FTX Paid 94% Of Its $84M Blockfolio Deal In 2020 With FTT
With every passing day, new revelations with respect to FTX and its past are being made. A few hours back, Bloomberg reported that the bankrupt crypto exchange used its native token FTT to pay for its Blockfolio takeover deal. Citing financial statements obtained and documents reviewed, Bloomberg revealed, “FTX paid roughly $84 million in 2020 to take a majority stake in Blockfolio, in what was then among the largest crypto acquisitions. About 94% was paid in FTT tokens, a cryptocurrency that FTX created.” The report also chalked out that at the time the Blockfolio deal was announced, news outlets reported FTX financed it with a mix of cash, crypto, and equity, without giving further details. The agreement gave FTX a 52% equity stake in Blockfolio and valued the company at almost $160 million. The financial statements also showed that there was an option to buy the rest within two years. FTX , the bankrupt cryptocurrency exchange, used a token it invented to fun...