One of the first bitcoin and crypto securities businesses is looking to acquire one of the initial crypto lending platforms in a deal that aims to result in a regulatory-compliant solution for customers impacted by the current crypto lending crisis.
Bitcoin and crypto securities firm Bnk To The Future has signed a non-binding letter of intent to acquire crypto-backed lending platform Salt Lending, according to a press release on Tuesday (Sept. 6). Aside from the experience in their respective fields, both companies have expertise operating advanced securities and lending technology.
Terms of the deal were not disclosed.
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“We want to offer an option for distressed lending companies that may not be able to come out of bankruptcy due to regulatory issues. We have prior experience supporting our sector to recover swiftly with our involvement in the Bitfinex exchange hack recovery in 2016,” Bnk To The Future CEO and Co-founder Simon Dixon said in the release.
Headquartered in Grand Cayman and founded in 2011, Bnk To The Future aims to offer qualifying investors the opportunity to invest in the companies and products that are building the future of finance.
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“Never has the importance of leadership, regulations and over-collateralization been more relevant in the crypto industry than right now, given the painful lessons of 2022’s collapse,” Shawn Owen, interim Salt CEO and board member, said in the press release.
“We see a time-sensitive threat to our sector, which could be an opportunity to help bring trust and hope back to so many who have been devastated by recent events, and a clear path towards a compliant business that we have been working on since late 2016.”
Based in Denver, Colorado, and founded in 2016 by director Benjamin Yablon and other bitcoin enthusiasts, Salt Lending develops data, index, and ETF products to help traders and investors enhance, measure and customize their portfolios.
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