{"id":63242,"date":"2022-06-21T17:58:29","date_gmt":"2022-06-21T14:58:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63242"},"modified":"2025-09-05T22:55:28","modified_gmt":"2025-09-05T19:55:28","slug":"ftx-to-provide-blockfi-with-a-250-million-revolving-credit-facility","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-to-provide-blockfi-with-a-250-million-revolving-credit-facility\/","title":{"rendered":"FTX to provide BlockFi with a $250 million revolving credit facility"},"content":{"rendered":"<p>BlockFi signed a letter of intent with the cryptocurrency exchange FTX to secure a $250 million revolving credit facility.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Today <a href=\"https:\/\/twitter.com\/BlockFi?ref_src=twsrc%5Etfw\">@BlockFi<\/a> signed a term sheet with <a href=\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\">@FTX_Official<\/a> to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.<\/p>\n<p>\u2014 Zac Prince (@BlockFiZac) <a href=\"https:\/\/twitter.com\/BlockFiZac\/status\/1539216594383028224?ref_src=twsrc%5Etfw\">June 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Zac Prince, the CEO of the crypto-lending platform, access to capital \u201cwill further strengthen the balance sheet and the company\u2019s reliability.\u201d<\/p>\n<p>If needed, BlockFi will deploy resources to support all product types.<\/p>\n<p>Prince noted that the news underscores the platform\u2019s commitment to customer service and safeguarding users\u2019 funds.<\/p>\n<p>The BlockFi CEO added that the agreement opens opportunities for cooperation between the companies. He said he would share more details about future plans in the near term.<\/p>\n<p>An analyst going by the handle FatMan described the arrangements as a \u201cdeal with the devil\u201d.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Congratulations, you have made a deal with the devil<\/p>\n<p>\u2014 FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1539218509955317762?ref_src=twsrc%5Etfw\">June 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A user with the handle Raja saw in the agreement the machinations of FTX chief Sam Bankman-Fried, who \u201cputs everyone in such a position, and then \u2018bails them out\u2019.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Sam puts everyone in this position, then bails them out. Cool.<\/p>\n<p>\u2014 Raja (@RajaZuberi) <a href=\"https:\/\/twitter.com\/RajaZuberi\/status\/1539216958352138240?ref_src=twsrc%5Etfw\">June 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in June, media reports said BlockFi was preparing to close a new funding round at a $1 billion valuation instead of the previously planned $5 billion.<\/p>\n<p>Subsequently, the company announced the layoff of a fifth of its staff.<\/p>\n<p>According to reports, amid recent market turbulence, the crypto-lending platform liquidated at least part of the hedge fund Three Arrows Capital\u2019s positions.<\/p>\n<p>In June, Bankman-Fried <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-explains-alameda-researchs-role-in-supporting-the-industry-amid-downturn\">said<\/a> that he was taking steps to mitigate negative developments in the crypto market due to Celsius and <a href=\"https:\/\/forklog.news\/3ac-rassmotrit-vozmozhnost-prodazhi-aktivov-dlya-spaseniya-kompanii\/\">Three Arrows Capital<\/a> issues. <\/p>\n<p>On June 18, the cryptocurrency broker Voyager Digital <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-explains-alameda-researchs-role-in-supporting-the-industry-amid-downturn\">said<\/a>, that Alameda Research provided it with a loan of 200 million USDC and a revolving credit line of 15,000 BTC (~$300 million).<\/p>\n<p>Earlier Bankman-Fried <a href=\"https:\/\/forklog.news\/glava-ftx-birzha-potratit-milliardy-na-pokupku-dolej-v-drugih-kompaniyah\/\">pledged to spend \u201cbillions\u201d<\/a> on acquiring stakes in other companies.<\/p>\n<p> Read ForkLog&#8217;s Bitcoin news in our Telegram \u2014 crypto news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BlockFi signed a letter of intent with the cryptocurrency exchange FTX to secure a $250 million revolving credit line.<\/p>\n","protected":false},"author":1,"featured_media":63243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,83,1236],"class_list":["post-63242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-business","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63242"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63242\/revisions"}],"predecessor-version":[{"id":63244,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63242\/revisions\/63244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63243"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}