Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway, and Darrow Holdings also participated in the round
TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) — Ledn Inc. (“Ledn”), a global digital asset savings and credit platform, is proud to announce a $2.7 million financing round led by White Star Capital’s Digital Asset Fund, with participation from Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway, and Darrow Holdings.
After issuing Canada’s first bitcoin-backed loan in 2018, Ledn’s unique suite of savings and credit options has quickly grown to service thousands of clients in over 100 countries. Ledn offers its clients the highest interest rates within 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’ve focused on building a simple and secure platform that allows clients to grow their digital wealth through savings and credit products,” said Adam Reeds, Co-founder and CEO. “As we expand on our product offering with no fee trading rolling out in the next several months and go deeper into new markets, we couldn’t be more excited to work with this select group of top venture investors that believe in our mission.”
As an already profitable company with registered clients growing at 25% per month, Ledn will use the proceeds of the raise to further accelerate its growth and bring the same level of transparency and quality service deeper into global markets.
The company is also pioneering transparency and accountability standards for the digital asset lending industry by becoming the first-ever lending platform to undergo a formal proof-of-reserves attestation by an independent accounting firm. The final examination opinion is issued by Armanino LLP, a Top-25 Public Accounting & Consulting firm and a recognized global leader in digital asset assurance solutions. Ledn will also leverage Armanino’s TrustExplorer platform to allow Ledn customers to participate in verifying their inclusion in the Proof-of-Reserves, all while preserving client privacy.
“We believe that Proof-of-Reserves reviews that cover all assets and lending activities should be an industry standard across lending platforms,” said Mauricio Di Bartolomeo, Co-founder and CSO. “Over time, clients have become painfully aware of why it’s important, and their preferences are evolving to demand transparency. We are making Proof-of-Reserves reviews a part of our standard processes.”
In addition to capital, each of these investors bring unique value to Ledn through geography-specific knowledge and product expertise within the digital asset space. Through focusing on a compliant and regulatory-first approach, Ledn is bridging an important gap between traditional and digital asset financial services.
The investment in Ledn was the third investment from White Star Capital’s Digital Asset Fund, established to invest in crypto-networks and blockchain-enabled businesses at each layer of the tech stack including protocols, infrastructure and applications, White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious, international businesses. The firm 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 achieved substantial scale in a short amount of time,” said Sep Alavi, General Partner of White Star Capital Digital Asset. “The traction Ledn has achieved is nothing short of impressive and we are excited to help in expanding both product offering and market expansion.”
Ledn builds financial products with a mission to help more people save in digital assets. Ledn’s suite of products consists of Save: bitcoin and USDC savings accounts that pays interest on bitcoin or USDC with no minimums, Borrow: bitcoin-backed loans which allows customers to access dollars without selling their bitcoin, and B2X: bitcoin-backed loans to purchase more bitcoin. 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.