FTX Reaches Deal To Acquire BlockFi for up to $240M - Aliens: AI Crypto News & Markets Updates
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FTX Reaches Deal To Acquire BlockFi for up to $240M

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Blockworks

Fri, Jul 01, 2022

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Bankman-Fried says he is “way more excited to bail out customers than shareholders” FTX’s acquisition of BlockFi may lead to potential layoffs FTX on Thursday closed an anticipated deal with BlockFi to acquire the troubled crypto lender for up to $240 million, depending on the startup’s performance triggers.

The prospect of immediate job losses were later denied by BlockFi CEO Zac Prince and FTX CEO Sam Bankman-Fried .

Although Prince did not disclose the lower end of the acquisition, CNBC reported the deal was pegged at $25 million .

Added Bankman-Fried: The firm is “way more excited to bail out customers than shareholders.” In fact, if BlockFi’s valuation was to rise above $240 million, shareholders would be unable to refuse BlockFi’s acquisition.

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