BlockFi Was Being Sold to FTX But CEO Zac Prince Refused

BlockFi Was Being Sold to FTX But CEO Zac Prince Refused
  • BlockFi CEO Zac Prince, 100% confirms that the firm is being sold to FTX.
  • This year, Bankman-Fried paid $648.3 million for a 7.6% stake in Robinhood.

BlockFi, a leading cryptocurrency lending platform CEO Zac Prince disputes the reports that the firm has sold for $25 million, BlockFi previous value was around $4.8 billion. 

International leading television reported that the leading cryptocurrency exchange FTX would buy BlockFi for only $25 million, 99.5% less than its previous valuation of $4.8 billion. Today Zac Prince took Twitter to 100% confirm that the lending platform was not being sold for just $25 million.

On June 21, FTX offered BlockFi a $250 million credit line, which would strengthen the company’s balance sheet and platform, indicating that the lending platform has financial issues. 

Following that, the rumor on FTX talked about obtaining BlockFi spreads but the firms weren’t talking about the agreement. The acquisition rumors could mean that the company is still having significant problems even after getting the FTX loan and increasing the interest rates on its crypto lending products.

BlockFi announced its milestone on June 28 that it has gained a money service license in Iowa, and now the rumor is gaining everyone’s attention. The lender of cryptocurrencies will be able to buy and sell funds in Iowa through the license. Also, earlier in June, BlockFi reduced staff by 20% due to a massive change in macroeconomic conditions.

FTX Not Only Focusing BlockFi

Canadian cryptocurrency brokerage Voyager Digital’s stake was sold to Bankman-Fried-led Alameda Research. Last month Alameda granted Voyager a 15,000 BTC credit line and $200 million in cash.  This year, Bankman-Fried paid $648.3 million for a 7.6% stake in Robinhood as part of prior agreements. 

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.