Crypto lending platform, BlockFi has it has secured a $250 million revolving credit facility from crypto exchange giant FTX.
The announcement was made by BlockFi CEO, Zach Prince, via a tweet on Tuesday, 21st June 2022. The statement reads, ”Today BlockFi signed a term sheet with FTX to secure a $250m revolving credit facility
providing us with access to capital that further bolsters our balance sheet and platform strength” it added.
Zach made it known that the proceeds of the credit facility are intended to be contractually subordinate to all client balances across all its account types.
He was quick to thank his team, platform and risk management protocols for their performance throughout the market volatility.
On the agreement reached with FTX, the CEO said that it has unlocked future collaboration and innovation.