LEDN RAISES $70 MILLION, ANNOUNCES BITCOIN-BACKED MORTGAGE PRODUCT

Ledn customers will be able to purchase properties with their bitcoin holdings by early next year. BITCOIN-BACKED MORTGAGE PRODUCT

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Bitcoin lending platform Ledn has raised $70 million in a Series B financing round that leads the platform into a $540 million valuation, the company said in a statement Wednesday.

The round was led by 10T Holdings, a growth equity firm focused on cryptocurrency companies.

Existing venture investors also joined in the round, including London-based Kingsway Capital, Coinbase Ventures, billionaire hedge fund manager Alan Howard, John Pfeffer, and CMT Digital.

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Ledn also announced its new bitcoin-backed mortgage product, a pioneering offering that lets customers use their bitcoin holdings to purchase real estate, allowing them to acquire a property while benefiting from Bitcoin’s price appreciation.

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“Clients will be able to blend an equal amount of Bitcoin and property collateral as part of the mortgage loan,” according to a statement sent to Bitcoin Magazine.

“This unique collateral structure, which relies on the stability of real estate to buffer against the volatility of Bitcoin, was designed to provide clients with a generous window to service their Bitcoin collateral during times of high market volatility.”

Ledn said the offering is currently in pilot mode. The company expects to launch the product broadly to its U.S. and Canadian customers early next year and is targeting over $100 million in bitcoin-backed mortgage originations by the end of the first quarter.

“Most people that hold extensive wealth in Bitcoin still can’t utilize their assets to qualify for a mortgage at a bank,” Adam Reeds, Ledn co-founder and CEO, said in a statement.

“Our clients want to diversify their portfolio in order to protect their wealth and then utilize that wealth for instances such as purchasing a home, but one should not come at the expense of the other.

That is why we are launching this product, in order to provide access to key financial products for those who choose to invest outside the mainstream of legacy banks.”

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