BlockFi Secures $400M Line of Credit Amid Crypto Turmoil
Posted onAuthorCourtney T. CulpComments Off on BlockFi Secures $400M Line of Credit Amid Crypto Turmoil
By Elise Hansen (July 1, 2022, 4:23 p.m. EDT) — Cryptocurrency platform BlockFi said Friday it has reached an agreement for a $400 million revolving credit facility and potential acquisition by the FTX US cryptocurrency exchange, as the digital asset industry continues to feel the effects of the market downturn.
The latest deal follows an earlier deal whereby BlockFi secured a $250 million revolving credit facility from FTX in an effort to strengthen its balance sheet. The agreement with FTX’s US arm, signed on Thursday, will see FTX US provide a $400 million revolving credit facility subordinate to client funds, CEO Zac Prince said in a Twitter announcement.
It also includes “a…
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