Tag: BlockFi

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

Crypto exchange BlockFi secures $250M credit from FTX amid bear market

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BlockFi, a cryptocurrency exchange and digital wallet service provider, has secured a $250 million credit from leading crypto platform FTX. Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength. — Zac Prince (@BlockFiZac) June 21, 2022 BlockFi has signed a term sheet with FTX crypto exchange to secure a $250 million revolving credit facility. A revolving credit facility is a type of credit that enables you to withdraw money,…

BlockFi Receives $250M Credit Facility From FTX

Though it is now in the position of backstopping a broader market crash, FTX is reportedly one of the firms that liquidated Celsius — the troubled crypto lending platform that was forced to halt all user withdraws last week. Celsius, one of BlockFi’s competitors, reportedly ran out of funds to repay depositors due to a series of risky decentralized finance bets. Source