SALT Lending, a crypto lending platform, has scored $64.4m in a Series A funding round from a share sale to accredited investors, CoinDesk has reported.
Colorado-based SALT offers blockchain-backed loans where borrowers put up cryptocurrency as collateral.
The sale comes less than three months after its planned sale fell through due to imploision of crypto exchange FTX.
Back in November, online investing platform Bnk To The Future ended its planned acquisition of the firm after the latter informed customers that it would pause withdrawals and deposits on its platform due to an exposure to FTX.
The new funding has helped to recapitalise SALT’s balance sheet and capital reserves. Subject to approval, SALT is working to return to full operations during Q1. SALT will use the capital toward new products and its growth strategy
Shawn Owen – founder and interim CEO of SALT – said, “Crypto faced a perfect winter storm in 2022, taking with it significant industry participants like Terraform Labs, Voyager Digital, Celsius Network, Three Arrows Capital, FTX, and BlockFi. SALT was not immune to these market forces, but we are determined to emerge stronger than ever.
“Despite facing an unprecedented situation and, frankly, an existential threat, we have embarked on a growth plan that we believe positions us for even greater success in the future.”
Build38, which develops mobile application protection solutions, has recently raised €13m in its Series A funding round.
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