{"id":31331,"date":"2022-06-30T15:08:12","date_gmt":"2022-06-30T19:08:12","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31331"},"modified":"2022-06-30T15:08:20","modified_gmt":"2022-06-30T19:08:20","slug":"ftx-to-finalize-blockfi-deal-for-just-25-million","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-to-finalize-blockfi-deal-for-just-25-million\/","title":{"rendered":"FTX to finalize BlockFi deal for just $25 million"},"content":{"rendered":"\n<p>FTX is reportedly about to finalize a deal to buy insolvent lender <a href=\"https:\/\/coinscreed.com\/staging\/ftx-exchange-reportedly-plans-to-buy-stake-in-blockfi.html\">BlockFi<\/a> for just $25 million amid a crash<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"722\" height=\"482\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-244.png\" alt=\"FTX to finalize BlockFi deal for just $25 million\" class=\"wp-image-31333\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-244.png 722w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-244-300x200.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-244-150x100.png 150w\" sizes=\"(max-width: 722px) 100vw, 722px\" \/><figcaption>FTX to finalize BlockFi deal for just $25 million<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ftx-to-finalize-blockfi-deal\">FTX to finalize BlockFi deal  <\/h2>\n\n\n\n<p>According to a CNBC story, cryptocurrency behemoth <a href=\"https:\/\/coinscreed.com\/staging\/ftx-exchange-is-reportedly-looking-to-acquire-robinhood.html\">FTX<\/a> is about to finalize a deal to buy insolvent lender <a href=\"https:\/\/coinscreed.com\/staging\/ftx-exchange-reportedly-plans-to-buy-stake-in-blockfi.html\">BlockFi <\/a>for just $25 million.<\/p>\n\n\n\n<p>In comparison to the $5 billion valuations the company sought a year ago, the aforementioned amount is really a drop in the ocean. The well-known cryptocurrency loan business also made its intentions to go public.<\/p>\n\n\n\n<p>BlockFi received a $350 million Series D fundraising round in March of last year, raising its worth to $3 billion. According to the article, the acquisition agreement is anticipated to be signed by this week's end.<\/p>\n\n\n\n<p>BlockFi was able to obtain a $250 million credit line from FTX earlier this month to protect client cash in the face of liquidity issues.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-blockfi-struggles\">BlockFi Struggles<\/h2>\n\n\n\n<p>After the bankrupt hedge fund missed a payment on a margin loan with excessive collateral, the cryptocurrency lender was forced to liquidate Three Arrows Capital.<\/p>\n\n\n\n<p>The corporation significantly decreased its employees earlier this month in order to minimize costs.<\/p>\n\n\n\n<p>According to a June 17 New York Post article, after <a href=\"https:\/\/coinscreed.com\/staging\/celsius-hires-advisors-in-case-of-possible-bankruptcy.html\">Celsius<\/a> failed, BlockFi struggled to find any financing.<\/p>\n\n\n\n<p>BlockFi reached a settlement with the U.S. Securities and Exchange Commission in January, as part of which it agreed to pay a $100 million fine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX is reportedly about to finalize a deal to buy insolvent lender BlockFi for just $25 million amid a crash FTX to finalize BlockFi deal According to a CNBC story, cryptocurrency behemoth FTX is about to finalize a deal to buy insolvent lender BlockFi for just $25 million. In comparison to the $5 billion valuations [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":31333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[7207,5717,3991],"class_list":["post-31331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","tag-blockfi-2","tag-ftx-2","tag-celcius"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-244.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31331"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31333"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}