DeFi Technologies has signed a letter of intent (LOI) to buy 100% of the issued and outstanding securities of Protos Asset Management.
Under the LOI, DeFi and Protos are expected to promptly negotiate and enter into a definitive agreement with regard to the acquisition.
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In consideration for the Protos Acquisition, DeFi intends to issue 7,500,000 common shares of the company at a deemed price of $1.48 per DeFi Share to the shareholders of Protos.
The deal covers ownership of Protos operating business, all intellectual property, and brand of Protos as well as the core operating team of Protos.
Switzerland-based Protos provides various funds and investment structures that give investors exposure to professionally managed portfolios of cryptocurrency assets and DeFi networks.
In 2017, the firm raised the first ‘tokenized’ quantitative crypto fund, issuing the PRTS token. PRTS tokens are also claimed to be one of the first security tokens.
DeFi Technologies CEO Wouter Witvoet said: “Since 2017, the team at Protos have created excellent infrastructure to give institutional and individual investors access to a diversified DeFi portfolio.
“They were also pioneers in allowing investors to access their quantitative investment strategies via the PRTS security token.
“It is these kinds of developments that I am excited to bring to the DeFi Technologies family and get to real scale using the platform we have created.”
Protos co-founder Thomas Kineshanko remarked that the combined strengths of DeFi Technologies and Protos will allow the firms to offer a portfolio of highest quality DeFi products under one roof.
Kineshanko added: “Our team at Protos is deeply technical and passionate about DeFi and includes strong DeFi insights, quant trading and structured products capabilities.
“This acquisition allows us to bring our technical experience and passion for DeFi to more users by leveraging the reach and world-class executive leadership that DeFi Technologies brings to the table.”
