What’s Going on with DeFi Technologies?
Canada’s DeFi Technologies (DEFTF) has just announced that the company, which focuses on the decentralized finance industry, has entered into a letter of intent to purchase 100% of the issued and outstanding securities of Protos Asset Management GmbH. Protos offers investors access “to professionally managed portfolios of cryptocurrency assets and DeFi networks.” Yesterday, August 11, DEFTF stock closed down 8.20% at $1.175 a share.
What Does This Mean for DEFTF?
“Since 2017, the team at Protos have created excellent infrastructure to give institutional and individual investors access to a diversified DeFi portfolio,” DeFi Technologies CEO Wouter Witvoet remarked. “They were also pioneers in allowing investors to access their quantitative investment strategies via the PRTS security token.”
The founders of Protos have 18 combined years of experience investing in Bitcoin and other cryptocurrencies. Protos Quant accounts have the stated goal of methodically reducing investor risk while increasing the size of client portfolios relative to their Bitcoin and Ethereum cryptocurrency benchmarks.
DeFi Technologies, upon the closing of the Protos Acquisition, will issue 7,500,000 common DeFi Shares at “a deemed price of $1.48 per DeFi Share to the shareholders of Protos.” DeFi Shares will then be subject to an initial three-month lock-up, after which they will be released in equal quarterly tranches over two years.
DEFTF has a Short-Term Technical Rank of 90. Find out what this means to you and get the rest of the rankings on DEFTF!
DeFi Technologies Inc is a Canadian company that carries on business with the objective of enhancing shareholder value through building and managing assets in the decentralized finance sector.
