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7/1, 8:40 PM (Source: TeleTrader)
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BlockFi confirms $680 million deal with FTX

BlockFi CEO Zac Prince announced on Friday the cryptocurrency lending platform will be acquired by crypto exchange FTX for up to $240 million "based on performance triggers."

Along with the transaction, BlockFi shareholders will also decide whether to approve a $400 million "revolving credit facility" from FTX, Prince said in a Twitter post. He explained that BlockFi decided to make the moves due to recent "crypto market volatility" that has "had a negative impact on BlockFi" and that "it was important to add capital to our balance sheet to bolster liquidity and protect client funds."

FTX is a "great partner" that "shares our commitment to clients," Prince emphasized, adding the deal "represents the best path forward for all @BlockFi stakeholders and the crypto ecosystem as a whole."

Baha Breaking News (BBN) / MS