In the statement made by A global digital asset custody and lending platform Ledn, it was stated that the investment received will be used to develop the fast-growing lending system, including the new Bitcoin “mortgage” product.
In addition to T10 Holdings, names and companies such as Coinbase Ventures, Alan Howard, John Pfeffer, White Star Capital and Kingsway Capital took part in the investment round.
With the Bitcoin-backed mortgage loan, Ledn users will be able to use their Bitcoins as collateral to buy a real estate, and at the same time, they will have the chance to benefit from the price rises of both the real estate purchased and Bitcoin.
Customers will be able to show the purchased goods and BTC as collateral for half or half. Therefore, with this collateral function, customers will be able to balance their potential with the stable price movement of real estate during BTC's high volatility periods.
It has been stated that the waiting list for this loan system, which will be offered to US and Canadian users first at the beginning of 2022, is growing, and by the end of the first quarter of next year, a Bitcoin-backed loan of more than $ 100 million has been set.
Speaking on the subject, Ledn CEO Adam Reeds expressed the importance of their products with the following words:
“People who have a significant presence in Bitcoin still cannot get a mortgage from a bank. Our clients, on the other hand, want to diversify their portfolios to both protect their own assets and use that asset to buy a house. But here, too, the two products should not be priced at each other's detriment. That's why we offer access to financial products for people who want to invest outside of mainstream banks."