Butn (ASX: BTN) has entered into a binding Memorandum of Understanding (MOU) with Canadian crypto-backed lending platform APX Lending to form a Joint Venture enabling under-serviced crypto-backed lending across Australia, New Zealand and APAC.
The partnership combines Butn’s lending expertise and local market experience with APX Lending’s advanced crypto-backed lending technology to create a robust and secure platform, offering borrowers access to secured crypto-backed lending in the region.
The Butn / APX Lending Joint Venture will empower crypto holders to unlock liquidity by borrowing against their crypto assets, currently Bitcoin and Ethereum, to meet short-term financial needs - while preserving their crypto assets for future appreciation.
Since APX Lending’s initial launch in Canada and expansion into the U.S., APX Lending has seen continued interest and rapid growth. In addition, Butn has fielded many inquiries from potential APAC borrowers, underlining the demand for crypto-backed loans.
Butn and APX Lending seek to properly service this emerging multi-billion dollar market, by combining leading technology, lending expertise and execution experience.
The parties have also agreed to conduct joint marketing and APAC activities, whilst exploring mutual opportunities for APX Lending’s North American business.
Significant technical groundwork work has commenced with the Joint Venture on track for a late FY2025 launch across Australia with subsequent expansion across New Zealand and the broader APAC region. The Joint Venture is well positioned to become a leading crypto-backed lending solution for this rapidly growing, substantial market.
“This JV with APX Lending represents a significant opportunity off the back of Butn’s Retail Private Credit Fund launch earlier this year and the expansion of Butn’s leading suite of transactional funding products to include secure and innovative crypto-backed lending solutions,” Rael Ross, Butn’s Co-founder and Co-CEO, said.
“With Bitcoin hitting US$100,000, combined with APX Lending’s crypto know-how and advanced lending platform, there has never been a better time for Butn to offer a transformative, secure crypto-backed lending solution to the APAC market. This announcement and subsequent launch show the true nature, robustness and popularity of the Butn suite of product offerings following the milestones of over $2 billion in originations since inception and cash-flow positive quarters.”
