LEDN Crypto Firm Raised $70 Million For BTC-Backed Mortgages

LEDN crypto firm raised $70 million to bring the first bitcoin-backed mortgage offering as we can see more today in our latest Bitcoin news.

The LEDN crypto firm is a Toronto-based lending firm that announced a $70 million fundraise led by Dan Tapiero’s 10T Holdings. The financing will bring LEDN market valuation to $540 million. Golden Tree Asset Management, FJ Labs, and Raptor Group were some of the new backers of the company and joined the existing investors like Kingsway Capital, Coinbase Ventures, White Star Capital, Alan Howard, PArafi Capital, and more.

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 said it will use the capital to support growth and has plans of building what it seems to be the world’s first BTC-backed mortgage product as Adam Reeds, the co-founder and CEO Said:

Ledn said it would use the fresh capital to support growth, specifically plans to build what it claims to be the world’s first bitcoin-backed mortgage product“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.”

Bitcoin is the biggest cryptocurrency and trades hands at around $47,660 at the time of writing, being 30% down from its all-time high of $69,044. according to Reeds, the new BTC-based mortgage offering will provide access to financial products for all those tht invest outside of the legacy banks mainstream. LEDN said the product is slated to become available for clients in the US and Canada and the company targeted over $100 million in BTC-backed mortgage originations by the first quarter of 2022. Dan Tapiero as one of the board directors said:

“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.”

LEDN raised $30 million back in May in Series A funding led by London-based company Kingsway Capital. According to the company, it is operating in 127 countries with 44% of the loan clients based out of Latin America where it aims to expand. LEDN claims to have more than $1.7 billion in the clients’ assets which is a huge 4000% increase from the third quarter of 2020.