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24/7 NewsAltcoinsNFTPolicy

15:48 July 03, 2022

A Blockfi CEO Says FTX Has the Option To Acquire a Crypto Lender for $240 Million

Blockfi has signed definitive agreements with FTX worth $680 million, and $240 million could help acquire the company. Blockfi has agreed with Sam Bankman-Fried's crypto firm FTX, and the deal aims to protect client funds. Unfortunately, Blockfi has raised interest rates for its Blockfi Interest Accounts, and the company has experienced $80 million in losses. Blockfi’s co-founder Zac Prince said that the company's 3AC losses would be a part of its "ongoing bankruptcy case(s)" and will release more information as it becomes available. In addition, he explained that Blockfi's main goal has always been to protect client funds and that it was important for the company to bolster its balance sheet.

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Source: News Bitcoin


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