Crypto Lending Firm Ledn Raises $30M From Alan Howard, Coinbase and More

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.

Read more: DeFi More Disruptive to Banks Than Bitcoin, Says ING