rewrite this title and make it good for SEO Crypto Lending Platform APX Secures $20M  From Private Credit Firm Cypress Hills – NFTgators

Quick take:

The Toronto-based company allows borrowers to use digital assets as collateral.

APX Lending plans to use the new capital to accelerate its expansion in Canada amid rising demand for crypto-backed lending.

The company recently received an exemptive relief from the Canadian Securities Administration, exempting it from various registration and prospectus requirements.

APX Lending has secured $20 million in funding from private credit investment firm Cypress Hills. The fundraising was structured as an accordion facility, allowing the Toronto-based lending company to increase the amount borrowed without significantly altering the terms. 

APX allows users to use crypto assets as collateral for loans. The company plans to use the fresh capital to accelerate its expansion in Canada amid rising demand for crypto-backed lending.

The announcement comes at a time when crypto-backed loans are re-emerging after the uncertainty triggered by the events in 2022 that saw several providers collapse.

It also comes just over a week after APX received an exemptive relief from the Canadian Securities Administration, exempting it from various registration and prospectus requirements.

Commenting on the CSA exemptive relief, Andrei Poliakov, Founder and CEO of APX Lending, said: “Crypto-backed lending should be safe, secure, and simple to access. This decision by Canadian regulators helps bring crypto further into the mainstream — it’s a major step toward building a globally compliant crypto-backed lending ecosystem.”

“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,” Poliakov added in a statement in Friday’s announcement.

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