Credit platform LEDN brings a Bitcoin-based mortgage product onto the market and brings $ 70 million-Finance
Credit platform LEDN brings a Bitcoin-based mortgage product onto the market and brings $ 70 million-Finance
LEDN, the global platform for digital asset savings and loans, has announced the upcoming introduction of a Bitcoin-supported mortgage product and described it as "the first product of its kind that is on the market". The company has also raised $ 70 million, which increases its rating to $ 540 million.
Bitcoin-supported mortgage-"The first product of its kind is on the market"
LEDN announced on Wednesday "the upcoming introduction of a Bitcoin-supported mortgage product", which, according to the company, is "the first product of its kind that comes onto the market". The announcement details:
This mortgage will enable LEDN customers to use their Bitcoin stocks to buy a property and at the same time benefit from a potential increase in price of both assets.
LEDN offers interest on savings accounts and Bitcoin-secured loans that give customers access to capital without having to sell their crypto stands.
According to its own statements, the company has registered customers in over 127 countries and 44 % of its credit customers are located in Latin America. "The USD credit of LEDN has increased by more than 25 times and the assets on the platform have exceeded $ 1.7 billion-which corresponds to an increase of 4,000 % compared to the third quarter of 2020
In terms of the upcoming Bitcoin-covered mortgage product, LEDN explained that "customers will be able to combine an equal amount of bitcoin and real estate security as part of the mortgage loan." The company is aiming for over $ 100 million in Bitcoin-covered mortgage loans by the end of the first quarter of the next year.
ledn found that the waiting list for the BTC-supported mortgage product is growing:
The Bitcoin-covered mortgage of LEDN, which is currently in pilot mode, is to be generally made available in the USA and Canada in early 2022.
In addition, Ledn announced on Wednesday that it secured $ 70 million in a financing round of series B, "which increases its evaluation to $ 540 million".
The participating risk initiators 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.
In the announcement, it continues that the company will “use this new capital to strengthen its balance sheet in order to support the quick growth of its loan business for digital assets, including its new Bitcoin-supported mortgage product”.
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