Toronto-based crypto lending firm Ledn has announced a raise of $70 million in a Series B funding round-headed up by Dan Tapiero’s 10T Holdings. Ledn’s market valuation has been raised to $540 million after this fresh financing.
Among their new backers are Golden Tree Asset Management, Raptor Group, as well as FJ Labs. They’re joining the firm’s existing investors like White Star Capital, Kingsway Capital, Coinbase Ventures, Alan Howard, Parafi Capital, and Susquehanna Private Equity Investments, too.
Adam Reeds, Ledn co-founder, and CEO said “Most people that hold extensive wealth in Bitcoin still can’t utilize their assets to qualify for a mortgage at a bank.”
“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,” he continued.
Bitcoin is the largest cryptocurrency in the market at the moment and is currently valued at $47,086.
Reeds stated that the new Bitcoin-based mortgage offering will “provide access to key financial products for those who choose to invest outside the mainstream of legacy banks.”
He further went on to explain that the product is slated to be released for clients in the U.S. and Canada as soon as early next year. By the end of Q1 2022, the company is targeting over $100 million in Bitcoin-backed mortgage originations.
Dan Tapiero chimed in on the matter, adding 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.” Tapiero is now joining Ledn’s board of directors.
Ledn raised $30 million in a Series A funding round that was spearheaded by Kingsway Capital, a London-based investment firm, back in May.
Per the company, its operation spans a total of 127 countries with 44% of its loan clients being based out of Latin America. The company hopes to expand there with the help of its latest fundraise.
Ledn’s made a claim about having more than $1.7 billion in clients’ assets, ranking up for a very impressive 4,000% increase from Q3 in 2020. It looks to boost this figure with its Bitcoin Mortgages as well.