FTX Reaches Deal With Option To Buy Crypto Lender BlockFi For Up To $240M

Cryptocurrency exchange FTX has reached a deal that gives it the option to buy struggling crypto lender BlockFi Inc. for up to $240 million, BlockFi said on Friday, as companies continue to search stability during a vast industrial collapse.

BlockFi’s deal with a crypto billionaire Sam Banman-Fried’s crypto exchange also includes a $400 million revolving credit facility. The deal is designed to stabilize BlockFi, a Jersey City, New Jersey-based company founded in 2017, which ran into trouble when crypto prices plunged and sparked a liquidity crunch among a number of investors. over-indebted companies.