Crypto lending platform BlockFi has secured a $250 million credit facility from FTX cryptocurrency exchange, CEO Zac Prince announced Tuesday. FTX Rescues BlockFi BlockFi CEO and co-founder Zac Prince announced in a Twitter thread that the agreement will offer the crypto lending platform access to additional capital, which the firm will use to strengthen its balance sheet. Big news… BlockFi has signed a term sheet with @FTX_Official to secure a $250 million revolving credit facility. See @BlockFiZac’s thread for more details: https://t.co/zSSB3Dh1tO — BlockFi (@BlockFi) June 21, 2022 The proceeds of the credit facility will contractually be subordinate to all client balances across all BlockFi accounts which includes BlockFi Interest Account (BIA), BlockFi Personalized Yield (BPI), and BlockFi loan collateral. Additionally, the agreement also unlocks future collaboration and innovation between BlockFi and FTX in an effort to ‘accelerate prosperity worldwide through crypto financial services.’ “This is a significant step forward in our continued commitment to the strength and accessibility of cryptocurrency markets,” Prince wrote in his Twitter thread. To @BlockFi clients: We are here for you. Our team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today’s market environment. — Zac Prince (@BlockFiZac) June 21, 2022 FTX Backs Out Several Crypto Proje...
