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Crypto Exchange FTX Acquiring Stake In BlockFi: Wall Street Journal

The acquisition talks came as BlockFi secured a $250 million line of credit from FTX.

San Francisco: Leading crypto exchange FTX is reportedly acquiring a stake in the beleaguered crypto lending firm BlockFi, as the crypto industry faces meltdown.

According to Wall Street Journal, FTX is currently in discussions with BlockFi regarding the stake in the firm.

The acquisition talks came as BlockFi secured a $250 million line of credit from FTX, which the crypto industry largely recognised as a "bailout."

"BlockFi does not comment on market rumours. We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date," a BlockFi spokesperson told Cointelegraph.

ALSO SEE: Indian Crypto Exchange CoinDCX Restricts Deposits, Withdrawals 'For Multiple Users': Here's Why

BlockFi has signed a deal with FTX to secure a $250 million revolving credit facility with "access to capital that further bolsters our balance sheet and platform strength," said Zac Prince, CEO of BlockFi.

"The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types and will be used as needed," he had said in a tweet last week.

ALSO SEE: All About Crypto TDS In India: How Cryptocurrency Exchanges Are Reacting To CBDT FAQ

Throughout the market volatility of the last several weeks, "I'm incredibly proud of how our team, platform and risk management protocols have performed," he added.

This agreement also unlocks future collaboration and innovation between BlockFi and FTX.

FTX CEO Bankman-Fried who has been quiet about the BlockFi deal criticised venture capitalists for their reluctance to provide funds for crypto startups during the economic downturn.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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