BlockFi has reportedly secured a $250 million revolving credit facility from crypto exchange FTX which will bolster their balance sheet
BlockFi Acquires Credit Facility From FTX
The cryptocurrency lending platform BlockFi recently made the announcement that it had been granted a revolving credit facility of $250 million from the cryptocurrency exchange giant FTX.
“Today we signed a term sheet with FTX to secure a $250m revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength”
According to him, the proceeds from the FTX deal are, “intended to be contractually subordinated to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed.”
Zac Prince Praises His Management Team
The CEO of BlockFi, Zac Prince, also expressed his satisfaction with his team regarding how they have managed the whole crypto crash. The management been working tirelessly to balance their books during the market volatility as they recently relieved over 20% of their workers from their duties.
The credit facility deal signed between the company and FTX is expected to pave way for future collaboration and partnership.
“This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.”