Struggling digital assets company BlockFi has received a $250 million credit facility from FTX Derivatives Exchange as it looks to survive the current downturn in the crypto industry.
BlockFi CEO Zac Prince announced on Tuesday that the company is now on track to bolster its balance sheet and general platform strength.
The utilization of the new credit facility will be primarily centred on being deployed as a contractually subordinate capital to “all client balances across all account types (BIA, BPY & loan collateral)”, with Zac promising that the funds “will be used as needed.”
FTX's latest action is described as a rescue mission in restoring the confidence of the recent crash of the crypto market. Over the past few weeks, the market was being challenging for digital currency asset providers, particularly crypto lenders. Celsius Network halted its withdrawals and virtually all of its core operations and said that it would need more time to resume its operations recently. In...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...