Cryptocurrency lending company BlockFi announced on Friday that it has reached an agreement with FTX US, the U.S. division of the crypto exchange led by billionaire Sam Bankman-Fried, for a revolving line of credit and potential acquisition.
The deal represents a total value of $680 million, BlockFi CEO Zac Prince tweeted this afternoon. “An option to acquire BlockFi at a variable price of up to $240M based on performance triggers” is on the table, he said.
(Long thread!)
Excited to share an update on our previously announced term sheet with @FTX_US – and how we’ve broadened the scope of the initial deal for the benefit of all key @BlockFi stakeholders.
— Zac Prince (@BlockFiZac) July 1, 2022
This story is developing and will be updated.
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Source: https://decrypt.co/104286/blockfi-ftx-credit-deal-acquisition-terms
