Crypto Lending Platform Arch Closes $5 Million Seed Funding Round
Crypto lending platform Arch has announced the closing of a $5 million seed round co-led by Morgan Creek Digital and Castle Island Ventures. Meanwhile, Galaxy provided $70 million in debt financing. The funds will be used to serve both institutional clients and individual investors. Arch was founded in February 2022 by financial industry veterans Dhruv Patel and Himanshu Sahay to revitalize the crypto lending industry, which was set back by the collapse of companies like BlockFi and Genesis.
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