MONTREAL, Nov. 2, 2018 /CNW/ - Ledn Inc. ("Ledn"), Canada's Bitcoin-backed lender, announced that it has issued the first Bitcoin-backed loan in Canada to Bylls, Canada's first and largest Bitcoin payment processor operated by Satoshi Portal Inc. ("Satoshi Portal").
The announcement, made during the 2018 Canada Fintech Forum, marks an important milestone for the Canadian Bitcoin ecosystem and establishes Ledn as the first and only Canadian company to issue a Canadian dollar loan taking Bitcoin as collateral.
"As a self-funded startup, it is important that we are able to reinvest our Bitcoin revenues in our business to sustain our growth. Traditional industries can normally leverage their cash flow from operations, but we were never able to make use of our accumulated Bitcoin capital without having to sell our precious coins, until now. We are very excited to be the first company to use this service, which will finally allow us to maintain our policy of holding profits in Bitcoin. This is a game changer," said Francis Pouliot, Chief Executive Officer of Satoshi Portal, which also operates Bitcoin Outlet, a Canadian exchange that allows users to purchase Bitcoin from trusted professionals sent directly to their wallet. Established in 2013, Bylls has been helping Canadians pay their bills using Bitcoin – a critical link to facilitate adoption.
"Before our Bitcoin-backed loans, both 'hodlers' and Bitcoin business operators were at the mercy of the markets when they needed liquidity. With Ledn, they now have access to a source of liquidity while they await more favorable market conditions," said Mauricio Di Bartolomeo, Co-Founder and Chief Strategy Officer of Ledn. "Ledn loans may also be a more tax advantageous way to access liquidity: whereas on the one hand, sellers of Bitcoin are subject to taxes on their profits, on the other hand, interest payments on Ledn loans may be tax deductible."
Ledn also announced that it had completed the development of its proprietary custodial vaulting solution to ensure that collateralized Bitcoin is held securely in cold-storage vaults throughout the life of the loan. Ledn's solution is tailored for the Canadian market – with both its vault locations and loan documentation entirely under Canadian jurisdiction.
"With all of the key pieces now in place to collateralize and process secure loans, we are proud of the progress that Ledn is making to provide value to the Canadian Bitcoin community," said Adam Reeds, Co-Founder and Chief Executive Officer of Ledn. "As an established and trusted player in the Canadian Bitcoin ecosystem, we are thrilled to be working with Bylls and look forward to more 'hodlers' enjoying the flexibility of our service."
To learn more about Ledn or to apply for a Bitcoin-backed loan visit ledn.io!
About Ledn Inc.
Ledn is reinventing financial services around digital assets 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 digital assets. 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.
Bylls is a simple, fast and convenient service that allows Canadian individuals and businesses to pay their everyday bills using Bitcoin. Founded in 2013, Bylls is one of the oldest and most established payment processors in the Canadian Bitcoin industry. Bylls is owned and operated by Satoshi Portal, led by Francis Pouliot. Satoshi Portal also owns and operates Bitcoin Outlet - a Canadian exchange that allows users to purchase Bitcoin from trusted professionals sent directly to their wallet.
SOURCE Ledn Inc.
For further information: Mauricio Di Bartolomeo, [email protected], 416.220.9454