BlockFi, a leading cryptocurrency exchange and cryptocurrency wallet. Received $250 Million Loan From Leading Crypto Platform FTX to secure user funds
BlockFi has signed a document agreement with FTX for a $250 million revolving credit facility. Revolving credit is a type of loan that allows you to withdraw money, or use it to finance your business, repay it and then withdraw it again when you need
BlockFi CEO Zac Prince confirmed the news on Twitter, claiming that the new funding will help support the company’s balance sheet. and strengthen the platform
“Proceeds from the credit facility are intended to fulfill the contract with all customer balances across all account types (BIA, BPY & loan collateral) and will be used only as needed.”
$250M Loan for BlockFi Comes Amid Market-Wide Chaos which has seen many companies cut their staff In order to survive, many crypto platforms also have to shut down operations and suspend withdrawals due to market downturns.
Prince praised his team’s efforts during the ongoing volatility in the crypto market and said the new credit line would be used to protect users’ funds on all account types.
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