BlockFi strikes $680 million credit deal with FTX US, outlines acquisition path - Aliens: AI Crypto News & Markets Updates
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BlockFi strikes $680 million credit deal with FTX US, outlines acquisition path

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The Block

Fri, Jul 01, 2022

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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.

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.

BlockFi said that the firm has "no further exposure and the limited losses we did experience will be absorbed by BlockFi." To weather the storm, BlockFi inked a $250 million credit deal with FTX to manage through the crisis on June 22.

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