BlockFi strikes $680 million credit deal with FTX US, outlines acquisition path

BlockFi, the crypto lending firm, announced on Friday a deal with exchange operator FTX US that would provide the firm with a $400 million revolving credit line and outlines the path to an acquisition by the US-based firm.

"This, together with other potential consideration, represents a total value of up to $680M," the firm said in an emailed statement. BlockFi said that the firm has"no further exposure and the limited losses we did experience will be absorbed by BlockFi." BlockFi said that the current deal with FTX will allow it to protect customer assets on the platform."We were presented with various unattractive options where client funds would take a haircut or be behind a lender in the capital stack. These alternatives were completely unacceptable to me, @FounderFlori and our Board and conflict with our core value of “Clients not Customers” as well as the interests of BlockFi and our shareholders.

What was all that $25 million talk?

When you gamble with peoples collateral You lose their trust. But non- custodial Lenders like Unchained Capital and Hodl-Hodl will survive

nice reporting $25m deal yesterday, larps

Dogetoshi

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