The financing will help BlockFi support operations amid the crypto market downturn. Here are the top-line bullets you need to know.
BlockFi, a crypto trading and lending platform, has secured a $250M line of credit from FTX.
How’s the company performing?
- New Jersey-based BlockFi offers financial services to crypto market investors.
- The company caters to over 50K people and 350 institutions that collectively manage $10B in assets.
- It recently announced plans to reduce its employee headcount of 850 by 20%.
Source: BlockFi
Why does the market matter?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- The lack of transparency in current monetary systems has increased the demand for cryptocurrency solutions.
- The rising number of crypto applications across industries has also contributed to market growth.
- Recently, the crypto market has taken a plunge due to a major selloff in stocks and other digital assets.
