.BlockFi and FTX_Official reached a deal on Friday of a 'variable price of up to $240 million based on performance triggers' that will provide the embattled crypto company with a $400 million credit facility.
The agreement reached with the FTX unit has a total value of "up to $680 million," according to BlockFi's CEO.CoinDesk Staff
BlockFi and FTX US have reached a deal that will provide the embattled crypto company with a $400 million credit facility. The deal also gives FTX US, a unit of Sam Bankman-Fried's FTX crypto exchange, the right to acquire BlockFi and will, according to BlockFi CEO Zac Prince,"protect client funds."Friday, Prince said the parties agreed to the"definitive agreement" one day prior. He said it is still subject to shareholder approval. The deal has a total value of"up to $680 million.
, the terms agreed to Friday give BlockFi a"variable price of up to $240 million based on performance triggers." Prince said BlockFi has not drawn from the credit facility. "As a matter of principle, we fundamentally believe in protecting client funds. Not only because it’s absolutely the right thing to do, but this also benefits the ongoing health and adoption of crypto financial services worldwide. Therefore, it was important to add capital to our balance sheet to bolster liquidity and protect client funds," Prince said in the tweet.
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