FTX buys Bitcoin investment platform BlockFi

The investment and lending platform with bitcoin (BTC) and cryptocurrency, BlockFi, will be in the process of moving into the hands of the FTX exchange.

According to news reports, and based on sources who requested anonymity, The exchange led by Sam Bankman-Fried will pay the company $25 millionHe is in a state of crisis.

This amount is 99% less than the latest private review of BlockFi. According to PitchBook, Blockfi is worth about $4.8 billion.

It is worth noting that the acquisition of BlockFi has to go through several administrative processes and It may take a few months to complete the transaction. CNBC, which takes the news for granted based on its consulted sources, clarified that neither FTX nor BlockFi wanted to officially confirm the agreement.

BlockFi Critical Mode

As CriptoNoticias reported weeks ago, BlockFi, which was founded by Zac Prince in 2017, isn’t having its best moment. In the middle of June this year, Join the wave of layoffs hitting the cryptocurrency industry It reduced its staff by 20%.

also, BlockFi was going through a liquidity crisis. Like other companies like Celsius, the drop in the price of BTC and other digital assets is hurting their operations. FTX had already provided them with a $250 million emergency credit line.

Advertising

The aforementioned Bankman-Fied, CEO of FTX, has been labeled by the press as a “crypto guru.” He is among the richest people in the industry and is known for the dedication he puts into his business.

About the current negotiations, the businessman remained silent. Recently and through his Twitter account, lamented Venture capitalists did not provide more support to companies Cryptocurrency In the crisis that many are going through.

 

 

 

 

 

Bitcoin Review

Leave a Comment