- According to Bankman, Mining firms are stacking up debts due to the crisis, and they’ve faced margin orders and defaults as a result.
FTX CEO Sam-Bankman Fried is willing to bail out struggling cryptocurrency mining firms. During an interview on Friday, the CEO discussed the contribution of mining firms to the ravaging dip that’s affecting organizations in the cryptocurrency industry. He decried how mining firms are using their rigs as collateral while applying for loans.
Nevertheless, Bankman-Fried disclosed that the chance to offer a bailout isn’t limited to mining firms alone. He illustrated how the company will be willing to engage other organizations within the sector.
Without a doubt, FTX has shown a high degree of commitment to rescue organizations in the industry. Yesterday, the firm announced an agreement with cryptocurrency lender BlockFi, to offer it $400 million as a credit facility. Also, the agreement included another possible $240 million.
Currently, BlockFi is battling a crisis due to the breakdown of the Terra ecosystem and 3AC. After the intervention, rumors emerged that FTX is considering the option to buy the crypto exchange.
Subsequently, The CEO of BlockFi, ZAC Prince swiftly dislodged the claims stating that the agreement included an option to buy based on the achievement of BlockFi amidst other considerations.
Additionally, another organization, Alameda Research which belongs to Bankman-Fried also helped the embattled Voyager Digital with a loan of about $500 million. Furthermore, it underlines the willingness of Bankman-Fried to assist struggling cryptocurrency organizations.
Through Alameda Research, Bankman-Fried also manages assets. Notably, Around May 2022, a firm in which Bankman-Fried owns its major shares acquired 7.6 percent in Robinhood stock.
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