Sam Bankman-Fried's FTX Cryptocurrency Exchange Signs Contract with Purchase OptionsPerplexed crypto lenders BlockFi up to $ 240 million, BlockFi CEOZacPrincesaid on Friday rice field. The
FTX has also agreed to offer a $ 400 million revolving credit facility to BlockFi , Prince said in a tweet. He added that BlockFi is facing a surge in withdrawal following the news of the crypto lending platformCelsius Network freeze.
Concerns about the potential recession of the United States due to aggressive rate hikes from the Federal Reserve Boardthis year,cryptocurrenciesare at risk Ruined high assets. It caused the collapse of last year'sbooming industry.
Last month, BlockFi reduced headcount by 20% and implemented several cost-cutting measures, including reduced marketing spend and executive compensation.
Companies are using the Revolving Credit Facility as backstop financing to counter the negative impact on other sources of income. In most cases, these facilities will remain unused.
