Cryptocurrency lending platform SALT has received an acquisition offer from a prominent online investment platform. The move could enhance its product offerings and advance its mission to make digital assets more accessible to mainstream audiences, the company said.
Bnk To The Future (BF) has filed a letter of intent to acquire SALT for an undisclosed amount. disclosed Friday. The acquisition is subject to the signing of a definitive agreement by both parties, which is subject to regulatory approval. SALT Chief Product Officer Robert Odell described the potential acquisition as a coalition of first movers in the cryptocurrency market.
“This potential union will combine SALT, the world’s first cryptocurrency lending platform, with BF, the world’s first Bitcoin and cryptocurrency securities business.”
The closing of this agreement will not affect existing SALT customers. “We would like to assure you that there will be no changes to your loan as a result of this announcement,” the company said.
Founded in 2016, SALT is one of the first crypto-backed lending platforms to offer borrowers USD-denominated loans backed by digital assets such as Bitcoin (BTC) and Ether (ETH). The company’s launch preceded the so-called DeFi Summer of 2020, when dozens of decentralized financial protocols reach multi-billion dollar valuations.
Bnk To The Future is a micro-venture capital firm that allows investors to back early-stage fintech and cryptocurrency companies for as little as $1,000. Startups can also raise funds through the platform by pitching their products and services directly to investors. Through BK, the startup is reported to have raised over $1.7 billion.
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As the aftermath of the cryptocurrency epidemic slowly subsides, venture capital continues to back digital asset start-ups with billions of dollars. Funding transactions were down 43% in July compared to the previous month, but overall capital flows were surprisingly stable in the first and second quarters.
According to Cointelegraph Research, crypto projects raised $31.3 billion in venture capital from January to July, surpassing the $30.5 billion raised in 2021 as a whole.