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Toronto crypto lending platform receives $70M in a Series B funding round

Ledn, a digital asset savings and lending platform, has secured $70 million in a Series B funding round. The funding round was led by 10T Holdings, and it attracted other leading venture capital firms.

Some of the new investors in this round included Golden Tree Asset Management, Raptor Group and FJ Labs. The CEO and Managing Partner of 10T Holdings, Dan Tapiero, will also be a new board member at Ledn.

Ledn’s valuation increases to $540M

Ledn’s valuation has increased to $540 million following this funding round. The crypto lending platform notes that part of the funds will be used to strengthen its balance sheet and support the sector’s growth.

Over the years, Ledn has recorded incredible growth, including establishing its presence in 127 countries, with 44% of its clients being based in Latin America. The total assets on the platform are currently at over $1.7 billion, which is a 4000% growth since the third quarter of 2020.

The firm’s clientele base has also increased by almost 10 times on an annual basis, and the announcement notes that part of the Series B funding will be used to expand its human resource.

Ledn is also launching innovative crypto financial products and expanding on its available local offerings. The new and innovative offerings aim to meet the needs of its clients globally.

Commenting on this funding round, Tapiero noted that “Ledn’s business model is a true win-win for investors and borrowers alike as it gives investors the ability to earn strong returns on their digital asset investments while providing great interest rates to borrowers. We are proud to lead this investment in Ledn, and it is clear that Ledn is primed for rapid growth and worldwide expansion.”

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Ledn launching a Bitcoin-backed mortgage product

Aside from the funding round, the company is also launching a Bitcoin-backed mortgage product. This will be the first Bitcoin-based product to enter the real estate market. The mortgage will allow clients on the platform to use Bitcoin to buy properties.

Clients will have the ability to use an equal sum of Bitcoin and property as collateral for the mortgage loan. As such, the stability of the real estate sector will be used as a mitigation for the volatility of Bitcoin’s prices. Moreover, in case of market volatility, clients will still have an opportunity to service their mortgage.

The Ledn Bitcoin-backed mortgage offering is already operating on a pilot phase, and it will be rolled out to clients in Canada and the US in early 2022. By the end of the first quarter of 2022, Ledn targets the product to amass more than $100 million.

The CEO of Ledn, Adam Reeds, said that the firm was launching this product to “provide access to key financial products for those who choose to invest outside the mainstream of legacy banks.”

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