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
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