Cryptocurrency exchange FTX is buying BlockFi for just $25 million.
According to CNBC’s report, FTX is very close to acquiring BlockFi at a very affordable price.
Last March, BlockFi reached a valuation of $3 billion after a $350 million Series D funding round.
BlockFi took out a $250 million loan from FTX earlier this month to protect client funds amid liquidity problems.
The company has also significantly reduced its workforce to cut costs.
After the news broke, BlockFi CEO Zac Prince tweeted, “I can 100% confirm that we weren’t sold for $25 million,” but deleted the tweet soon after.
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