BlockFi founder and CEO Zac Prince said Wednesday that a funding deal from FTX allowed the company to bolster its balance sheet and "navigate these market conditions from a position of strength."However, speaking to CNBC, the head of the cryptocurrency exchange pushed back on the idea that the firm was close to becoming another high-profile casualty of the current market downturn, saying its situation was not comparable those of flameouts like Celsius and Luna.Drawing parallels to 2008, when a bankruptcy at Lehman Brothers sparked the beginning of the financial crisis, Prince said, "It's night and day. You can't compare Goldman to Lehman Brothers in terms of how they've continued to operate."He added: "With the passing of time, folks will realize how different platforms like BlockFi are from some of those [others]."Early this month, embattled BlockFi entered into a deal with FTX to receive a $400M revolving credit facility. The agreement also includes an option for FTX to potentially purchase BlockFi.Asked if BlockFi was on the verge of bankruptcy when the deal was struck, Prince avoided the question but noted "we had a lot of options."Looking at the overall crypto market, Prince predicted that the industry would survive "whatever this is going to be" because of the long-term value of individual projects. Specifically, he pointed to Bitcoin (BTC-USD) emerging as a potential store of value and the continued development of block...
Will Ethereum Price crash More Next week??
