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 combining, as Simon Dixon’s Bnk To The Future seeks to acquire SALT.
The move so far entails a non-binding agreement between Bnk To The Future to purchase SALT, and will be contingent upon signing a definitive agreement and obtaining regulatory go-ahead.
Simon Dixon, CEO and Founder of Bnk To The Future said of the potential deal:
“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,”
He added:
“Mt Gox took 8 years to resolve and depositors are just now seeing light at the end of the tunnel, whilst Bitfinex was recovered from disaster in less than a year after working on a recovery plan with Bnk To The Future. By combining securities and lending we believe we can attempt the same for distressed lending companies.”
SALT has been operating as a crypto lending company since 2016 and has managed to avoid sharing the fate of other prominent crypto lending companies that have been stricken by the collapse of Terra/USD, Three Arrows Capital, and the like.
The company has added to its lending licences and has become a full stack loan management and risk platform that manages complex loans.
Shawn Owen, Interim CEO and board member of SALT stated:
“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. 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.”
CEO Dixon is continuing with his crusade to offer fully compliant financial products to the average investor. He said:
“We launched the first Bitcoin Bond in 2014. We launched Bitcoin mining backed securities in 2015. We participated in funding rounds and brought investments in shares of Kraken, BitStamp, Coinbase, Circle, Blockchain.com, Robinhood and many others to our investors. Now is the time for us to offer solutions to distressed lending platforms in compliance with securities and lending laws. Together we can continue to set the standard for registered crypto securities and lending platforms,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
