Crypto Lending Firm Ledn Raises $30M From Alan Howard, Coinbase and More
26 May, 2021•1 min read•Other
Canada-based cryptocurrency lending platform Ledn has raised US$30 million in Series A financing with hedge fund billionaire Alan Howard joining the ranks of participating investors.
Led by Kingsway Capital, Coinbase Ventures, Susquehanna, ParaFi, Alexis Ohanian, John Pfeffer, CMT Digital, Global Founders Capital and others also joined the round. The raise comes hot on the heels of the firm's second seed round for $2.7 million in February 2021. The cash injection will be put to use growing the team, expanding the firm's global presence and building out its platform and products, according to an emailed announcement on Wednesday. “With this new injection of capital, we will expand on our success in North and South America and grow our global footprint, prioritizing growth markets," said Adam Reeds, Ledn co-founder and CEO. Ledn provides interest-bearing crypto savings accounts and bitcoin-backed loans. It also recently added a service allowing users to quickly exchange between the USDC stablecoin and bitcoin. After its products proved popular in South America, Ledn said in February that it plans to focus on the African market.