BlockFi has been one of the biggest companies in the crypto market. The company has emerged as one of the leading brands in lending cryptocurrencies recently. The market of crypto has boomed into existence in the recent past. People from all over the world have come together to invest their wealth in cryptocurrencies. With so many investors jumping in, the many new companies have profited a lot. Zac Prince is the CEO of the company. He has recently announced promising news that would excite the investors a great deal. Prince stated that the company signed a record deal with FTX US. The deal is said to be finalized at $680 million. The overall valuation of the company stood at a whopping
$5 billion in the month of 2021 June. This deal has calmed the nerves of most of the investors. The recent few months have been very rough for crypto investors. The market has seen a huge downward curve recently. Even big names like Bitcoin and Ethereum suffered losses during this period. All these developments made the investors very much fearful about the market. The recent deal between BlockFi and FTX US is like a breath of fresh air for everyone. Let us learn more about the story in detail below.
BlockFi Bags Deal With FTX US
BlockFi has bagged a deal with FTX US worth $650. This deal means that the derivatives exchange of crypto can now purchase the firm. The news was confirmed and posted on Twitter. Zac stated that the deal was made with the vision of upscaling and protecting the funds of their clients.
However, BlockFi has said that the agreements of the deal will be approved by the shareholders. Prince also said the company will continue to function as usual like before.