Canadian crypto lending platform Ledn raised $70 million in a Series B financing round at a $540 million valuation. It was led by Dan Tapiero’s investment firm 10T Holdings.
The round also included Golden Tree Asset Management, Raptor Group, FJ Labs, Coinbase Ventures, Alan Howard, ParaFi Capital and Susquehanna Private Equity Investments.
The company said it would use the funding to expand its workforce in 2022.
“Since its inception Ledn has originated more than $450 million in loans, 90% of which were in 2021,”, The Block cofounder Mauricio Di Bartolomeo.
The company serves 100,000 retail and institutional clients in 127 countries, more than tenfold the number in Q3 2020. Assets have surged 4,000% since then, topping $1.7 billion.
According to Bartolomeo, Ledn has filed with the Ontario Securities Commission to register as an investment dealer in Canada.
The platform is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and complies with Canada’s and the United States’ AML/KYC rules.
Concurrently with the round’s close, Ledn announced the launch of Bitcoin-backed mortgage lending.
You can find more information about our #Bitcoin Mortgage product here: https://t.co/IEMEaGsCrR
— Ledn (@hodlwithLedn) December 15, 2021
In early next year, the service will become available to customers in the United States and Canada. The product limit for January–March will exceed $100 million.
“Most holders cannot use their first cryptocurrency to secure a mortgage. That is why we are launching this product,” said Adam Rids, co-founder and CEO of Ledn.
In May, the platform raised $30 million in a Series A funding round.
In November SEC initiated an investigation into the crypto lending platform BlockFi.
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