- BlockFi CEO has requested crypto journalists and market commentators, to not point out the corporate alongside Voyager Digital and Celsius Community.
- He states that BlockFi has remained financially practical whereas Voyager and Celsius haven’t.
BlockFi’s CEO, Zac Prince, has requested crypto journalists and market commentators, to not point out the corporate alongside Voyager Digital and Celsius Community. In keeping with Mr. Prince, the latter two crypto corporations have shut down, whereas BlockFi continues to be totally practical and has thrilling ‘stuff’ within the pipeline.
Mr. Prince shared his request to journalists and crypto market commentators via a two-part Twitter thread that may be seen under.
BlockFi’s CEO Feedback Collect Combined Reactions from Crypto Twitter.
The crypto-twitter neighborhood has since reacted to Mr. Prince’s tweet, with some neighborhood members agreeing along with his feedback and others not being too happy with them. Under is a pattern of a few of the responses.
The query is – would you continue to not look the identical in the event you didn’t must beg the marketplace for cash to get bailed out? I see no distinction, merely some acquired saved, others didn’t. Danger administration, or lack thereof, is the widespread denominator. – by @0x_Anthem
Isn’t the distinction mainly one acquired a bail out whereas the opposite two didn’t? – by @EatCookCryptos
That is such a nasty take. As an alternative of worrying about your status, do one thing to assist the broader neighborhood in misery. – by @giltzer14
A Recap of BlockFi’s Woe Because of the Crypto Winter.
In mid-June, BlockFi and FTX agreed on a $250 million credit score facility to assist the corporate solidify its stability sheet amidst the cruel crypto winter situations. The funds would, in flip, be used to guard buyer funds and belongings ought to there be a necessity to make use of them. The crypto winter had earlier pressured BlockFi into shedding 20% of its workforce because of the shifting world macroeconomic local weather.
In late June, it was revealed that FTX was planning to accumulate a stake at BlockFi. On the primary of this month, BlockFi’s CEO introduced that the corporate had signed definitive agreements with FTX for a $400 million revolving credit score facility and an choice to accumulate BlockFi at a variable worth of as much as $240 million primarily based on efficiency triggers.