Source: Adobe/Kalyakan

The Two Major Crypto Exchanges FTX and crypto lender ledn Reportedly Joined Race for A Stake in Struggling Crypto Lender BlockFi.

Bloomberg and CNBC reported on ongoing negotiations between BlockFi and FTX. According to undisclosed CNBC sources, FTX is close to finalizing a term sheet to buy BlockFi for $25 million and a deal is expected to be signed by the end of this week. In March, the lender was valued at $3 billion.

However, Zac Prince, CEO of BlockFi, said that they “are not sold for $25 million”.

Meanwhile, according to Bloomberg’s undisclosed sources, Ledn would lead a funding round of up to $400 million and provide a capital contribution of $50 million that would give Ledn a “significant part of the business.” Other investors would understand ParaFi Capitalaccording to the report.

Ledn CEO Adam Reeds confirmed to Bloomberg that the company is “currently evaluating a number of opportunities to expand its leadership in digital asset lending and beyond,” but declined to comment further. The other companies involved declined to comment on the matter.
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