Crypto lending platform SALT has received a buyout offer from a prominent online funding platform — a lunge the firm mentioned might well presumably doubtlessly enhance its product choices and attain its mission of constructing digital property more accessible to mainstream audiences.
Bnk To The Future, or BF, has submitted a letter of intent to make SALT for an unknown quantity, the companies disclosed Friday. The acquisition is contingent on each event signing definitive agreements and requires regulatory approval.
Robert Odell, SALT’s chief product officer, described the aptitude acquisition as being a team spirit of first-movers in the cryptocurrency market:
“This doubtless union will mix SALT, the sphere’s first crypto lending platform, with BF, the sphere’s first Bitcoin and crypto securities alternate.”
The settlement, which must nonetheless it fight by, wouldn’t affect existing SALT customers. “We want to guarantee you that there’ll doubtless be no changes to your mortgage as an outcome of this announcement,” the firm mentioned.
Founded in 2016, SALT is, without doubt, one of the most predominant crypto-backed lending platforms to present debtors the skill to invent U.S. buck-denominated loans collateralized by digital property including Bitcoin (BTC) or Ether (ETH). The firm’s founding preceded DeFi Summer of 2020, which saw dozens of decentralized finance protocols attain multi-billion-buck valuations.
Bnk To The Future is a micro-enterprise capital firm that lets in investors to again early-stage fintech and crypto companies for as cramped as $1,000. Startups might also elevate capital by the platform by pitching their products and companies straight to investors. Thru BK, startups are pleased and reportedly raised over $1.7 billion.
With the fallout from crypto contagion slowly subsiding, enterprise capital continues to gain digital asset startups to the tune of billions of bucks. Funding deals were down 43% in July in contrast with the earlier month, but total capital flows remained remarkably fixed in the predominant and 2nd quarters.
Between January and July, crypto projects raised $31.3 billion in enterprise funding, exceeding the $30.5 billion raised in all of 2021, in step with the Cointelegraph Study.
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