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Today BlockFi signed a term sheet with FTX to secure a $250M revolving credit facility providing us with access to capital
Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.
— Zac Prince (@BlockFiZac) June 21, 2022
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The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed.
— Zac Prince (@BlockFiZac) June 21, 2022
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Throughout the market volatility of the last several weeks, I’m incredibly proud of how our team, platform and risk management protocols have performed. Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded.
— Zac Prince (@BlockFiZac) June 21, 2022
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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.
— Zac Prince (@BlockFiZac) June 21, 2022
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To @BlockFi clients: We are here for you. Our team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today’s market environment.
— Zac Prince (@BlockFiZac) June 21, 2022
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