Today signed a term sheet with to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.
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The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed.
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Throughout the market volatility of the last several weeks, I’m incredibly proud of how our team, platform and risk management protocols have performed. Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded.
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This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.
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To clients: We are here for you. Our team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today’s market environment.
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We look forward to sharing more details about future plans and initiatives to support the industry shortly!
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What was the origination of Sam and FTX’s wealth? Did they accumulate billions thru ponzi shitcoins?
Seems like there is a push from Tradefi to make Sam the face of Defi…
Wild stuff.
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This will end up with the shark eatin' the smaller fish
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