BlockFi signs term sheet with FTX, secures $250M revolving line of credit

Jersey City, N.J.-based BlockFi Inc. signed a term sheet with FTX Trading Ltd., through which it will get a $250 million revolving line of credit to bolster its balance sheet.

The proceeds of the credit facility will be contractually subordinate to all client balances of all types of BlockFi accounts.

The agreement is subject to the execution of definitive documents. Both the companies are working toward definitive documentation, which is expected to be completed soon.

BlockFi CEO and founder Zac Prince said in a news release that the agreement will unlock future collaboration and innovation between the two companies in crypto financial services.