Last Updated on September 7, 2023 by Bitfinsider
Trident Digital Group, a new firm created by former Coinbase executives, has received $8 million for its “next generation” cryptocurrency lending service.
The introduction follows a time of complete chaos in the crypto lending markets. Last year, at least a half-dozen lenders and borrowers, ranging from the hedge firm Three Arrows Capital to lenders such as BlockFi, Celsius Network, and Voyager Digital, declared bankruptcy.
According to an announcement made this morning, Trident intends to recover some of the liquidity that has been drained from the lending market.
To get started, it raised $8 million in a seed round headed by White Star Capital and New Form, with participation from CMT Digital, Joint Effects, and Permit Ventures.
“Counterparty risk, which was largely ignored during the previous cycle, has emerged as the primary impediment to lenders re-entering the market.” Trident’s solution “will provide proper risk management while striking a balance between security and capital efficiency,” stated Trident CEO Anthony DeMartino in a statement.
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