Former Coinbase execs raise $8 million for fresh take on crypto lending

Quick Take

  • Trident’s founders are former bankers who more recently spent time in senior roles at Coinbase and Matrixport. 
  • The startup raised $8 million in a seed round led by White Star Capital and New Form. 

Trident Digital Group, a newly launched startup founded by former Coinbase executives, raised $8 million for its “next generation” crypto lending business.

The launch comes after a period of utter carnage in crypto lending markets. At least half a dozen lenders and borrowers — ranging from the hedge fund Three Arrows Capital to lenders like BlockFi, Celsius Network and Voyager Digital — collapsed into bankruptcy last year.

Trident hopes to restore some of the liquidity that has drained out of the lending market, according to an announcement this morning.

To get started, it raised $8 million in a seed round co-led by White Star Capital and New Form, with CMT Digital, Joint Effects and Permit Ventures also participating.

“Counterparty risk, largely ignored in the last cycle, has become the key constraint preventing lenders from re-entering the market. Trident’s solution will offer proper risk management and strike a balance between security and capital efficiency,” said Anthony DeMartino, Trident’s CEO, in a statement.

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