Digital asset platform Coinchange has raised $10 million in Series B funding to expand its API-based yield service for Bitcoin (BTC), Ether (ETH), and major stablecoins.
According to an email announcement on Wednesday, the round was led by G1.VC, Spirit Blockchain, Good News Ventures, K2.CA and Atoia Ventures, with Mintfox also participating.
The Toronto-based company targets other companies – primarily crypto exchanges – that want to provide trading and returns to their customers. Coinchange offers this through its Earn API service to provide yield-generating strategies in decentralized finance (DeFi) markets. An API, or application programming interface, allows one computer to query and retrieve information from another.
Coinchange assets are managed on-chain, meaning no central counterparties are required for custody or lending, reducing counterparty risk for customers, the company said.
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