Global digital asset savings and credit platform Ledn has announced the upcoming launch of a bitcoin-backed mortgage product, calling it “the first product of its kind to hit the market.” The company has also raised $70 million, which brings its valuation to $540 million.
Bitcoin-Backed Mortgage — ‘The First Product of Its Kind to Hit the Market’
Ledn announced Wednesday “the impending launch of a bitcoin-backed mortgage product,” which the company says is “the first product of its kind to hit the market.” The announcement details:
Ledn clients will have the opportunity to utilize their Bitcoin holdings for a mortgage to purchase property, while also continuing to reap the benefits of potential price appreciation.
Ledn provides interest-bearing savings and Bitcoin-backed loans to clients, so they can access capital without the need to sell crypto.
According to the company, it claims that over 127 countries have registered customers and that Latin America accounts for 44%. “Ledn’s USD loan originations have increased by more than 25x and assets on platform have exceeded $1.7 billion — representing a 4,000% increase from Q3 2020. In the same period, its registered user base has grown nearly 10x,” the announcement notes.
Regarding the upcoming bitcoin-backed mortgage product, Ledn explained that “Clients will be able to blend an equal amount of bitcoin and property collateral as part of the mortgage loan.” The company is targeting over $100 million in bitcoin-backed mortgage originations by the end of the first quarter of next year.
Ledn pointed out that the waiting list for the BTC mortgage product has been growing.
The Ledn Bitcoin-backed Mortgage is in pilot phase and will eventually be widely available to all clients in Canada and the U.S. in 2022.
Furthermore, Ledn announced Wednesday that it has secured $70 million in a Series B funding round, “which brings its valuation to $540 million.”
White Star Capital and Kingsway Capital are participating venture investors.
The announcement adds 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.”
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