Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Magepai on July 02, 2022, 11:52:29 AM
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The FTX and BlockFi deal is nearing a close.Cryptocurrency lending company BlockFi announced on Friday that it has reached an agreement with FTX US, the U.S. division of the crypto exchange led by billionaire Sam Bankman-Fried, for a revolving line of credit and potential acquisition.
The deal represents a total value of $680 million, BlockFi CEO Zac Prince tweeted this afternoon. "An option to acquire BlockFi at a variable price of up to $240M based on performance triggers" is on the table, he said.The deal comes amid rumors that FTX would acquire BlockFi for as little as $25 million. On Thursday, Prince took to Twitter to deny those rumors. Nevertheless, the struggling crypto lender has now signed a term sheet with FTX US that leaves room for an acquisition.more (https://decrypt.co/104286/blockfi-ftx-credit-deal-acquisition-terms)