Crypto-lending firm Ledn recently secured a whopping $70 million in its Series B funding round led by 10T holdings. With fresh funds in hand, the company plans to offer the world’s first bitcoin-backed mortgage products that provide home loans to users.
We’ve secured $70 million at a $540 million valuation in our Series B funding, led by 10T. We will use this new capital to support the rapid growth of our lending business, including our newest product – the world's first #Bitcoin Mortgage.https://t.co/6YrXjLhxkN pic.twitter.com/C7eoH3ee2O
— Ledn (@hodlwithLedn) December 15, 2021
Ledn mainly provides interest-bearing deposit accounts and loans for Bitcoin (BTC) and US-dollar backed stablecoin USDC. Since Q3 2020, the company’s assets have grown by more than 4,000%, exceeding $1.7 billion of late.
In addition to new products, the company plans to strengthen its balance sheet and expand its team. It is currently registered with the respective authorities for KYC and anti-money laundering in the United States and Canada.
Along with 10T Holdings, some of the companies that participated in the round were Golden Tree Asset Management, Raptor Group, and FJ Labs, Coinbase Ventures, ParaFi Capital, and Alan Howard. Furthermore, Ledn has onboarded 10T Holdings’ Managing Partner and CEO Dan Tapiero on its board.
As per the announcement, the firm plans to offer Bitcoin-backed mortgage products to clients in the US and Canada and aims to reach over $100 million in bitcoin-backed mortgage originations by March 2022.
Adam Reeds, co-founder & CEO at Ledn, said in the announcement:
“Our clients want to diversify their portfolio in order to protect their wealth and then utilize that wealth for instances such as purchasing a home, but one should not come at the expense of the other. That is why we are launching this product, in order to provide access to key financial products for those who choose to invest outside the mainstream of legacy banks.”