Bnk To The Future looks at the acquisition of crypto lender SALT

by · September 2, 2022

Bnk To The Future looks at the acquisition of crypto lender SALT

Crypto lending platform SALT has received a buyout offer from a prominent online investment platform – a move the company said could potentially improve its product offering and advance its goal of making digital assets more accessible to mainstream audiences.

Bnk To The Future, or BF, has submitted a letter of intent to buy SALT for an undisclosed amount, the companies said on Friday. The acquisition is conditional on both parties signing final agreements and requiring regulatory approval. Robert Odell, SALT’s head of product, described the potential acquisition as a unit of first-movers in the cryptocurrency market:

“This potential union will combine SALT, the world’s first crypto lending platform, with BF, the world’s first Bitcoin and crypto securities business.”

The deal, should it go through, will not affect existing SALT customers. “We want 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 that offers borrowers the opportunity to obtain loans denominated in US dollars backed by digital assets, including Bitcoin (BTC) or Ether (ETH). The company’s founding preceded the so-called DeFi summer of 2020, in which dozens of decentralized finance protocols reached multibillion-dollar valuations.

Bnk To The Future is a micro venture capital firm that allows investors to back early stage fintech and crypto companies for as little as $1,000. Startups can also raise capital through the platform by pitching their products and services directly to investors. Through BK, startups have reportedly raised over $1.7 billion.

See also  Helium says its cryptomesh network is used by Lime and Salesforce - it's not

Related: VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millions

With the fallout from the crypto contagion slowly receding, venture capital continues to back billions of dollars worth of digital asset startups. Financing deals were down 43% in July compared to the previous month, but overall capital flows remained remarkably consistent in the first and second quarters.

Crypto VC funding is down from the top, but overall industry activity remains robust.

Between January and July, crypto projects raised $31.3 billion in venture funding, surpassing the $30.5 billion raised in all of 2021, according to Cointelegraph Research.