Billionaire crypto entrepreneur Sam Bankman-Fried is bailing out crypto firms BlockFi and Voyager Digital.
On Tuesday, Bankman-Fried confirmed he is giving BlockFi $250 million to help the company “navigate the market from a position of strength.”
He took to Twitter to announce the news, stating, “We take our duty seriously to protect the digital asset ecosystem and its customers.”
Earlier this month, BlockFi announced it would lay off 20% of employees.
Bankman-Friend is also providing $500 million in financing to Voyager Digital. $200 million for a credit line of cash and stablecoins as well as 15,000 bitcoin, worth about $300 million.
With no central banks willing to bail these companies out, Bankman-Fried, who has an estimated net worth of $20.5 billion in crypto, is coming to the rescue. He says his company has a “responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.”
