BlockFi said on Friday it had finally reached an agreement with the SBF-led crypto exchange FTX.
valuation of over $3 billion as of last year. Nevertheless, BlockFi’s CEO – Zac Prince – denied the amount.a company message informing that the two parties have indeed reached an agreement on how to proceed.
FTX has increased the revolving credit facility from $250 million to $400 million. More importantly, though, the exchange now has the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” However, the release didn’t provide a minimum price. BlockFi also said it had not withdrawn any of the funds available in the credit facility. Aside from the market drawback, it also blamed its current situation on Celsius Network and the problematic hedge fund – Three Arrows Capital.
“Crypto market volatility, particularly market events related to Celsius and 3AC, had a negative impact on BlockFi. The Celsius news on June 12th started an uptick in client withdrawals from BlockFi’s platform despite us having no exposure to them.”
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