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Wall Street Journal: FTX to buy shares in BlockFi



 The influential crypto trading platform is reportedly in talks with blockchain firm BlockFi to buy shares in the company after the crypto exchange pledged a $250 million loan to the crypto financial services provider.


As the Wall Street Journal reported on Friday, FTX and BlockFi are already in talks to purchase equity shares. So far, however, both sides are said not to have reached a concrete agreement. The negotiations are part of a letter of intent by FTX to provide the blockchain financial services provider with a $250 million loan.


"BlockFi does not comment on rumours," a company spokesperson told Cointelegraph. He adds: “We are currently still in negotiations about the loan business and cannot disclose any further details. We are confident that we will be able to announce the terms of the deal at a later date.”


FTX Managing Director Sam Bankman-Fried has been helping several crypto projects in the past few weeks that have gotten into financial difficulties as a result of the imbalance on the crypto market. For example, Alameda Research, which is also led by Bankman-Fried, recently lent 15,000 Bitcoin ( BTC ) to Voyager Digital so that the company can bridge its losses from working with the bankruptcy-threatened asset manager Three Arrows Capital.

Bankman-Fried feels his firms Alameda and FTX have "a responsibility to help, even if it's to their detriment, to prevent a widespread domino effect in the industry." To that end he states:


"Even if this isn't our fault or not impacted ourselves, it's for the best for the entire crypto ecosystem and I will do what I can to help the industry continue to grow."


However, it is still unclear whether the negotiations with BlockFi are due to the fact that the latter is in financial difficulties. In any case, the company has considerable payment obligations, because in February the American Securities and Exchange Commission imposed fines totaling 100 million US dollars on the crypto-financial service provider.

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