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.
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