Only yesterday FTX he had promised market entries to stop the contagion effect that started from Lunar Earth and which has already claimed excellent victims, such as 3AC. Indeed, the group would have guaranteed a revolving loan of 250 million by BlockFIa significant sum that could contribute to a greater peace of mind for the group.
The ad was broadcast on Twitter de Zac Prince and this is an excellent signal for a market that still doubts the solidity of several of the main operators. One of the news that, so to speak, many were waiting for.
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FTX lender of last resort: puts 250 million in BlockFi
Or rather, in reality, it lends them to a reality about which some had begun to harbor doubts, due to the effects triggered by the terra luna fissure and Celsius. However, the group would have found a lifeline in terms of liquidity with FTXthe latter group offering 250 million revolving loan.
Objective to bring the balance sheet of the group in balance and strengthen the platform also in terms of the possibility of keeping its promises. All this in the face of a group that had in any case communicated that it had liquidated the positions of insolvent clients, although in the presence of collateral more than enough.
However, the group also confirmed some difficulties in terms of cash flowwith layoffs announced for approximately 20% of the work force. Loan which is a breath of fresh air and which will silence certain controversies on the stability of the whole ecosystem.
With all this, we remember, the situation of the blockf it is certainly not the most worrisome of the sector, with Capital of the Three Arrows which poses much greater problems and with Celsius which nevertheless seems to have found a way towards recovery, although still full of pitfalls.
FTX continues to reign
FTX is confirmed in this bear market one of the operators not only the most important, but also the most liquidswith a wealth that allows interventions of this type, without fear of a possible sideways or bearish phase of the crypto market.
It may not be the last FTXit's only yesterday had announced the possibility of intervening in the capital of market operators to avoid the effects of contagion on the whole of the sector crypto.
Contagion situation which is not yet clear and which we will still have to monitor, without being fooled by the sector's brilliant rise from the lows. It's going to be a hot summer, and not just for those who can afford a few days at the beach.