Global digital asset financial savings and credit score platform Ledn has introduced the upcoming launch of a bitcoin-backed mortgage product, calling it “the first product of its kind to hit the market.” The firm has additionally raised $70 million, which brings its valuation to $540 million.
Bitcoin-Backed Mortgage — ‘The First Product of Its Kind to Hit the Market’
Ledn introduced Wednesday “the impending launch of a bitcoin-backed mortgage product,” which the corporate says is “the first product of its kind to hit the market.” The announcement particulars:
This mortgage will allow Ledn shoppers to make use of their bitcoin holdings to buy a property whereas persevering with to learn from potential price appreciation of each property.
Ledn gives interest-bearing financial savings accounts and bitcoin-backed loans, permitting shoppers entry to capital with out having to promote their crypto holdings.
The firm says it has registered shoppers in over 127 nations, and 44% of its mortgage shoppers are in Latin America. “Ledn’s USD loan originations have increased by more than 25x and assets on platform have exceeded $1.7 billion — representing a 4,000% increase from Q3 2020. In the same period, its registered user base has grown nearly 10x,” the announcement notes.
Regarding the upcoming bitcoin-backed mortgage product, Ledn defined that “Clients will be able to blend an equal amount of bitcoin and property collateral as part of the mortgage loan.” The firm is concentrating on over $100 million in bitcoin-backed mortgage originations by the tip of the primary quarter of subsequent 12 months.
Noting that the waitlist for the BTC-backed mortgage product is rising, Ledn famous:
Currently in pilot mode, the Ledn bitcoin-backed mortgage is slated to be made broadly out there to shoppers within the U.S. and Canada in early 2022.
Furthermore, Ledn introduced Wednesday that it has secured $70 million in a Series B funding spherical, “which brings its valuation to $540 million.”
Participating enterprise buyers embrace 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.
The announcement provides that the corporate “will use this new capital to strengthen its balance sheet to support the rapid growth of its digital asset lending business, including its new bitcoin-backed mortgage product.”
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