Cryptocurrency Lending firm BlockFi said all of its products are “fully operational” after Binance announced plans to acquire crypto firm FTX.
FTX, which has experienced a rapid decline in its native token FTT, announced its intention to acquire BlockFi earlier this year after a credit crisis in the crypto market that resulted in the bankruptcy of several credit firms.
CEO Flori Marquez: “BlockFi Is Still An Independent Company”
Following the bankruptcy of Three Arrows Capital, BlockFi agreed to a potential buyout deal with FTX, which provided the firm with a $400 million line of credit.
BlockFi founder Flori Marquez said on Twitter that the company is now an independent business from FTX and will “remain as an independent business until at least 2023.”
Marquez continued his statement on Twitter:
“We process all customer withdrawals in accordance with our Terms of Service. To date, BlockFi has aimed to deliver all customer withdrawals faster than our Terms of Service.
We operate a pragmatic and diversified lending business and hold venture capital reserves to help protect against potential credit defaults.”
terra altcoin Many crypto companies faced bankruptcy due to the decline in the crypto money market after its collapse. The institutions that these bankrupt companies borrowed from also faced intense financial problems as they could not get their loans back.
*Not investment advice.
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