FTX Will Provide a $250 Million Loan to BlockFi

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BlockFi has signed a letter of intent with crypto exchange FTX for a $250 million revolving credit facility.

According to crypto lending platform CEO Zac Prince, access to capital “will further strengthen the company’s balance sheet and credibility.”

If necessary, BlockFi will direct resources to support all types of products. Prince has noted the news confirms the platform’s commitment to serving customers and ensuring the safety of their funds.

The BlockFi CEO has added the agreement opens up opportunities for collaboration between companies. He has promised to share more details about future plans soon.