BlockFi Gets $250M Revolving Credit from FTX
Main page News, business, Crypto Market

BlockFi has secured a $250 million revolving credit facility from FTX, the company's co-founder Zac Prince said in a tweet. He added that the credit will provide BlockFi with access to capital that further bolsters its "balance sheet and platform strength."

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

Prince also said that the proceeds of the credit facility will be "contractually subordinate" to all client balances across all account types and will be used "as needed."

"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."

FTX Plans to Spend Billions of Dollars to Buy Stakes in Other Companies

In November 2021, reports said that the US Securities and Exchange Commission (SEC) started investigation against BlockFi over its product that pays customers high interest rates for lending out cryptocurrency.

The watchdog was trying to find out whether the company's accounts are akin to securities. However, officially, the SEC has not accused BlockFi of any wrongdoing.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error