BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M

2022.07.02 06:05

BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.

In a Friday Twitter (NYSE:TWTR) thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.