The loan supplier backed by Crypto Apx Lending has secured an accordion installation of $ 20 million Cypress Hills, a private credit investment firm.
An accordion installation is a provision that allows a borrower to increase its loans without renegotiating the entire agreement. Indeed, it expands like an accordion.
APX, based in Toronto, which offers loans with digital assets as a guarantee, plans to use the installation to accelerate its expansion in Canada to meet the increasing demands of loans backed by crypto, according to an announcement sent by email shared with Coindeesk on Friday.
“This Cypress Hills accordion installation marks a big step forward in our mission of making the loans backed by transparent, safe and accessible cryptography for Canadians,” said founder and CEO Andrei Poliakov in the announcement.
APX received an exempt relief from Canada Securities Administrators (CSA) earlier this month, exempting it from certain registration and prospect requirements, which the company said that “it would address investors’ concerns in [a] Retail context “.
The exemption was granted “based on the particular facts and circumstances of the application with the objective of promoting innovative businesses in Canada”, according to a note on the website of the Ontario Securities Commission (OSC).
Digital asset loans have a somewhat checkered story, with several lenders collapsing in the middle of the start of cryptographic winter in 2022. However, the most favorable regulatory attitude towards cryptography in the United States could help transform it into a vibrant and competitive market, according to another crypto-chapto-proven led led led di bartolomeo.
Di Bartolomeo predicted that Washington’s most friendly approach to cryptography would help the rates to fall, whose effect would be evident beyond the United States.
“Gold in a vault in Switzerland is not gold in a vault in Venezuela, but Bitcoin in Colombia is Bitcoin in Madrid is Bitcoin anywhere in the world,” he told Coinndesk in a recent interview.
Andrei Poliakov will speak in Co -Bidesk’s consensus in Toronto from May 14 to 15.
