Toronto-based digital asset platform Ledn raises $ 30 million in Series A funding

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Plans to use the financing to increase the workforce and increase its presence in the global financial services market

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Toronto-based digital asset platform Ledn Inc. has secured $ 30 million in Series A funding that the company intends to use to expand its workforce and increase its presence in the global financial services market .

The tour was led by London-based investment firm Kingsway Capital and saw a group of new investors come to the table, including hedge fund manager Alan Howard, Seoul-based blockchain team Hashed Investments, the trading company Susquehanna, ParaFi Capital, co-founder of Reddit Alexis Ohanian and John Pfeffer. The funding was also supported by returning investors including White Star Capital’s Digital Asset Fund, Coinbase Ventures, Global Founders Capital and CMT Digital.

Ledn operates a multinational platform for digital asset savings and Bitcoin-backed loans to customers who want to manage their digital assets.

Adam Reeds, co-founder and chief executive of Ledn, told the Financial Post that the expansion will involve expanding a team of 40 to between 80 and 100 by the end of the year, as well as entering new markets. .

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“We have a strong presence in Latin America, but we also want to be more present in Europe,” Reeds said in an interview. “We are currently in 105 countries, but we want to be deeper into those markets.”

The announcement comes at a time when cryptocurrencies such as Bitcoin have fallen from their highs, dropping from monthly highs of over $ 71,000 to Monday’s closing price of just under $ 47,000 during the month of May.

The volatility was fueled in part by the reversal of Tesla Inc.’s decision to accept Bitcoin as well as the Chinese government’s crackdown on cryptocurrency. Reeds said that despite these challenges, crypto assets such as Bitcoin still give investors exposure to an alternative asset with upside potential.

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Despite the volatility of the market, there has been a push in Canada to offer more crypto investment options in 2021. Canada has become the first country to approve a cryptocurrency exchange-traded fund with the Purpose Bitcoin ETF. ETF pioneer in February. In April, three ether exchange-traded funds (ETFs) from Purpose Investments, CI Global Asset Management and Evolve ETFs debuted on the Toronto Stock Exchange.

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Reeds said the growing adoption rate is a by-product of growing interest in cryptocurrencies and the companies that offer them as investment vehicles. The plot has captured both investors and financial professionals, bringing in a new pool of talent that Reeds hopes to capture in this new round of funding.

“We find a lot of people keen to get into this industry…. Two years ago, it would be hard to pull people out of banks and other traditional financial institutions and say, “Hey, do you want to come and work at a Bitcoin company?” Reeds said. “Now people are excited to work in a Bitcoin company because they see the potential for improving banking services. So I think that has really changed.

Financial post

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