Cryptocurrency exchange FTX has struck a deal that gives it an option to buy troubled crypto lender BlockFi Inc. for as much as $240 million, BlockFi

FTX Strikes Deal With Option to Buy Crypto Lender BlockFi for Up to $240 Million

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2022-07-01 20:00:16

Cryptocurrency exchange FTX has struck a deal that gives it an option to buy troubled crypto lender BlockFi Inc. for as much as $240 million, BlockFi said Friday, as firms continue to search for stability during a broad industry meltdown.

BlockFi’s agreement with crypto billionaire Sam Bankman-Fried’s crypto exchange also includes a $400 million revolving credit facility. The deal is designed to stabilize BlockFi, a Jersey City, N.J.-based firm founded in 2017, which ran into problems as crypto prices plunged and sparked a liquidity crisis among a number of overleveraged firms.

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