In the news release, Ledn Inc. closes $1.55 million seed financing to launch Canada's first Bitcoin-back lending platform, issued 11-09-2018 by Ledn Inc. over Cision, we are advised by the company that "Bitcoin-back" in the headline should read "Bitcoin-backed" and other small revisions have been made to the press release. The complete, corrected release follows:
Ledn Inc. closes $1.55 million seed financing to launch Canada's first Bitcoin-backed lending platform
TORONTO, Sept. 11, 2018 /CNW/ - Ledn Inc. ("Ledn"), Canada's first cryptoasset-backed lender, announces the closing of $1.55 million in seed financing. The funding will go towards furthering the development of its proprietary lending platform and expanding its cryptoasset-backed lending operations in Canada. Ledn provides Canadian dollar loans with Bitcoin as collateral, a first of its kind service in Canada that does not affect personal or corporate credit.
The financing round was led by Andrew Clark, and Someren Capital, with Clark joining Ledn's board of advisors. "Ledn solves an essential problem related to the adoption of cryptocurrencies – it provides liquidity to Bitcoin investors with a long-term view of their holdings," said Clark, who co-founded and is Co-CEO of Spark Power Group Inc., which recently listed on the Toronto Stock Exchange. "With an estimated $15 billion in Bitcoin held by Canadians, this is a tremendous opportunity. Ledn has assembled an excellent team with the right mix of industry experience to deliver a world-class product."
As the first and only company to publicly announce Bitcoin-backed loans in Canadian dollars, Ledn is quickly ramping up its operations to keep up with demand. "We are very excited to introduce Bitcoin-backed loans to the Canadian market and are thrilled by the support that we have received from our seed investors," said Adam Reeds, Co-Founder and CEO of Ledn. "Our goal is to offer the best rates and simplest experience to the Bitcoin community."
Ledn's management team is made up of seasoned professionals which come from Canada's leading asset management, banking, energy and real estate companies. The platform is being developed by a team of engineers with experience working in Canada's tier one banks. The Company has also invested heavily on legal and compliance procedures to ensure that it is able to service clients across Canada and expand geographically in the near future. Ledn plans to launch a new website application this fall that will streamline and simplify the loan process for clients.
"Canada has played an instrumental role in the growth of Bitcoin and other cryptoassets," said Mauricio Di Bartolomeo, Co-Founder and CSO of Ledn. "We are eager to contribute back to our community by pioneering this service in Canada. As long-time users of Bitcoin, we understand the need for liquidity that can leverage, and not liquidate, your cryptoasset holdings."
About Ledn Inc.
Ledn is reinventing financial services around cryptoassets for Canadians. Its first product, Bitcoin-backed loans, offers the best rates and simplest application process in the Canadian market and is designed to help investors 'hodl' their cryptoassets. Applying for a Ledn loan is easy, does not affect your credit score and requires only Bitcoin as collateral. Bitcoin is held securely in institutional-grade cold-storage, and borrowers retain all benefits from any appreciation in the value of their asset. Ledn is the first company to announce Bitcoin-backed loans in Canadian dollars. Ledn, for those who hodl.