BlockFi Secures USD 250M Credit Line from Bankman-Fried’s FTX

BlockFi FTX Lending
Last updated:
Author
Author
Linas Kmieliauskas
Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
BlockFi co-founders: Flori Marquez and Zac Prince

 

Major crypto lender BlockFi said it secured a USD 250m loan from the FTX exchange in an attempt to bolster its balance sheet.

The revolving credit facility, which is a type of credit, “are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed,” Zac Prince, CEO of BlockFi, said.

“Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded,” he added.

According to the CEO, this agreement also “unlocks future collaboration” between BlockFi and FTX.

Last week, Prince confirmed that his firm has “a large client that failed to meet its obligations” on an “overcollateralized” loan.

Meanwhile, Sam Bankman-Fried, CEO of FTX, said recently that large crypto companies such as his have a responsibility to step in and make efforts to contain the resulting losses for crypto investors.
____
Learn more: 
Crypto Exchanges Backing Away from Sports Spending as Crunch Continues
BlockFi, Crypto.com, and Others Come Forward as Three Arrows Hires Advisers, Babel Finance Pauses Withdrawals

Babel Finance to Repay ‘Some Debts’ and ‘Ease Its Short-term Liquidity Pressure’
Bancor Pauses Protection Mechanism Due to ‘Hostile Market Conditions’
BlockFi Valued at USD 3B Following USD 350M Round

Bitcoin, Ethereum & Crypto Analysts Search for Bottom as Investors in ‘Historically Meaningful Degree’ of Pain
Next 6-12 Months to be ‘Brutal’, but Ivestment ‘Planting Season’ Starts Now, Arthur Hayes Says

More Articles

Price Analysis
7,8% Growth in the Last 24h: Is PI on the Way Back?
Arslan Butt
Arslan Butt
2025-03-22 12:02:26
Price Analysis
Bulls to Reclaim $2K Threshold: Big Trend Shift for Ethereum?
Arslan Butt
Arslan Butt
2025-03-22 11:25:57
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors