BlockFi strikes credit deal with FTX US, outlines acquisition path

It provides FTX an option to acquire the firm at a price up to $240 million.

The definitive agreement, signed Thursday, is subject to shareholder approvals and would provide FTX an option to acquire the firm at a price up to $240 million. BlockFi, similarly to other market participants in the crypto space, has been hit hard by the fall out of the liquidation of Three Arrows Capital and the liquidity struggles of rival lending firm Celsius, which paused withdrawals on customers earlier this month. Three Arrows Capital's liquidation event resulted in an $80 million loss for BlockFi, which the company described as a small fraction of losses reported by other lending firms.

To weather the storm, BlockFi inked a $250 million credit deal with FTX to manage through the crisis on June 22. The firm has also been fielding interest for acquisition from FTX and other market participants.

FTX is digging

Oh these guys?

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BlockFi strikes $680 million credit deal with FTX US, outlines acquisition pathBREAKING: BlockFi strikes $680 million credit deal with FTX US, outlines acquisition path Dogetoshi nice reporting $25m deal yesterday, larps When you gamble with peoples collateral You lose their trust. But non- custodial Lenders like Unchained Capital and Hodl-Hodl will survive
Source: TheBlock__ - 🏆 464. / 53 Read more »

BlockFi Approached With Ledn-Led Funding Offer Amid FTX Acquisition Talks: Report.BlockFi has been approached by a party that includes fellow crypto lender hodlwithLedn in addition to its buyout offer of $25 million from FTXOfficial. JamieCrawleyCD reports. BlockFi hodlwithLedn ftxofficial JamieCrawleyCD I've made over 500% profit with benncfx in the past couple of weeks despite the market situation. BlockFi hodlwithLedn ftxofficial JamieCrawleyCD This is far from the truth. Listen to the interview with Zac Prince. Get the facts from the CEO, not rumors.
Source: CoinDesk - 🏆 291. / 63 Read more »