BlockFi gets $250 million credit facility from FTX to support platform

2022-6-22 00:00

Crypto lending platform BlockFi has signed a term sheet with leading crypto exchange FTX to secure a $250 million revolving credit facility, BlockFi CEO Zac Prince announced June 21.

Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.

— Zac Prince (@BlockFiZac) June 21, 2022

According to Prince, this agreement will offer BlockFi access to additional capital, which the firm will use to strengthen its balance sheet.

The proceeds of the credit facility will contractually be subordinate to all client balances across all BlockFi accounts. These include BlockFi Interest Account (BIA), BlockFi Personalized Yield (BPI), and BlockFi loan collateral. BlockFi intends to use the proceeds to bolster its operations as the bear market continues ravaging the crypto space.

BlockFi seeks to keep user funds safe

Prince noted that this deal underscores BlockFi’s commitment to serving its clients and ensuring the safety of their funds.

In the past week, Celsius Network suspended withdrawals, swaps, and transfers on its platform due to liquidity issues. In a ripple effect, crypto hedge fund Three Arrows Capital (3AC) faced liquidation after failing to meet margin calls from lenders. According to a Financial Times report, BlockFi was among the lenders that liquidated 3AC.

While BlockFi did not confirm its role in liquidating 3AC, Prince said the company liquidated a large counterparty after failing to meet margin calls. He did not reveal the name of the said counterparty. However, Prince claimed BlockFi was among the first lenders to liquidate the third party, and that acting quickly helped keep customer funds safe.

The post BlockFi gets $250 million credit facility from FTX to support platform appeared first on CryptoSlate.

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blockfi platform ftx facility credit 250 million

Источник: cryptoslate.com

blockfi platform → Результатов: 71


FTX предоставит BlockFi возобновляемый кредит на $250 млн

BlockFi подписала с криптовалютной биржей FTX протокол о намерениях касательно получения возобновляемой кредитной линии на $250 млн. Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.

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Фото:

BlockFi Pushes for Crypto Adoption by Offering Lucrative Interest on Bitcoin, Ether Deposits

Cryptocurrency loan platform BlockFi now allows users to earn interest as high as 6. 2 percent per annum on their digital currency deposits, reports Forbes, March 5, 2019. Lucrative Interest Rate Becomes the Talk of the Town The lines between traditional financial institutions like banks and digital currencies seem to be blurring at an astounding rate.

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Blockfi Launches Interest Bearing Savings Accounts for Cryptocurrencies

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2019-3-6 23:40


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