Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway and Darrow Holdings also participated in the round.
TORONTO, 08 Feb. 2021 (GLOBE NEWSWIRE) – Ledn Inc. (“Ledn”), a global digital asset savings and lending platform, is proud to announce a fund-led $ 2.7 million financing round digital assets of White Star Capital, with participation from Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway and Darrow Holdings.
After issuing the first bitcoin backed loan in Canada in 2018, Ledn’s unique range of savings and credit options has rapidly grown to serve thousands of customers in over 100 countries. Ledn offers its clients the highest interest rates in the digital asset lending space, at 6.10% for bitcoin and 12.25% for USDC, and access to credit through its bitcoin backed loans.
“Over the past three years, we have focused on creating a simple and secure platform that enables clients to grow their digital wealth through savings and loan products,” said Adam Reeds, co-founder and CEO. “As we develop our product offering no-cost deployment over the next few months and deepening into new markets, we couldn’t be more excited to work with this select group of leading venture capitalists who believe in our mission. “
As an already profitable business with registered customers growing 25% per month, Ledn will use the proceeds of the increase to further accelerate its growth and bring the same level of transparency and quality service deeper into global markets. .
The company is also a pioneer in transparency and accountability standards for the digital asset lending industry by becoming the very first lending platform to undergo formal proof of reserves certification by an independent accounting firm. The final review notice is issued by Armanino LLP, one of the top 25 accounting and consulting firms and a recognized global leader in digital asset insurance solutions. Ledn will also take advantage of Armanino’s TrustExplorer platform to allow Ledn’s clients to participate in verifying their inclusion in the reserve evidence, while maintaining client privacy.
“We believe reserve evidence reviews that cover all assets and lending activities should be an industry standard across all lending platforms,” said Mauricio Di Bartolomeo, co-founder and CSO. “Over time, customers have painfully understood why this is important, and their preferences evolve to demand transparency. We integrate proof-of-reserve reviews into our standard processes. “
In addition to capital, each of these investors bring unique value to Ledn through specific geography knowledge and product expertise in the digital asset space. By focusing on a compliant and regulatory-driven approach, Ledn bridges a significant gap between traditional and digital financial services.
The investment in Ledn was the third investment in White Star Capital’s Digital Asset Fund, created to invest in crypto networks and blockchain-enabled businesses at every layer of the technology stack, including protocols, infrastructure and applications. , White Star Capital is a multi-stage technology investment platform that invests in exceptional entrepreneurs who create ambitious international businesses. The company has invested in 35 companies including Dialogue, Dollar Shave Club, Freshly, Asia Innovations Group (AIG) and TIER from offices in New York, London, Paris, Guernsey, Montreal, Toronto, Tokyo and Hong Kong.
“The Ledn team has built a robust platform that has grown to substantial scale in a short period of time,” said Sep Alavi, General Partner of White Star Capital Digital Asset. “The traction Ledn has achieved is simply impressive and we are excited to help expand both the product offering and the expansion of the market.”
Ledn creates financial products with a mission to help more people save on digital assets. Ledn’s product suite includes Save: bitcoin and USDC savings accounts that pay interest on bitcoin or USDC with no minimum, Borrow: bitcoin-backed loans that allow customers to access dollars without selling their bitcoin , and B2X: bitcoin-backed loans to buy more bitcoins. Ledn is proud to help clients in over 100 countries access credit and savings products to grow their digital wealth. For more information visit ledn.io.