FTX and Ledn Compete for Troubled BlockFi

Source: Adobe/Kalyakan

Both major crypto exchange FTX and crypto lender Ledn have reportedly joined the race for a stake in the troubled crypto lender BlockFi.

Bloomberg and CNBC reported about the ongoing negotiations between BlockFi and FTX. According to CNBC’s undisclosed sources, FTX is close to finalizing a term sheet to buy BlockFi for USD 25m and a deal is expected to be signed by the end of this week. In March, the lender was valued at USD 3bn.

However, Zac Prince, CEO of BlockFi, said that they “aren’t being sold for USD 25m.”

Meanwhile, per Bloomberg’s undisclosed sources, Ledn would lead a funding round of up to USD 400m  and provide a USD 50m equity contribution that would give Ledn a “significant portion of the company.” Other investors would include ParaFi Capital, per the report.

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