Crypto Firm BlockFi has signed a $ 250 million trade agreement with FTX

 Crypto Firm BlockFi has signed a $ 250 million trade agreement with FTX

Zack Prince, CEO of BlockFay, has sent a letter to leading crypto and digital exchange FTX to sign a $ 250 million deal.

Cryptocurrency CEO Zach Prince said on Twitter that BlockFi had signed an agreement with FTX to exchange digital assets for a $ 250 million revolving credit facility.

The agreement BlockFi provides capital access to the cryptocurrency market channel. Last week, the company said it had reduced its advertising costs by 20%, in addition to reducing advertising costs and other cost-effective measures related to paying executives.

Rising U.S. Federal Reserve anger and economic downturn have led to price volatility and the sale of cryptocurrencies. Over the weekend, for the first time since December 2020, Bitcoin, the world's largest cryptocurrency, fell below $ 20,000.

The cold weather will hurt other big players like Coinbase Global Inc, which last week said it would cut staff by 18%.

Companies use credit card debt as a backup to fight the shortcomings of other financial institutions. Such homes are often left unfinished.