The initiative would significantly boost the relationship between FTX and BlockFi in financial terms.
On June 24, FTX, a Bahamian-based crypto exchange, is reportedly seeking to acquire a stake in crypto lender BlockFi to potentially strengthen the financial relationship between the two crypto giants. Currently, no further information about the purchase is available as no final terms have been reached. One of the spokespeople stated:
“We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date.”
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The news comes right after FTX provided BlockFi with a $250 million credit, which will reportedly assist the crypto lender in boosting its balance sheet, as well as strengthening the platform. BlockFi CEO Zac Prince commented upon the significant fund:
“This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.”
It seems as though Sam Bankman-Fried, CEO of FTX, is not stopping and providing assistance to a number of individuals, as well as various organizations. For instance, at the beginning of June, Bankman-Fried stated that FTX would be welcoming more employees despite the current crypto bear market.
On top of that, last week, the crypto exchange mentioned that it would be purchasing crypto asset trading platform Bitvo. The initiative will reportedly allow FTX to reach even more customers.
Earlier in June, Bankman-Fried's trading organization dubbed Alameda has also acquired a stake in Canada's crypto broker Voyager Digital, where FTX provided the latter with 15,000 Bitcoin (BTC).
