Digital asset saving platform Ledn raises USD 2.7 million

Tuesday 9 February 2021 11:15 CET | News

Canada-based Ledn a global digital asset savings and credit platform, has announced a USD 2.7 million financing round led by White Star’s Digital Asset Fund.

Other participants of the funding round were Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway, and Darrow Holdings. The company issued a Bitcoin-backed loan in 2018, and its suite of savings and credit options now serves customers in over 100 countries.

Ledn will use the proceeds of the raise to accelerate its growth. The company wants to offer transparency and comply with accountability standards for the digital asset lending industry by undergoing a formal proof-of-reserves attestation by an independent accounting firm. Ledn will use Armanino's TrustExplorer platform to allow Ledn customers to participate in verifying their inclusion in the Proof of Reserves, while preserving client privacy. 

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.

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Keywords: Ledn, Canada, Digital Asset, digital lending, financing round, Bitcoin, digital assets, proof of reserves, interest
Categories: DeFi & Crypto & Web3
Countries: Canada
This article is part of category

DeFi & Crypto & Web3