Published on 16 Nov 2022 on CoinDesk via Yahoo Finance
Online Investing Platform BnkToTheFuture Drops Plan to Acquire Crypto Lender Salt Lending Due to FTX...
The crypto contagion that was ignited by the collapse of FTX has claimed another victim: crypto lender Salt Lending. Online investing platform Bnk To The Future said it terminated its previously announced non-binding letter of intent to buy Salt Lending due to the latter's FTX exposure.
"Bnk To The Future announces that its previously announced non-binding letter of intent with SALT Blockchain, Inc. (SALT) has terminated due to SALT’s position with FTX and for failing Bnk To The Future Due Diligence, and that the transactions contemplated thereby will not proceed," according to a statement. "Bnk To The Future has no impact from neither Salt nor FTX as Bnk To The Future has no direct or indirect connection with SALT or FTX and all client funds are fully segregated and uninvested," the statement added.
On Sept. 2, Bnk To The Future said that it had agreed to buy Salt Lending for an undisclosed amount in order to give users the ability to borrow against their crypto holdings. The deal was contingent upon signing definitive agreements and obtaining regulatory approvals.