{"id":13116,"date":"2022-07-02T13:58:04","date_gmt":"2022-07-02T13:58:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/blockfi-agrees-to-deal-with-ftx-with-option-to-acquire-for-240m\/"},"modified":"2022-07-02T13:58:04","modified_gmt":"2022-07-02T13:58:04","slug":"blockfi-agrees-to-deal-with-ftx-with-option-to-acquire-for-240m","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/blockfi-agrees-to-deal-with-ftx-with-option-to-acquire-for-240m\/","title":{"rendered":"BlockFi Agrees to Deal with FTX With &#8216;Option to Acquire&#8217; for $240M"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>FTX US has penned a deal with BlockFi that will provide the beleaguered crypto lender with a <strong>$400 million capital injection <\/strong>and gives the cryptocurrency exchange the option to purchase the lending firm.<\/p>\n<p>In an announcement made on Twitter this Friday, BlockFi CEO Zac Prince\u00a0<a href=\"https:\/\/twitter.com\/BlockFiZac\/status\/1542934038469640192\">said<\/a>\u00a0that his firm had signed agreements with <a href=\"https:\/\/igaming.org\/cryptocurrencies\/ftx\/\">FTX<\/a> US for a $400-million revolving credit facility as well as the option to acquire BlockFi <strong>\u201cat a variable price of up to $240 million based on performance triggers.\u201d<\/strong> The CEO explained that the deal was agreed upon as part of an effort <strong>\u201cto bolster liquidity and protect client funds\u201d<\/strong> at BlockFi.<\/p>\n<p>Prince said both parties agreed to the \u201cdefinitive agreement\u201d one day prior. While still pending shareholder approval, the total value of the deal is \u201cup to $680 million.\u201d<\/p>\n<p>While earlier reports listed <a href=\"https:\/\/igaming.org\/crypto\/ftx-close-to-taking-over-troubled-crypto-lender-for-only-25m\/\">FTX takeover price at\u00a0$25 million<\/a>, BlockFi dismissed the rumors as the result of \u201can inappropriately leaked call\u201d and \u201cpurely personal conjecture by a single party.\u201d<\/p>\n<p>Prince also clarified that recent volatility in the crypto market, \u201cparticularly market events related to <a href=\"https:\/\/igaming.org\/crypto\/crypto-lending-firm-celsius-stops-withdrawals-markets-crash\/\">Celsius<\/a> and 3AC,\u201d heavily impacted BlockFi leading to big losses. He explained that BlockFi\u2019s products and services continue to operate:<\/p>\n<blockquote>\n<p>\u201cAll of our products and services \u2014 including funding and withdrawals, our trading platform, credit card and global institutional services \u2014 continue to operate normally, with incremental capital strength behind them.\u201d<\/p>\n<\/blockquote><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/igaming.org\/crypto\/blockfi-agrees-to-deal-with-ftx-with-option-to-acquire-for-240m\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) FTX US has penned a deal with BlockFi that will provide the beleaguered crypto lender with a $400 million capital injection and gives the cryptocurrency exchange the option to purchase the lending firm. In an announcement made on Twitter this Friday, BlockFi CEO Zac Prince\u00a0said\u00a0that his [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13116"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13116"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13117"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}