Lending platform Ledn launches bitcoin-backed mortgage product, bringing in $ 70 million

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Ledn, the global platform for digital wealth savings and lending, announced the upcoming launch of a Bitcoin-powered mortgage product, calling it “the first product of its kind to hit the market”. The company has also raised $ 70 million, bringing its valuation to $ 540 million.

Bitcoin-Backed Mortgage – “The first product of its kind to hit the market”

Ledn on Wednesday announced “the imminent launch of a Bitcoin-backed mortgage product,” which the company said is “the first of its kind to hit the market”. The announcement details:

This mortgage will allow Ledn customers to use their Bitcoin holdings to purchase a property while benefiting from a potential increase in the price of both assets.

Ledn offers interest-bearing savings accounts and bitcoin-secured loans that give customers access to capital without having to sell their crypto holdings.

The company claims it has registered customers in over 127 countries and 44% of its loan customers are in Latin America. “Ledn’s USD lending has increased more than 25x and assets on the platform have exceeded $ 1.7 billion – an increase of 4,000% from Q3 2020.

Regarding the upcoming bitcoin-covered mortgage product, Ledn stated that “customers will be able to combine an equal amount of bitcoin and real estate collateral as part of the mortgage loan.” The company is targeting over 100 by the end of the first quarter of next year Million dollars in Bitcoin-covered mortgage loans.

Ledn noted that the waiting list for the BTC-backed mortgage product is growing:

Currently in pilot mode, Ledn’s Bitcoin-backed mortgage is expected to be made generally available to customers in the US and Canada in early 2022.

In addition, Ledn announced on Wednesday that it had secured $ 70 million in a Series B funding round, “bringing its valuation to $ 540 million.”

Participating venture investors include White Star Capital, Kingsway Capital, Coinbase Ventures, Alan Howard, Parafi Capital, Susquehanna Private Equity Investments, Global Founders Capital, Hashed, CMT Digital, Ascendant Capital and John Pfeffer.

The announcement went on to say that the company “will use this new capital to strengthen its balance sheet to support the rapid growth of its digital asset lending business, including its new bitcoin-backed mortgage product.”

What do you think of Ledn launching a Bitcoin-backed mortgage product? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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