Crypto Lending Platform Ledn Closes $30 Million Series A Funding Round with Alan Howard and Alexis Ohanian and Others

Ledn, a Canadian cryptocurrency lending platform, raised $30 million in a Series A round of funding.

Crypto Lending Platform Ledn Closes  Million Series A Funding Round with Alan Howard and Alexis Ohanian and Others

Key Points.

Canadian cryptocurrency lender Ledn has raised $30 million in Series A funding.

Co-founder Mauricio Di Bartolomeo told The Block that Ledn is valued at $230 million after this round.

Canada-based cryptocurrency lending platform Ledn has raised $30 million in a Series A funding round, The Block reported on May 26.

The round was led by London-based investment firm Kingsway Capital, with new investors British billionaire and hedge fund manager Alan Howard, Reddit co-founder Alexis Ohanian, Susquehanna Private Equity Investments All existing investors from Ledn’s seed expansion round (valued at $2.7 million) also participated in the Series A round.

As part of the deal, Kingsway Capital founder Manuel Stotz joined Ledn’s board of directors.

Ledn co-founder Mauricio Di Bartolomeo told The Block that the company has 40 employees and plans to expand to 100 by the end of the year. Ledn has raised $35 million in Series A funding and is valued at $230 million.

In addition, Ledn plans to expand into Africa, Europe and Asia, providing products and services to each market.

Founded in 2018, Ledn offers three main products: bitcoin-backed loans, bitcoin and USDC savings accounts, and bitcoin/USDC trading through the Ledn Trade platform.

Ledn said its assets include bitcoin, balances in USDC savings accounts, and collateral for bitcoin-backed loans. They have been valued at more than $1 billion.

In the first quarter of 2021, Ledn originated more than $120 million in bitcoin-backed loans, Bartolomeo said. Asked what Ledn Trade’s transaction volume was, Bartolomeo declined to provide details. “We want to accelerate the rollout of the trading feature,” he said.

Ledn says its competitive advantage lies in transparency and accountability standards, and Ledn is the only crypto lender to accept formal reserve certification from Armanino LLP, a public accounting and consulting firm. All client assets and loan operations are reviewed on an ongoing basis.

Bartolomeo said.

I grew up in Venezuela and have seen firsthand how an untransparent and unregulated system can affect people. This explains why transparency is at the heart of how we manage the funds entrusted to our clients.

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