June 24 (Reuters)-Cryptocurrency exchange FTX is in talks to acquire a stake in crypto lender BlockFi, the Wall Street Journal cites individuals conversant in the matter. Reported.

The two corporations introduced on Tuesday that BlockFi has signed a time period sheet for FTX and the $ 250 million revolving credit score facility. This offers BlockFi vital entry to capital in the turmoil of the digital forex market. learn extra

According to The Wall Street Journal, the inventory deal has not but been reached and discussions are underway.

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In a press release, a BlockFi spokeswoman stated the corporate “has not commented on market rumors.”

“We are still in talks about terms and conditions and we can’t share any more information at this time. We look forward to sharing more information about terms and conditions with the general public at a later date.” A BlockFi spokeswoman stated.

The FTX spokesperson didn’t instantly reply to the request for remark.

BlockFi introduced final week that it’ll cut back headcount by about 20% in addition to implementing different cost-cutting measures similar to lowering advertising and marketing spend and government compensation. learn extra

Aggressive price hikes and considerations a couple of recession from the US Federal Reserve have led to inventory turmoil and the sale of cryptocurrencies. Last weekend, Bitcoin, the world’s largest cryptocurrency, fell under the key $ 20,000 stage for the primary time since December 2020.

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Report by Hannah Lang of Washington; edited by Elaine Hardcastle

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