Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.
The acquisition figure would include performance incentives, and BlockFi didn't specify how much would be an upfront payment.
The deal with FTX also includes a $400 million revolving credit facility from the crypto exchange operator from FTX.: "Outside of this transaction, we realize that there is a lot of fear, uncertainty, and doubt in the crypto markets. From our vantage point, we continue to see a healthy ecosystem on the rise."
"Crypto market volatility, particularly market events related to Celsius and 3AC, 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.
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