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BlockFi announces deal with FTX US, including 'option to acquire' for $240M

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cointelegraph.com

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.The agreements are still subject to shareholder approval.

Prince said volatility in the crypto market, “particularly market events related to Celsius and 3AC,” which had a negative impact on BlockFi, led to the decision.

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