Cryptocurrencies
Crypto Lender BlockFi Gets $250 Million Credit Line From FTX
- Pact ensures that customer funds are safeguarded, BlockFi says
- Support follows freezing of withdrawals by Celsius and Babel
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One of the biggest crypto lenders, BlockFi Inc., said digital-asset trading powerhouse FTX agreed to provide a $250 million revolving credit facility as concern increases across the sector about liquidity in the wake of the recent collapse in token prices.
Rival lenders Celsius and Babel Finance froze withdrawals on their platforms in the past two weeks as the months-long meltdown in the prices of cryptocurrencies accelerated, triggering speculation that other crypto companies would be forced to take similar measures.