Crypto exchange FTX is close to signing a deal to purchase struggling crypto lender BlockFi for $25 million, according to a report from CNBC, citing three sources familiar with the situation.
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The deal is expected to be signed by the end of the week, according to the report.
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Earlier this month, BlockFi was reportedly set to close a down round of funding at a valuation of $1 billion, compared to its previous valuation of $3 billion in March of last year.
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FTX had previously given a $250 million credit facility to BlockFi. The lender said in mid-June it was cutting about 20% of its workforce, or roughly 170 people.
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