• SALT Lending recently completed a $64.4 million Series A funding round from accredited investors
• The firm is focusing on expansion and will seek additional funding in a second funding round later this year.
• The company lost its California lending license, as well as a deal to sell the company to BnkToTheFuture.
SALT Lending Raises $64.4 million
Crypto lending platform SALT Lending has closed a $64.4 million Series A funding round through a share sale to accredited investors with the goal of replenishing capital reserves and strengthening its balance sheet.
Focus on Expansion
The firm is focusing on expansion and will seek additional funding in a second funding round later this year. The company plans to raise additional capital this year in another financing round to fund its product roadmap.
Aftermath of FTX Collapse
In the aftermath of the crypto winter and the collapse of FTX, several cryptocurrency lenders have gone bankrupt, including Genesis, BlockFi, Voyageur Digital, and Celsius Network. After FTX crash SALT Lending announced a „pause“ on withdrawals and deposits on its lending platform causing it to lose its California lending license, as well as a deal to sell the company to BnkToTheFuture.
Revitalizing Crypto Lending Space
Despite these setbacks, SALT Lending is determined to emerge stronger and revitalize the crypto lending space by introducing new products and features that will bring „transparency and optionality“ according to Shawn Owen, founder and interim CEO of SALT.
SALT Lending is determined to recover from their recent losses by raising additional funds for their product roadmap with the goal of revitalizing the crypto lending space with more transparency and options for customers looking for loan services in cryptocurrency