Cryptocurrency exchange FTX enters negotiations to acquire a stake in BlockFi
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Answer Cryptocurrency exchange FTX enters negotiations to acquire a stake in BlockFi
Cryptocurrency exchange FTX has entered into talks and negotiations to acquire a stake in cryptocurrency lender BlockFi, the Wall Street Journal reported, citing people familiar with the matter.
According to previous reports, BlockFi has signed a term paper with FTX for a $250 million revolving credit facility, which will give BlockFi significant access to liquidity especially in the current market conditions.
According to the Wall Street Journal, an equity agreement has not yet been reached, and discussions are still ongoing.
A BlockFi spokesperson said in a statement that the company could not comment on all rumors about it.
The same BlockFi spokesperson said:
We are still negotiating the terms of the deal and cannot share more information at this time.
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We expect to share more details about the terms of the deal with the public at a later time.
An FTX spokesperson declined to comment.
Last week, BlockFi told it had reduced its staff by about 20%, in addition to implementing other cost-cutting measures such as spending less on marketing and executive compensation.
Strict interest rate increases by the US Federal Reserve and recession fears have unsettled stocks and triggered a massive sell-off in the cryptocurrency market.
At the end of last week, Bitcoin dropped below the key $20,000 level for the first time since December 2020.
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Strict interest rate increases by the US Federal Reserve and recession fears have unsettled stocks and sparked a selloff in cryptocurrencies. Last weekend, bitcoin, the world’s largest cryptocurrency, fell below the key $20,000 level for the first time since December 2020.
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