FTX US is close to acquiring US-based lending platform BlockFi in a deal worth hundreds of millions of dollars.
According to BlockFi CEO Zac Prince, pending shareholder approval, the lending platform has reached an agreement with FTX US for a $400 million revolving credit facility plus an option to acquire BlockFi at a variable price of up to $240 million.
На Твитер Тема, Prince says a series of recent developments in the markets significantly hurt the company and forced it to look into other options. Specifically, he mentions the potential несолвентност of lending platform Celsius and the бори of crypto hedge fund Three Arrows Capital (3AC).
“Crypto market volatility, particularly market events related to Celsius and 3AC (Three Arrows, had a negative impact on BlockFi. The Celsius news on June 12th started an uptick in client withdrawals from BlockFi’s platform despite us having no exposure to them.
In the same week, 3AC news spread further fear in the market. While we were one of the first to fully accelerate our overcollateralized loan to 3AC, as well as liquidate and hedge all collateral, we did experience ~$80M in losses, which is a fraction of losses reported by others.”
The BlockFi CEO says that the company looked into several different options for adding capital to its balance sheet and salvaging its operations. However, Pince says discussions with FTX US were the most productive, and the two firms moved forward with negotiations.
„На крајот, најдовме одличен партнер во FTXUS, кој ја споделува нашата посветеност на клиентите. Ова го претставува најдобриот пат напред за сите заинтересирани страни на BlockFi и за крипто екосистемот како целина“.
At time of writing, it is unclear how BlockFi’s operations will change following the acquisition, but Prince says that FTX US’s platform is “highly complementary” to BlockFi and that the company anticipates enhancements to its services through increased collaboration.
“As always, we will prioritize these efforts based on trying to add the most value for our clients – many of whom have been with BlockFi through numerous market cycles.
All of our products and services – including funding and withdrawals, our trading platform, credit card, and global institutional services – continue to operate normally, with incremental capital strength behind them.”
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Source: https://dailyhodl.com/2022/07/01/ftx-crypto-exchange-closing-in-on-deal-to-buy-blockfi-for-99-discount-report/