catch for BlockFi’s existing shareholders: It gave FTX the option to buy BlockFi “at essentially zero price.” If FTX were to exercise said option, it would effectively wipe out all of BlockFi’s existing equity shareholders, including management and employees with stock options, as well as all equity investors in the company’s previous venture rounds. Source

Crypto Exchange FTX Interested in Acquiring a Stake in BlockFi: Report

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The Bahamas-based digital asset exchange FTX is reportedly interested in acquiring a stake in crypto lender BlockFi. The Wall Street Journal reports discussions between the firms are ongoing and that no equity agreement has been reached yet, according to anonymous sources. Earlier this week, FTX agreed to provide BlockFi with a $250 million line of credit. Zac Prince, BlockFi’s chief executive, said the money is “intended to be contractually subordinated to all client balances across all account types (BlockFi interest account, BlockFi personal yield and loan collateral) and will be…

FTX may be planning to purchase stake in BlockFi: Report

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Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi following the company issuing a $250 million credit to the lending firm. According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity agreement has been reached. The reported ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. “BlockFi does not comment on market rumors,” a BlockFi…

FTX in Talks to Acquire Part of BlockFi: Report

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FTX Exchange Bails Out BlockFi With $250M

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Is FTX saving the crypto industry or taking control of it? The derivatives-focused cryptocurrency exchange has been on the sidelines, watching everything around them collapse, and finally decided to take action. That or, as the rumor says, FTX created this whole situation in their labs and is now buying assets on the cheap. There’s only circumstantial evidence of that, though. The bailout, on the other hand, is completely real.  The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA,…

Crypto Exchange FTX Injects $250,000,000 Into BlockFi, Acquires Stock-Clearing Startup

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Crypto exchange FTX is pouring hundreds of millions of dollars into top digital assets lender BlockFi, while also acquiring stock-clearing firm Embed. FTX CEO Sam Bankman-Fried explained on Twitter why the exchange viewed BlockFi as a sound investment opportunity during the crypto market downturn. “Today we’re injecting $250 million into BlockFi and partnering with them so they can navigate the market from a position of strength. BlockFi has careful risk management and great leadership. So they successfully removed at-risk counterparties preemptively. BlockFi customer assets are appropriately managed, with no debt/risk…

Crypto Lender Blockfi Secures $250 Million Line of Credit From FTX, CEO Says Capital Will Bolster Its Balance Sheet – Bitcoin News

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Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Original

BlockFi recibe una línea de crédito de $250 millones por parte de FTX

Aunque ahora está en condiciones de respaldar una caída del mercado general, FTX es una de las empresas que liquidó a Celsius, la problemática plataforma descentralizada de préstamos cripto que se vio obligada a detener todos los retiros de usuarios la semana pasada. Celsius, uno de los competidores de BlockFi, supuestamente se quedó sin fondos para pagar a los depositantes debido a una serie de riesgosas apuestas financieras descentralizadas. Source