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Crypto exchange FTX in talks to acquire stake in BlockFi
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Crypto billionaire Sam Bankman -Fried has become a lender of last resort to his beleaguered industry. He may end up owning large chunks of it as well.
Mr. Bankman-Fried’s crypto exchange, FTX, is in talks to acquire a stake in BlockFi, a crypto lender that FTX gave a $250 million credit line this week, people familiar with the matter said. His other company, Alameda Research, also acquired a big ownership stake in Canadian crypto broker Voyager Digital Ltd.
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Earlier this month, Alameda said it extended two credit lines, one for $200 million in cash and stablecoins, and another for 15,000 bitcoins, to Voyager.
Discussions between BlockFi and FTX are continuing, and no equity agreement has been reached, the people familiar said.
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These agreements come after other high-profile investments by Mr. Bankman-Fried and his companies, and as crypto investors begin to sort through which firms will survive the current downturn.
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