OpenTrade secures $4M funding for expanding real-world asset-backed lending with stablecoin yield products

From Investing.com

November 25, 2024
08:03 AM:

OpenTrade secures a $4 million seed extension round to expand real world asset-backed lending and stablecoin yield products. The London-based company plans to scale operations and offer yield products backed by new asset types, with interest rates ranging from 3-6% APR on digital dollar balances supported by U.S. Treasury Bills.

The stablecoin market, now worth over $175 billion with transaction volumes hitting $11.1 trillion, has seen rapid growth. Applications like USDC have attracted mainstream consumers, bridging the gap between digital assets and traditional finance. OpenTrade’s platform has processed over $100 million in transactions, benefiting clients like Colombian neobank Littio.

CEO David Sutter believes stablecoins are essential in the crypto ecosystem, enabling fintechs and exchanges to provide safe and fast stablecoin yield products. The funding round, led by AlbionVC, with a16z Crypto and CMCC Global participating, reflects confidence in OpenTrade’s potential. Partner Jay Wilson praises the company’s quick market entry and high-profile partnerships.

Read more at Investing.com: OpenTrade raises $4M to build future of real world asset-backed lending By Investing.com