Lending platform Ledn launches Bitcoin mortgage product, raising $70 million in financing – Finance Bitcoin News
Ledn, a global digital asset savings and credit platform, announced that it will soon launch a bitcoin-backed mortgage product, calling it “the first product of its kind to be launched on the market.” The company also raised US$70 million, bringing its valuation to US$540 million.
Bitcoin Mortgage-“The first listing of its kind”
Ledn announced on Wednesday that it “is about to launch a bitcoin-backed mortgage product”, which the company said is “the first product of its kind to enter the market.” Announcement details:
The mortgage will enable Ledn customers to use their bitcoin holdings to purchase real estate while continuing to benefit from the potential price appreciation of these two assets.
Ledn provides interest-bearing savings accounts and bitcoin-backed loans, enabling customers to obtain funds without selling their encrypted assets.
The company stated that it has registered customers in more than 127 countries, and 44% of its loan customers are located in Latin America. “Ledn’s US dollar loan issuance has increased by more than 25 times, and the assets on the platform have exceeded US$1.7 billion-an increase of 4,000% over the third quarter of 2020. During the same period, its registered user base has increased by nearly 10 times,” the announcement stated .
Regarding the upcoming Bitcoin mortgage product, Ledn explained: “Customers will be able to mix the same amount of Bitcoin and property collateral as part of the mortgage.” The company’s goal is to provide more than 100 million by the end of the first quarter of next year. Mortgage loans backed by bitcoin in dollars.
Noting that the waiting list of BTC-backed mortgage products is increasing, Ledn pointed out:
The Ledn Bitcoin mortgage loan currently in pilot mode is planned to be widely available to customers in the United States and Canada in early 2022.
In addition, Ledn announced on Wednesday that it has received US$70 million in Series B financing, “making its valuation to US$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 added 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 mortgage product.”
What do you think of Ledn’s launch of a bitcoin mortgage product? Please let us know in the comments section below.
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