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.
The deal is expected to be signed by the end of the week, according to the report.
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.
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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