Bitcoin and securities platform Bnk To The Future has submitted a letter of intent to acquire crypto lending platform SALT.
The first bitcoin and crypto securities platform and the first crypto lending platform look to be merging as Simon Dixon’s Bnk To The Future seeks to acquire SALT.
This move So far, Bnk To The Future has reached a non-binding agreement to buy SALT and will be contingent on signing a definitive agreement and obtaining regulatory approvals.
Simon Dixon, CEO and founder of Bnk To The Future, said about the potential deal:
“We want to provide an option for distressed lenders who may not be able to escape bankruptcy due to regulatory issues. We have experience supporting a rapid recovery in our industry, and we were involved in the recovery of the Bitfinex exchange hack in 2016,”
He added:
“It took Mt Gox 8 years to solve the problem, savers are only now seeing the light at the end of the tunnel, while Bitfinex recovered from the disaster less than a year after developing a recovery plan with Bnk To The Future. By combining securities and lending we Believe we can do the same with distressed lenders.”
SALT has been operating as a crypto lending company since 2016 and has managed to avoid parting ways with other high-profile crypto lending firms hit by the failures of Terra/USD, Three Arrows Capital and others.
The company has increased its lending licenses and has become a full-stack loan management and risk platform for managing complex loans.
Shawn Owen, Interim CEO and Board Member of SALT, said:
“Leadership, regulation, and over-collateralization have never been more important in the crypto industry given the hard lessons of the 2022 crash. We see a time-sensitive threat to our industry, and this could be a way to help bring trust and hope. Going back to the many who have been hit hard by recent events and the clear path to a compliant business that we have been working on since the end of 2016.”
CEO Dixon continues his efforts to provide the average investor with fully compliant financial products. He says:
“We launched our first bitcoin bond in 2014. We launched bitcoin mining-backed securities in 2015. We participated in several funding rounds and brought our investors support for Kraken, BitStamp, Coinbase, Circle , Blockchain.com, Robinhood and many other company stocks. Now is the time for us to provide solutions for struggling lending platforms under securities and lending laws. Together we can continue to set the standard for registered crypto securities and lending platforms ,”
Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.
