Canada BLOCK CEO Canada

FTX closes in on $25m cut-price deal for BlockFi - reports

Reading now: 328

An agreement could be signed by the end of the quarter on Friday, says CNBC, citing sources. In a tweet, BlockFi CEO Zac Prince, disputed the $25 million price tag: The potential acquisition comes days after FTX extended a $250 million emergency line of credit to BlockFi.

That came just weeks after BlockFi was reported to be closing in on a funding round at a $1 billion valuation and announced it was cutting 20% of its workforce.With the industry reeling in the face of a crypto winter and wider economic downturn, FTX has found itself in a strong position.It recently agreed to buy Alberta-based outfit Bitvo for a push into Canada, while earlier today The Block reported that it has passed on a deal to buy Celsius after encountering a $2 billion hole in the troubled firm's balance sheet.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News