Peer-to-peer (P2P) bitcoin lending and trading platform Hodl Hodl has announced the successful closing of a Series B funding round from Kingsway Capital, Low Time Preference Fund, XBTO and Samson Mow. The round’s total revenue was not disclosed.
“The ability to conduct anonymous transactions on a peer-to-peer basis on the Hodl Hodl non-custodial platform effectively removes boundaries, allowing individuals to enter into financial contracts with another person around the world in a programmable and verifiable manner, and most importantly without re-charging fees,” said Grant Gilliam. , managing partner of Low Time Preference Funds, in an ad shared with him Bitcoin Magazine.
Gilliam added, “This will greatly benefit those in oppressive regions and power, and we are proud to support Hodl Hodl’s mission.”
Hodl Hodl said it plans to boost security, ease of use and connectivity efforts with tour proceeds, following recent challenges the company has faced.
In August, security issues with Hodl Hodl’s multitasking escrow system led to the forced liquidation of some contracts in its lending platform, Lend at Hodl Hodl. The lack of clear, encrypted communication by the company led to confusion among customers at the time.
“Although we recently encountered some hurdles in the way, this is the point where we will become stronger, bring in more resources to build quality products, and make every effort to improve security, usability and connectivity issues,” he said. Max Key CEO of Hodl Hodl.
The company said that all Hodl Hodl investors will actively participate in the development of the additional project. The P2P exchange plans to form an advisory board with investors and backers of the project.
Samson Mow CSO, who joined as a private investor, said the exchange team is “build an ideal platform to step into the cypherpunk future where people can trade and lend without giving up their keys.”
Hodl Hodl’s trading and lending models are also what sparked XBTO’s interest, according to managing partner Greg Carson.
“We invested in Hodl Hodl because they build interesting tools for Defi using the Bitcoin network along with global partners,” said Carson. “We have high expectations for this excellent entrepreneurial effort and hope to add value as an investor.”