International digital asset financial savings and credit score platform Ledn has introduced the upcoming launch of a bitcoin-backed mortgage product, calling it “the primary product of its type to hit the market.” The corporate has additionally raised $70 million, which brings its valuation to $540 million.
Bitcoin-Backed Mortgage — ‘The First Product of Its Sort to Hit the Market’
Ledn introduced Wednesday “the approaching launch of a bitcoin-backed mortgage product,” which the corporate says is “the primary product of its type to hit the market.” The announcement particulars:
This mortgage will allow Ledn purchasers to make use of their bitcoin holdings to buy a property whereas persevering with to profit from potential value appreciation of each property.
Ledn presents interest-bearing financial savings accounts and bitcoin-backed loans, permitting purchasers entry to capital with out having to promote their crypto holdings.
The corporate says it has registered purchasers in over 127 international locations, and 44% of its mortgage purchasers are in Latin America. “Ledn’s USD mortgage originations have elevated by greater than 25x and property on platform have exceeded $1.7 billion — representing a 4,000% improve from Q3 2020. In the identical interval, its registered person base has grown practically 10x,” the announcement notes.
Concerning the upcoming bitcoin-backed mortgage product, Ledn defined that “Shoppers will be capable of mix an equal quantity of bitcoin and property collateral as a part of the mortgage mortgage.” The corporate is concentrating on over $100 million in bitcoin-backed mortgage originations by the top of the primary quarter of subsequent yr.
Noting that the waitlist for the BTC-backed mortgage product is rising, Ledn famous:
Presently in pilot mode, the Ledn bitcoin-backed mortgage is slated to be made broadly obtainable to purchasers within the U.S. and Canada in early 2022.
Moreover, Ledn introduced Wednesday that it has secured $70 million in a Collection B funding spherical, “which brings its valuation to $540 million.”
Taking part enterprise traders embrace White Star Capital, Kingsway Capital, Coinbase Ventures, Alan Howard, Parafi Capital, Susquehanna Non-public Fairness Investments, International Founders Capital, Hashed, CMT Digital, Ascendant Capital, and John Pfeffer.
The announcement provides that the corporate “will use this new capital to strengthen its stability sheet to help the speedy progress of its digital asset lending enterprise, together with its new bitcoin-backed mortgage product.”
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