APX Lending, a crypto-assisted loan provider, has secured a $20 million accordion facility from private credit investment company Cypress Hills.
Accordion facilities are regulations that allow borrowers to increase their borrowing without renegotiating the entire contract. In reality, it expands like an accordion.
Toront, which offers lending as collateral with digital assets, plans to use its facilities to accelerate expansion in Canada to meet growing demand for crypto-assisted loans, according to an email announcement released in an email shared with Coindesk on Friday.
“This accordion facility in Cypress Hills has taken a major step in our mission to make Canadians transparent, secure and accessible to crypto-backed loans,” founder and CEO Andrei Poliakov said in the announcement.
APX received relief exempt from the Canadian Securities Administrator (CSA) earlier this month and was exempt from certain registration and prospectus requirements.
According to a memo on the Ontario Securities Commission (OSC) website, the exemption was recognized as “based on the specific facts and circumstances of the application, with the aim of promoting innovative business in Canada.”
Digital asset lending has a somewhat checkered history to some extent, with various lenders falling apart during the onset of the 2022 crypto winter. But Mauricio di Bartolomeo, co-founder of another crypto lender, now a more favorable regulatory attitude towards US crypto will help turn it into a vibrant, competitive market.
Dibartolomeo predicts Washington’s more friendly approach to crypto will help lower prices, and its effects will be clear beyond the US
“The gold in the Swiss safe is not the gold in Venezuelan vaults, but Colombian Bitcoin is Madrid Bitcoin.
Andrei Poliakov will speak at Coindesk Consensus 2025, held in Toronto from May 14-15.
