BlockFi Signs a Term Sheet with FTX to Secure a $250M Revolving Credit Facility
- BlockFi and FTX partners to bring forth advancement in the crypto sphere.
- FTX will provide capital to BlockFi.
On June 21, the CEO of BlockFi, Zac Prince, announced on Twitter that the team has signed a term sheet with FTX and has agreed to provide access to capital that strengthens their balance sheet and platform strength.
The CEO talks about the current market volatility and praises the team, platform, and risk management protocols performed. The returns of the credit office are expected to be legally subordinate to all client adjustments across all record types (BIA, BPY, and loan collaterals) and will be utilized depending on the situation. He marks this agreement as a landmark that reinstates BlockFi’s commitment to serving its clients and ensuring the safety of their funds.
Zac also hints toward future collaborations between the two companies and marks this as just a beginning. He says that both BlockFi and FTX share similar goals of accelerating growth worldwide using crypto financial services.
He says, “This is a significant step forward in our commitment to the strength and accessibility of crypto markets.”