Company also announces board approval of options repricing
DeFi Technologies Inc. is pleased to announce that it has entered into a letter of intent (the “LOI“) to acquire 100% of the issued and outstanding securities in the capital of DeFi Yield Technologies Inc. (“DeFi Yield“) (the “DeFi Yield Acquisition“).
DeFi Yield is a private company with a proprietary automated yield engine which makes investing in decentralised finance simple and efficient. By leveraging different DeFi protocols and strategies to increase diversification, their solution maximizes yield while minimizing exposure to risk.
The LOI contemplates that DeFi Technologies and DeFi Yield will promptly negotiate and enter into a definitive agreement (“Definitive Agreement“), together with such other documents that may be required in order to formalize and execute the terms of the Acquisition as outlined in the LOI.
Diana Biggs, CEO of DeFi Technologies’s wholly owned subsidiary Valour Inc. stated, “DeFi Yield brings a wealth of experience across wealth management and decentralised finance, and we see fantastic synergies. We are thrilled to combine our collective solutions to provide investors with simple and secure access to exposure to best-in-class opportunities within the high-growth space of decentralised finance.”
Read More: ZenLedger Raises $6 Million Series A Funding To Simplify Cryptocurrency Taxes and Accounting
Wouter Witvoet, DeFi Technologies Chief Executive Officer stated, “It’s a fantastic development for DeFi Technologies to acquire DeFi Yield Technologies. Their smart contract development, Defi yield vaults and meta vaults are an excellent addition to the growing product base that we offer. Next to our Valour ETNs, which tap into the public markets to give exposure to decentralised finance, we now also tap into the 1.7 trillion dollars that has gone into a wide range of cryptocurrencies. We are excited to build out these products together with Philipp and the team.”
Dr. Philipp Kallerhoff, CEO of DeFi Yield Technologies Inc. stated, “We are extremely excited to be joining forces with the DeFi Technologies team. We believe that together we will be a global leader in the rapidly growing decentralized finance space. We are looking forward to leveraging DeFi Technologies’ existing business and product offerings to accelerate the growth of our smart contracts and our other products. We believe that this merger expedites our common business objectives, among them being to provide wider access and additional on-ramps to simple, secure, risk-adjusted decentralized finance products.”
The completion of the DeFi Yield Acquisition is subject to the receipt of all necessary approvals, including without limitation, negotiation and execution of a Definitive Agreement, shareholder and board approval of each of DeFi Yield and the Company, as necessary, completion of due diligence and the satisfaction of all conditions (unless waived in writing) to be set out in the Definitive Agreement.
Read More: Key Mortgage Services Names Top Industry Executive Ralph Melbourne As New President
