📝 Tenor raises $2.5M

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Quebec City-based cryptocurrency startup Tenor has secured $2.5 million in seed funding led by Variant, with participation from Nascent, Prelude, Coinbase Ventures, Lattice, Very Early, and various angel investors. Founded in 2025 by Hugo Boisselle-Morin, David Dallaire, and Pierre-Yves Gendron, the company has accumulated $5 million in total funding over the past five months to build a non-custodial, blockchain-based institutional lending platform. Built on the Ethereum-adjacent Morpho protocol and currently deployed on Coinbase's Base network, Tenor utilizes smart contracts to enable asset managers and lending desks to borrow and lend stablecoins at fixed rates without relying on centralized asset custody. Although Tenor has temporarily geoblocked its platform in Canada while local cryptocurrency regulatory frameworks evolve, the startup aims to eventually expand its on-chain financial services to Canadian institutional clients.

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