The up-and-coming crypto lender will use the massive amount of capital to boost its growing infrastructure by expanding into different markets.
CLST, an institutional digital asset lending venue, has recently announced that it secured $5.3M in a funding round led by Spartan Group, a Singapore-based blockchain advisory company founded in 2018.
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According to the official announcement issued on July 27th, the company will leverage the fresh capital to boost its ecosystem and expand the current list of potential partnerships.
The fundraiser also saw participation from a number of prominent investors, including crypto exchanges Coinbase and Kraken, as well as GSR, Luno Expeditions, TX Ventures, and Menai Financial Group.
Michael Guzik, CEO of CLST, noted that the company is currently positioned in the middle of the traditional financial market and crypto asset debt market, adding:
"With the new funding, CLST will bolster its peer-to-peer infrastructure through increased operational and market expansion, ultimately creating an ease of lending that has not yet been made possible between institutional entities, until now."
Likewise, Leeor Groen, director at Spartan Group, commented on the partnership and noted that the upcoming CLST’s market, designed for fiat currency, digital assets, and stablecoins, will contribute massively towards solving the liquidity issues that the crypto bear market has brought.
CLST is currently seeking to attract asset managers, trading companies, and hedge funds that are looking to borrow and lend digital assets.
It seems as though the harsh crypto market conditions haven't fazed investors from pouring significant amounts of capital into crypto-driven companies. For instance, earlier in July, Unstoppable Domains, a Web3 startup, announced that it raised $65M in funds to further validation for user-owned digital identity.
