FTX Signs Deal That Could Buy BlockFi For Up To $240 Million

Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million. From a report: The acquisition figure would include performance incentives, and BlockFi didn't specify how much would be an upfront payment. The deal with FTX also includes a $400 million revolving credit facility from the crypto exchange operator from FTX.

Are they paying in crypto?

[JonnyCalcutta]

Worthless company buys worthless company with fake money

Re: Are they paying in crypto?

[TightLines]

Exactly - pay for it all in crypto⦠and try to bail out the next greater fools with those assetsâ¦

Re:

[khchung]

Exactly. When even crypto companies don't settle payments in crypto coins, it tells you how worthless these cryptocurrencies are.

For "up to" $240 million

[93 Escort Wagon]

Actual purchase price: $17.96 (they saved 10% with a coupon).

Market consolidation

[rsilvergun]

this'll mean it's that much harder to avoid the exchanges and that much easier for them to exert power over the market. It's one of the fundamental reasons why crypto doesn't work. Sooner or later the market consolidates until a handful of individuals are in a position to either do a 51% attack (for miners) or force the miners to do one (for the exchanges). Or more likely you do like Ethereum did and a big player just forks the chain and takes all the money with them (i.e. Ethereum "classic").

The fundam

Re:

[bhcompy]

This one isn't really "consolidation" though. BlockFi isn't an exchange, it's a bank with credit features.

FTX to buy Voyager Digital too?

[phalse phace]

I wonder if FTX is buy Voyager Digital too.

FTX recently extended credit to both BlockFi and Voyager [cnbc.com].

Now FTX is buying BlockFi for pennies on the dollar.

And like BlockFi, Voyager Digital has temporarily suspended trading, deposits, withdrawals and loyalty rewards [prnewswire.com], effective at 2:00 p.m. Eastern Daylight Time today.

Hindi Drone

[rk1234567]

India government scheme information in Hindidrone.com [hindidrone.com]