spfdigital/iStock via Getty Images
- Cryptocurrency lender BlockFi on Tuesday has secured a $250M revolving line of credit from crypto exchange FTX.
- The bailout provides BlockFi with "access to capital that further bolsters our balance sheet and platform strength," BlockFi CEO Zac prince wrote in a Twitter post.
- The move comes as BlockFi takes steps to manage costs as crypto winter sets in. Earlier in June, the crypto lender said it was planning to slash its workforce by around 20%.
- "This agreement also unlocks future collaboration and innovation between BlockFi and FTX as we work to accelerate prosperity worldwide through crypto financial services," prince added in the release.
- Just a week ago, quant trading shop Alameda Research, a quant trading shop founded by FTX CEO Sam-Bankman Fried, gave crypto broker Voyager Digital (OTCQX:VYGVF) a revolving line of credit, CoinDesk reported June 17.
- Previously, (June 16) BlockFi was reportedly one of the firms that liquidated some of Three Arrows Capital's holdings.