FTX Keeps BlockFi in Game by Giving $250M Loans Amid Crisis

Cryptocurrency lending and staking platform BlockFi has received a $250 million loan from the leading cryptocurrency exchange FTX in the crisis environment in the market.

BlockFi CEO Zac Prince, Tuesday, June 21 made the day on Twitter. in sharing FTX exchange to the platform 250 million dollarsof a revolving credit announced that it provided

Your new capital will support the company’s balance sheet and will strengthen the platform saying Princemade the following statements on the subject:

Loan proceeds are intended to be subject to all client balances on a contractual basis across all account types (BIA, BPY and loan collateral) and will be used as needed.

revolving creditA loan is a type of loan that allows a business to borrow again when needed if it borrows and then repays it.

Agreement, BlockFi that many crypto companies, including Celsius Network Arrived in the middle of the crisis. BlockFi last week Coinbase, Crypto.com and, like many other companies, its number of employees due to current market conditions. 20% by reducing 170 people laid off had announced.

This is the CEO of FTX Sam Bankman-FriedIt’s not the first attempt to bail out a major crypto company hit by the recent market crash. According to some claims Bankman-FriedCEO of Alameda Research Sam Trabucco with collapse of the market to prevent provides loans to companies in danger of going bankrupt. While there is no official statement on the subject, many commentators Bankman-Fried‘s liked on Twitter some posts are confirming events thinks it is.

But his CEO has taken initiatives to stop a wider market crash. that FTX is one of the companies liquidating Celsius had been reported.

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