APX Lending Secures $20M Funding Amid ‘Rising Demand’ for Crypto-Backed Loans in Canada
Crypto-backed loan provider APX Lending has secured a $20 million accordion facility from Cypress Hills, a private credit investment firm.
An accordion facility is a provision that allows a borrower to increase their borrowing without renegotiating the entire agreement. In effect, it expands like an accordion.
Toronto-based APX, which offers lending with digital assets as collateral, plans to use the facility to accelerate its expansion in Canada to meet rising demands for crypto-backed loans, according to an emailed announcement shared with CoinDesk on Friday.
“This accordion facility from Cypress Hills marks a major step forward in our mission to make crypto-backed loans transparent, secure, and accessible to Canadians,” founder and…
