FTX advances $250 million credit score facility to crypto lender BlockFi

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Crypto lending platform BlockFi has secured $250 million in revolving credit score from Sam Bankman-Fried’s FTX, the agency mentioned in a press launch on Tuesday.

The credit score permits BlockFi entry to additional capital at a time the crypto market has seen a protracted crash, with a number of corporations sinking into liquidity issues. As such, BlockFi will use the funds to bolster its stability sheet and look to ascertain long-term stability.

Zac Prince, the CEO of BlockFi confirmed this by way of a tweet, noting:

He added in a press release:

“This settlement additionally unlocks future collaboration and innovation between BlockFi and FTX as we work to speed up prosperity worldwide by crypto monetary companies. This can be a vital step ahead in our continued dedication to the energy and accessibility of cryptocurrency markets.”

FTX CEO Bankman-Fried added:

The credit score facility settlement between BlockFi and FTX comes simply days after Bankman-Fried mentioned his firm (and Alameda Analysis) would “step in” to assist distressed crypto initiatives because the market reels from a brutal downturn.

It additionally comes not lengthy after BlockFi mentioned it had been pressured to liquidate one in all its giant shoppers for failing to satisfy margin calls.

Celsius Community, Three Arrows Capital and Babel Finance have all hit information headlines prior to now week over liquidity points.



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