Draft:Ledn
Submission declined on 31 July 2025 by DoubleGrazing (talk).
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|  |
 | |
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2018 |
| Founders | Adam Reeds[1]; Mauricio Di Bartolomeo[1] |
| Headquarters | Grand Cayman, Cayman Islands |
Area served | Worldwide |
Key people | Adam Reeds (CEO); Mauricio Di Bartolomeo (CSO) |
| Products | Bitcoin-backed loans, B2X loans, Dual Cryptocurrency Notes, Growth Accounts |
| Website | www |
Ledn Inc. (stylised Ledn) is a Cayman-registered financial services company that provides lending and savings products secured predominantly by Bitcoin. Founded in Toronto, Canada, in 2018, the firm is among a handful of centralised crypto lenders to remain solvent after the 2022 market downturn.[2]
History
[edit]Ledn was incorporated in August 2018 by Adam Reeds and Mauricio Di Bartolomeo, launching what it describes as Canada’s first Bitcoin-backed loan that November.[1] In May 2021 the company raised US$30 million in Series A funding led by Kingsway Capital, bringing its valuation to approximately US$230 million.[3] Seven months later it closed a US$70 million Series B round led by 10T Holdings, valuing Ledn at US$540 million and funding development of a pilot bitcoin-backed mortgage product.[4]
In September 2023 Ledn obtained Virtual Asset Service Provider (VASP) approval from the Cayman Islands Monetary Authority and moved its global headquarters to the Cayman Islands.[5]
Products and services
[edit]- Bitcoin-backed loan – a collateralised loan available in USD, USDC or selected local currencies.
- B2X loan – combines a bitcoin-backed loan with an immediate BTC purchase, doubling the client’s bitcoin exposure.[6]
- Dual Cryptocurrency Notes (DCN) – structured notes that pay a fixed return in exchange for the option to buy or sell BTC at a pre-set strike price.[7]
- Growth Accounts – interest-bearing accounts for BTC and USDC deposits (suspended in Canada since 2023 pending regulatory approval).[2]
In May 2025 Ledn announced it would discontinue Ethereum-backed loans and yield products, adopting a fully custodied, bitcoin-only model from 1 July 2025.[8]
Funding and credit facilities
[edit]Beyond its equity rounds, Ledn secured a US$50 million bitcoin-backed syndicated loan from Swiss digital-asset bank Sygnum in 2024 to expand institutional lending capacity.[9] In August 2024 it raised US$50 million in debt financing.[10]
Security and compliance
[edit]Ledn was the first digital-asset lender to complete a third-party proof of reserves attestation in 2020 and now publishes audits every six months.[11] The firm achieved SOC 2 Type 2 certification in September 2024.[12]
Controversies and challenges
[edit]Ledn reported limited exposure to FTX and Alameda Research when both collapsed in November 2022, incurring unspecified losses and prompting a small staff reduction.[2] The company paused some products in Canada while seeking additional regulatory licences.[2]
See also
[edit]References
[edit]- ^ a b c Di Bartolomeo, Mauricio (17 August 2022). "Ledn's Founding Story". Ledn Blog. Retrieved 31 July 2025.
- ^ a b c d Brownell, Claire (21 February 2023). "Meet Ledn, the Last Crypto Lender Standing". The Logic. Retrieved 31 July 2025.
- ^ "Digital Asset Savings and Loan Platform Ledn Raises US$30 Million Series A" (Press release). Business Wire. 26 May 2021. Retrieved 31 July 2025.
- ^ "Ledn Secures $70 Million in Series B Funding; Announces World's First Bitcoin-backed Mortgage Product" (Press release). PR Newswire. 15 December 2021. Retrieved 31 July 2025.
- ^ Marks, Alex (22 September 2023). "Ledn Moves Global Headquarters to the Cayman Islands Following Regulatory Approval". Ledn Blog. Retrieved 31 July 2025.
- ^ "B2X Loans – Double Your BTC in Just a Few Clicks". Ledn Website. Retrieved 31 July 2025.
- ^ "Dual Cryptocurrency Notes (DCN)". Ledn Website. Retrieved 31 July 2025.
- ^ "Ledn $540 Million Lending Giant Drops Ethereum, Adopts Fully-Custodied Bitcoin-Only Model Starting 1 July 2025". The Defiant. May 2025. Retrieved 31 July 2025.
- ^ "Sygnum Issues Industry-first US$50 Million Bitcoin-backed Syndicated Loan to Ledn". Sygnum Bank. 20 August 2024. Retrieved 31 July 2025.
- ^ "Ledn August 2024 Debt Financing Funding Round". Seedtable. 20 August 2024. Retrieved 31 July 2025.
- ^ Marks, Alex (15 October 2024). "Ledn's 8th Proof-of-Reserve Attestation". Ledn Blog. Retrieved 31 July 2025.
- ^ Marks, Alex (10 September 2024). "Ledn Achieves SOC 2 Type 2 Certification". Ledn Blog. Retrieved 31 July 2025.
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