Crypto Firm Ledn Raises $70M for Bitcoin-Backed Mortgages
Crypto savings and loan platform Ledn is preparing the world’s first Bitcoin-backed mortgage offering after raising $70 million. Read the full article by: Andrew Asmakov
Key Points:
There are so many different spaces and sectors that could benefit from digitization and the use of Bitcoin. Ledn is taking the use of Bitcoin to the next step by planning to build the worlds first BTC backed mortgage product.
The Toronto based lending company secured $70 million in series B funding and brings Ledn’s market value to $540 million. This round of funding was led by big money players like 10T Holdings, Golden Tree Asset Management, and Raptor Group.
“Most people that hold extensive wealth in Bitcoin still can't utilize their assets to qualify for a mortgage at a bank," said Adam Reeds, Ledn co-founder. "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.”
Ledn believes that this will give investors who are not involved with the mainstream banks to have access to products that are similar to what those banks currently offer and control. The goal is for this product to be released in 2022 for the US and Canada. According to Ledn they are operating in 127 countries all of which they can try and expand this product too.
