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The $250 million revolving line of credit was given to BlockFi by FTX.
Babel Finance followed Celsius Networks in freezing all withdrawals and transfers last week due to the plunge in the price ofCryptocurrencies. The company said last week it was still satisfying all withdrawal requests and fulfilling increased demand from institutional borrowers, though it also announced deep layoffs.
Prince said that Tuesday's landmark announcement reinforces the commitment that BlockFi has to serve its clients and ensure their funds are safeguarded.
Prince said that the deal further bolsters our balance sheet and platform strength and that the proceeds of the credit facility are intended to be contractually subordinate to all client account balances.
Sam Bankman- Fried, CEO of FTX, told NPR over the weekend that larger companies should help struggling companies when they can.
He told NPR that he felt like we had a responsibility to step in even if it was at a loss to ourselves. Even if we weren't involved in the cause of it. I want to do what I can to help it grow.
Is it a good idea to bet against the virtual currency? It's possible to do it via an exchange traded fund in the US.
Bankman-Fried said that the team has always shown a strong bias towards prudent risk management. Their top priority is to protect customer assets.
In the last few months, the prices of cryptocurrencies have plummeted.
Since peaking in November, the digital currency has lost 70% of its value. On Tuesday night, the price of the digital currency was about $20,493, down from the previous night's price of over $20,000. The price of ether was down 70% year to date.
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