Bitcoin lending platform Ledn has announced the completion of a $30 million series A financing round.
The platform lets users open interest-bearing bitcoin savings accounts and take out bitcoin-backed loans, giving them access to fiat without having to sell their BTC. It also offers services based on other digital assets, like USDC.
This round was led by London-based hedge fund Kingsway Capital, with participation from Hashed Venture Fund, Susquehanna Private Equity Investments, ParaFi Capital, billionaire hedge fund manager Alan Howard, John Pfeffer and Reddit cofounder Alexis Ohanian. All investors from Ledn’s previous funding round, including Coinbase Ventures and CMT Digital, also participated.
“Ledn has grown its assets on its platform by over 320% since its last round, just six months ago,” according to a release sent to Bitcoin Magazine. “Proceeds of the round will be used to grow Ledn’s team and global presence, as well as continue to enhance Ledn’s technology and product offerings. Additionally, Ledn’s investors bring regional-specific expertise that will enable Ledn to achieve its mission of unlocking the power of Bitcoin and other digital assets to build wealth through innovative financial products.”
Cofounder Mauricio Di Bartolomeo added that the company wants to expand on the success it has seen in North and South America, in addition to expanding its global footprint.
“We prioritize the needs of the people we serve, investing in solutions like proof-of-reserves to protect them,” he said, per the release. “Growing up in Venezuela, I saw firsthand how an unregulated system with little to no transparency can impact its people, and that’s why it’s such a core component of how we manage the funds our clients entrust to us.”