Toronto-based digital asset platform Ledn raises $30 million in Series A financing
Toronto-based digital asset platform Ledn Inc. has secured $30 million in Series A financing that the company aims to use to expand its workforce and grow its presence in the global financial services market.
The round was led by London-based investment firm Kingsway Capital and saw a group of new investors coming to the table, including hedge fund manager Alan Howard, Seoul-based blockchain team Hashed Investments, Susquehanna trading firm, ParaFi Capital, Reddit co-founder Alexis Ohanian and John Pfeffer. The funding was further supported by returning investors including White Star Capital’s Digital Asset Fund, Coinbase Ventures, Global Founders Capital and CMT Digital.
Ledn operates a multinational digital asset savings and Bitcoin-backed loan platform to clients looking to manage their digital assets.
Ledn co-founder and chief executive officer Adam Reeds told the Financial Post the expansion will mean broadening a team of 40 people to between 80 and 100 by the end of the year, as well as entering new markets.
“We have a big presence in Latin America, but we want to get more into Europe as well,” Reeds said in an interview. “We’re in 105 countries right now, but we want to be deeper into those markets.”
The announcement comes at a time when cryptocurrencies such as Bitcoin have fallen off of their highs, plunging from the month’s highs of over $71,000 to Monday’s closing price just shy of $47,000 over the course of May.
The volatility was fuelled in part by Tesla Inc.’s reversal of a decision to accept Bitcoin as well as the Chinese government cracking down on the cryptocurrency. Reeds said that despite these challenges, crypto assets such as Bitcoin still give investors exposure to an alternative asset with potential upside.