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Funding
Ledn secures USD 50 million in syndicated loan from Sygnum
Decentralized Finance (DeFi)
Aug 20, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

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Aug 20, 2024

Ledn secures USD 50 million in syndicated loan from Sygnum

Funding

  • Ledn, a Bitcoin-based lending platform, has secured a USD 50 million Bitcoin-backed loan from Sygnum , a crypto custody and banking platform.

  • The loan, syndicated among Sygnum's institutional clients, will be used to grow Ledn's retail lending operations. 

  • Based in Canada, Ledn is a cryptocurrency financial services company that offers Bitcoin and USDC-denominated savings accounts and Bitcoin-backed loans. Users can borrow USD while leveraging their Bitcoin holdings as collateral with a 50% loan-to-value (LTV) ratio. Moreover, the company also offers Custodied Loans, where collateral is held by qualified custodians such as BitGo, to provide users enhanced security for their collateral. 

  • Analyst QuickTake: This loan is a significant milestone in Sygnum’s expansion plans since it raised USD 40 million in strategic funding in January. Notably, this funding round, which gave the company a post-money valuation of USD 900 million, was earmarked for venturing into new markets and expanding the company’s suite of regulated products and services. Moreover, Sygnum claims that this loan is the “first Bitcoin-backed syndicated loan from a fully regulated bank."

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