The encryption loan platform APX Lending has secured $20 million in funding and plans to expand its operations in Canada.

According to Deep Tide TechFlow news on April 11, as reported by CoinDesk, the encryption loan platform APX Lending has secured a $20 million scalable loan facility provided by the private sale credit investment company Cypress Hills. This facility allows the borrower to increase the borrowing limit without renegotiating the overall protocol.

The APX Lending plan aims to use this funding to accelerate business expansion in Canada to meet the growing demand for encryption collateral loans. Earlier this month, APX obtained an exemption from the Canadian Securities Administrators (CSA) to waive certain registration and prospectus requirements.

APX Lending founder and CEO Andrei Poliakov stated that this scalable loan limit is an important step for the company in providing transparent, secure, and convenient encryption collateral loan services for Canadian users.