Coinbase, Kraken Back Crypto Lending Platform CLST in $5.3M Seed Round

Crypto lending and borrowing platform CLST has attracted investment from the venture arms of Coinbase and Kraken for its seed funding round.

The size of the funding round, led by Spartan Group, has not been disclosed though a source familiar with the matter told CoinDesk that CLST has raised $5.3 million.

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.

Alongside Coinbase Ventures and Kraken Ventures, Luno Expeditions, the early-stage investment arm of CoinDesk parent company Digital Currency Group, also participated in the round.

Read more: Crypto Lender BlockFi Had $1.8B in Open Loans at End of June and $600M of Exposure

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