CrossLend Blockchain Project Secures $14 Million from ABN Amro, Earlybird and solarisBank
ABN Amro, SolarisBank and Earlybird Invest About $14 Million USD In Blockchain Startup CrossLend
CrossLend, a blockchain-based company based in Berlin, was able to get a total of $14 million USD in a recent funding round that had the participation of many companies like the Dutch bank ABN Amro, the Berlin-based fintech SolarisBank and Earlybird.
The company was founded in 2014 as an online marketplace for bonds and similar types of loans and it uses distributed ledger technology (the blockchain) to create a European debt exchange.
The company has been specializing in debt securitization and its main objective is to enable the client to create their own bond portfolios on the platform.
The Investors Are Confident About The Future Of The Company
Christian Nagel from Earlybird stated that CrossLend’s plan to tokenize debt items and use a blockchain-based settlement system will help the company to become more transparent and to give confidence to the investors at the same time that it increases its efficiency.
He has also affirmed that global borrowers of all types can benefit from the market becoming more liquid than it already is. This way, billions of dollars for SME financing could be put into the system, which would solve a major issue for the company and for the global markets.
SolarisBank and ABN Amro are currently planning on integrating CrossLend’s technology into their own corporate operations. ABN Amro invested via its venture capital arm called Digital Impact Fund, which is used for investments in fintech firms. The company has secured an important and strategic partnership with CrossLend.