Cryptocurrency Loan Service APX Obtains $20 Million Investment From Private Financial Organization Cypress Hills
## APX Lending Secures $20 Million for Expansion in Canada's Crypto Lending Market
APX Lending, a Toronto-based company offering crypto-backed loans, has announced a significant milestone in its mission to bring transparency, security, and accessibility to Canadian borrowers. The company has secured a $20 million accordion credit facility from Cypress Hills, marking a major step forward in its growth strategy.
The accordion facility, a funding structure that allows APX Lending to increase the amount borrowed without significantly altering the terms, is a strategic move that underscores the company's commitment to expanding its services in Canada.
Andrei Poliakov, Founder and CEO of APX Lending, commented on the funding, stating, "This investment is a testament to the growing confidence in regulated crypto-backed lending platforms in Canada." He further added, "Crypto-backed lending should be safe, secure, and simple to access."
The funding comes at a time when the demand for crypto-backed lending is on the rise in Canada. The approval from the Canadian Securities Administrators (CSA), ensuring full regulatory oversight and consumer protections, positions APX Lending as the first crypto lender in Canada and the U.S. to receive such approval.
APX Lending's expansion in Canada is expected to increase the availability of crypto-backed lending options for borrowers. The company offers personal loans from $10,000 and business loans up to $10,000,000, charging a competitive rate of 13.99% with no hidden fees or origination fees. Early repayment is allowed without penalty after three months.
The funding secured from Cypress Hills is the latest in a series of investments for APX Lending. The exemptive relief, granted just over a week ago, exempted the company from various registration and prospectus requirements. This move is a major step toward building a globally compliant crypto-backed lending ecosystem, according to Poliakov.
The crypto-backed lending market has seen some uncertainty in the past, with several providers collapsing in 2022. However, APX Lending's expansion plans indicate a resurgence in the market. The company's addition to the Canadian crypto lending landscape is expected to contribute positively to the industry's growth and stability.
In conclusion, APX Lending's recent funding and regulatory approval position it strongly in the Canadian crypto lending market, with plans to further develop its offerings and increase the availability of crypto-backed lending options for borrowers. The company's commitment to regulatory compliance, competitive interest rates, and flexible repayment terms make it an attractive option for those seeking crypto-backed loans in Canada.
- News about APX Lending's $20 million funding for expansion in Canada's crypto lending market has sparked interest in the finance sector, discussing the growth strategy of this Toronto-based company.
- As APX Lending ventures into lifestyle improvements by offering personal loans, they also focus on technology by providing business loans and maintaining a competitive edge through flexible repayment terms and regulatory compliance.
