This morning, Toronto-based bitcoin lending and saving company Ledn announced a $2.7 million financing round led by White Star’s Digital Asset Fund, with participation from Darrow Holdings, Coinbase Ventures, Global Founders Capital, CMT Digital and Kingsway.
The Toronto-based company serves clients in over 100 countries by offering interest-paying savings accounts for bitcoin and USDC, as well as bitcoin-backed loans that provide borrowers with access to fiat or the opportunity to buy more bitcoin.
In a release shared with Bitcoin Magazine, Ledn said it will use the proceeds from the raise to further accelerate its growth.
"Over the past three years, we've focused on building a simple and secure platform that allows clients to grow their digital wealth through savings and credit products,” Adam Reeds, co-founder and CEO of Ledn, said in the release. “As we expand on our product offering with no-fee trading rolling out in the next several months and go deeper into new markets, we couldn't be more excited to work with this select group of top venture investors that believe in our mission."
In addition to the new fundraise, Ledn is also demonstrating its commitment to transparency by becoming the first-ever digital asset lender to complete a formal “proof-of-reserves” attestation. The examination will be completed by Armanino LLP, a digital asset assurance firm. Moving forward, Ledn users will be able to leverage Armanino’s platform to verify that their own funds were included in the attestation, while Ledn indicated that client privacy and data will remain secure.
The Ledn team believes that such proof-of-reserves clarity will continue to become more important to users, and the team hopes that its efforts will influence an industry-wide standard of transparency.
“We believe that proof-of-reserves reviews that cover all assets and lending activities should be an industry standard across lending platforms,” said Mauricio Di Bartolomeo, co-founder and CSO of Ledn, in the release.