DeFi company Wellfield will acquire digital asset custody company Brane Trust

ChainCatcher news, DeFi company Wellfield Technologies has signed a definitive agreement to acquire all issued and outstanding securities of Canadian digital asset custodian Brane Trust, including $8.4 million in convertible debentures, a cash payment of $150,000, and the assumption and payment of approximately $90,000 in outstanding debt of Brane Trust.

It is reported that Brane Trust is a wholly-owned subsidiary of Brane Inc., and is a trust company regulated by the Alberta Treasury Board and the Ministry of Finance of Canada for the purpose of digital asset custody. Brane Trust was established in October 2021 and is currently registered with the Alberta provincial government. Once completed, Brane Trust will become a regulated digital asset custodian.