Crypto exchange BlockFi secures $250M credit from FTX amid bear market
At a time when a significant number of crypto platforms are struggling to remain afloat, BlockFi hopes the new credit line would help them secure user’s funds 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....
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The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s CEO Zac Prince announced on Twitter that the company will use the capital to bolster Blockfi’s “balance sheet and platform strength.”
Blockfi Obtains $250 Million Revolving Credit Line From FTX After Crypto Lending Firms Struggle With 2022’s Market Volatility
It’s been a rough year for crypto lenders due to digital assets losing significant value over the last few months. One lender, Celsius, has been accused of....
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, BPY & loan collateral) and....
The reportedly ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. 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....
Blockfi has unveiled a credit card with bitcoin rewards in collaboration with Visa. This is “the first credit card that lets you earn bitcoin back with every purchase,” Blockfi detailed. Visa Credit Card Offering Cash Back in Bitcoin Crypto financial services provider Blockfi announced on Tuesday that its customers can start signing up for “The world’s first bitcoin rewards credit card” that will launch early next year in collaboration with Visa. “We’re excited to announce an innovative new product we’ve been working on for a long time: the....
A Curve spokesperson has confirmed they have been in negotiations to acquire BlockFi's credit card program's customers since Nov. 12. Payments company Curve is in active discussions to acquire crypto lender BlockFi's more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11. A Curve spokesperson told Cointelegraph that “outreach and negotiations” started on Nov. 12 and are still in the process with Banking as a Service (BaaS) company Deserve, which services the BlockFi card program. My BlockFi credit card has officially stopped working. R.I.P....