FTX, the cryptocurrency exchange led by billionaire Sam Bankman-Fried, has entered negotiations to acquire a stake in the beleaguered crypto lending firm BlockFi, according to a report today in the Wall Street Journal, citing unnamed sources.
The acquisition talks come on the heels of BlockFi's announcement earlier this week that it secured a $250 million line of credit from FTX, which the crypto industry largely recognized as a "bailout."
"This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services," BlockFi CEO Zac Prince tweeted at the time.
Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.
— Zac Prince (@BlockFiZac) June 21, 2022
The “definitive documents” that spell out the terms of BlockFi's line of credit from FTX are still...
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