Coinbase, Kraken Back Crypto Lending Platform CLST Seed Round

CLST's aim is to attract hedge funds, trading firms, asset managers and banks looking to lend and borrow digital assets.

AccessTimeIconJul 27, 2022 at 3:23 p.m. UTC
Updated Jul 28, 2022 at 12:08 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Crypto lending and borrowing platform CLST has attracted investment from the venture arms of crypto exchanges Coinbase and Kraken for its seed funding round, taking its funding to $5.3 million a source familiar with the matter told CoinDesk.

  • CLST did not disclose the size of the round, led by Spartan Group, in its announcement.
  • CLST's aim is to attract hedge funds, trading firms, asset managers and banks looking to lend and borrow digital assets. The firm offers automated price negotiation and settlement for short-term debt.
  • Through allowing instant sharing of financial data between parties, CLST is hoping to attract institutional investors to digital assets who might otherwise be concerned by a lack of visibility over trading risk, collateral deposited and so on.
  • CLST said its platform will go live later this year.
  • Luno Expeditions, the early-stage investment arm of CoinDesk parent company Digital Currency Group, also participated in the round.

UPDATE (12:08 UTC July 28 2022): Amends hed and first paragraph to reflect $5.3 million being the total figure raised by CLST thus far


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC