FTX in Talks to Acquire Part of BlockFi

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FTX in Talks to Acquire Part of BlockFi

FTX in Talks to Acquire Part of BlockFi
Sam Bankman-Fried, chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, Dec. 8, 2021. Some of the biggest names in crypto are on Capitol Hill as lawmakers weigh new rules for the white-hot asset class. Photographer: Stefani Reynolds/Bloomberg via Getty Images
Source: CoinDesk
1656092403 24 Jun / 17:40

FTX is in talks to acquire a stake in beleaguered crypto lender BlockFi, the Wall Street Journal reported Friday. The potential tie-up would quickly deepen the financial relationship established when FTX extended a $250 million emergency line of credit to BlockFi earlier this week.

According to the WSJ, the talks are ongoing, and no final terms have been reached.

"BlockFi does not comment on market rumors," a BlockFi spokesperson told CoinDesk when asked about the WSJ report. "We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date."

Sam Bankman-Fried’s trading empire has emerged as a backstop for the crypto industry amid fears of contagion in the falling markets. Last week, Alameda Research, the quant trading shop controlled by Bankman-Fried, gave a revolving line of credit to troubled crypto broker Voyager Digital (VOYG) for $200 million in cash/USDC and 15,000 bitcoin.

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