Bitcoin Lending Platform Lava Secures $17.5M for Expansion
Bitcoin lending platform Lava has secured $17.5 million in an extended Series A round, led by multiple angel investors. The funding will support the expansion of its lending and yield products.
Lava's platform offers investors an annual yield ranging from 5% to 7.5% by funding Bitcoin-backed loans. It allows investors to earn yield on their USD while enabling Bitcoin holders to borrow USD without selling their BTC. The platform's focus on Bitcoin as collateral minimises exposure to weak tokens, providing a safer investment environment.
The extension round saw participation from notable figures such as Peter Jurdjevic of Qatar Investment Authority, Bijan Tehrani of Stake, Zach White of 8VC, and Saurabh Gupta of DST Global. Additionally, Navin Gupta and Piotr Zabrocki also contributed to the round. Lava CEO Shehzan Maredia confirmed that the platform's lenders have not incurred any losses to date, with collateral liquidated when loan-to-value ratios decline.
Lava's successful funding round signals growing confidence in Bitcoin-backed lending. With the new capital, the company aims to scale its lending and yield products, further solidifying its position in the cryptocurrency lending landscape.
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