Cryptocurrency trading app BlockFi nabs $250m in credit

Cryptocurrency financial services platform BlockFi has scored a $250m revolving line of credit.

The credit facility was supplied by FTX, a cryptocurrency derivatives exchange.

This credit facility will help BlockFi bolster its balance sheet, underscoring long-term stability for the company.

Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem.

Its mobile app lets users buy, sell and earn crypto, with up to 1.5% back in cryptocurrency when making purchases with the BlockFi Rewards Visa Signature Card. It claims to have distributed over $15m in cryptocurrency rewards to date.

Other features include low-cost trading for leading cryptocurrencies, exclusive benefits for high net-worth clients and borrowing money at rates as low as 4.5% APR.

BlockFi CEO and founder Zac Prince said, “Today’s landmark announcement reinforces the commitment that BlockFi has to serving its clients and ensuring their funds are safeguarded.

“This agreement also unlocks future collaboration and innovation between BlockFi and FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our continued commitment to the strength and accessibility of cryptocurrency markets.”

The FinTech company previously raised $350m for its Series D round in March 2021. The investment put its valuation at $3bn.

 In other cryptocurrency news, Elon Musk is facing a $258bn lawsuit from an investor of the Dogecoin cryptocurrency for defrauding him through a ‘crypto pyramid scheme’.

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