On June 21st, BlockFi CEO Zac Prince announced on Twitter the digital currency exchange FTX has provided the platform a $250 million revolving loan. Prince said the new capital will bolster its balance sheet and platform strength. Revolving loan allows borrower to loan with multiple times based on the presented collateral.
BlockFi has secured a $250 million credit facility from crypto exchange FTX.
BlockFi CEO Zac Prince said that the agreement would “unlock future collaboration and innovation between BlockFi and FTX.”
The new credit facility may help alleviate fears that BlockFi is facing a liquidity crisis.
Digital currency has become asset recognized by institutions, like other significant pieces of property such as home, cars, investment properties, stocks, bonds and even collectibles or art that can be used to secure a loan from financial institutions. Although traditional banks are very much afraid of the advent of digital currency that breaks their monopoly on cross border transactions among banks, they can no longer just ignore digital currency but to embrace it.
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