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Sam Bankman-Fried commits $250M to BlockFi: read the details here

ByNdasi Tata

Jun 22, 2022

Crypto lending platform BlockFi has secured $250 million in revolving credit from Sam Bankman-Fried’s FTX, the firm said in a press release on Tuesday.

The credit allows BlockFi access to further capital at a time the crypto market has seen a prolonged crash, with several firms sinking into liquidity problems. As such, BlockFi will use the funds to bolster its balance sheet and look to establish long-term stability.

Zac Prince, the CEO of BlockFi confirmed this via a tweet, noting:

He added in a statement:

This agreement also unlocks future collaboration and innovation between BlockFi and FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our continued commitment to the strength and accessibility of cryptocurrency markets.”

FTX CEO Bankman-Fried added:

The credit facility agreement between BlockFi and FTX comes just days after Bankman-Fried said his company (and Alameda Research) would “step in” to help distressed crypto projects as the market reels from a brutal downturn.

It also comes not long after BlockFi said it had been forced to liquidate one of its large clients for failing to meet margin calls.

Celsius Network, Three Arrows Capital and Babel Finance have all hit news headlines in the past week over liquidity issues.

The post Sam Bankman-Fried commits $250M to BlockFi: read the details here appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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