Home News Crypto lending platform Ledn raised $70M

Crypto lending platform Ledn raised $70M

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Canadian crypto lending platform Ledn has raised $70 million in a Series B funding round with an estimated $540 million. Dan Tapiero’s management company 10T Holdings led the fundraising. Tapiero will join the board of directors of Ledn as part of the agreement.

Golden Tree Asset Management, Coinbase Ventures, Alan Howard, Raptor Group, FJ Labs, Susquehanna Private Equity Investments and ParaFi Capital also participated in the round. Thus, the company will direct funding to increase the number of staff in 2022.

“Since inception, Ledn has processed over $450 million in loan originations, with 90% of those originations occurring during 2021”. Mauricio Di Bartolomeo, the co-founder of the platform, told The Block.

The company serves 100,000 retail and institutional clients in 127 countries

Adam Reeds and Mauricio Di Bartolomeo

Furthermore, the company serves 100,000 retail and institutional clients in 127 countries. Which is 10 times more than in the third quarter of 2020. Since then, assets have grown by 4,000%, exceeding $1.7 billion.

According to Bartolomeo, Ledn has filed an application with the Ontario Securities Commission to register as an investment dealer in Canada.

In addition, the platform is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and complies with the AML/KYC (anti-money laundering/know your customer) rules of Canada and the USA.

A new Bitcoin-backed mortgage product

Simultaneously with the closing of the round, Ledn announced the launch of the Bitcoin Mortgage product. At the beginning of next year, customers from the USA and Canada will be able to use the service. The product limit for January-March will exceed $100 million.

“Most people that hold extensive wealth in Bitcoin still can’t utilize their assets to qualify for a mortgage at a bank”. Explained Adam Reeds, the CEO and co-founder of Ledn.

Earlier in May, the platform raised $30 million in a Series A funding round.

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