1 year ago
SALT Lending announced connected Feb. 9 that it had converted astir $64 cardinal of its indebtedness by issuing Series A preferred stock. The U.S.-based steadfast issued the stocks successful speech for converting and canceling its outstanding debts.
Several ample crypto lenders crumpled past twelvemonth — from Voyager Digital and Celsius to BlockFi and Genesis. However, SALT Lending — which was besides struggling arsenic it halted lawsuit withdrawals soon aft the FTX meltdown — is making a comeback.
SALT Debt conversion
The indebtedness conversion has strengthened the lender’s equilibrium expanse and superior reserves, enabling it to debar bankruptcy. SALT aims to instrumentality to “full operation” by this quarter. The institution plans to embark connected a way for growth.
Shawn Owen —founder and interim CEO of SALT — said:
“Despite facing an unprecedented concern and, frankly, an existential threat, we person embarked connected a maturation program that we judge positions america for adjacent greater occurrence successful the future.”
Owen added that SALT has caller products and features awaiting merchandise that volition bring “transparency and optionality” to the lending space. Furthermore, Owen said that SALT would question to rise much superior successful different financing circular this twelvemonth to money its merchandise roadmap.
The station SALT Lending converts $64M indebtedness – plans to restart successful Q1 2023 appeared archetypal connected CryptoSlate.
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