CLST, an institutional-only lending and borrowing platform for stable coins and cryptos, has closed a multi-million-dollar seed round.
The size of the investment was not disclosed, but the round was led by Spartan Group. Other contributions came from Coinbase Ventures, Kraken Ventures, GSR, Menai Financial Group, Luno Expeditions, a subsidiary of Digital Currency Group and TX Ventures – the VC investment arm of TX Group.
Its platform acts as a one-stop-shop for peer-to-peer lending and borrowing. Its services are used by hedge funds, trading firms, treasuries, asset managers and crypto banks looking for an automated digital asset collateral management feature.
Its tools include electronic quotation, negotiation, wallet to wallet transaction, collateral management and transaction reporting.
CLST founder and CEO Michael Guzik said, “CLST sits at the nexus of the crypto asset short-term debt market and traditional financial market. In tandem with our world class investors and partners, we are establishing a market for stablecoins, digital assets, fiat, and beyond – the ‘new money.’
“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.”
Spartan Group recently joined the $15m Series A funding round of Coinshift, a treasury management and infrastructure platform aimed at crypto businesses.
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