Amid its growing issues, including laying off staff members, BlockFi said it had signed a credit deal with FTX worth $250 million.
BlockFi’s CEO – Zac Prince – took it to Twitter to announce the term sheet deal with FTX to obtain a revolving credit worth $250 million. The company aims to utilize the funds to strengthen its balance sheet and operations.
The latest crypto market slumps brought pain to numerous crypto lenders, and BlockFi was among those affected, resulting inIt seems that was not enough, as the company had to go for a $250 million-worth revolving credit facility from SBF’s FTX Exchange.the idea is to “bolster our balance sheet and platform strength” before explaining that the proceeds “are intended to be contractually subordinated to all client balances across all account types and will be used as needed.
A revolving credit facility is a credit allowing the receiver to withdraw money, use it to fund the business operations, repay it, and withdraw again if needed. Prince also noted that FTX and BlockFi could explore further collaborations after signing the aforementioned agreement. This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.
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