Toronto-based cryptocurrency lending platform Ledn has raised USD $30 million in Series A financing with hedge-fund billionaire Alan Howard joining the ranks of participating investors.
Ledn operates a multinational digital asset savings and Bitcoin-backed loan platform to clients looking to manage their digital assets.
Ledn plans to use the funds to expand its workforce and grow its presence in the global financial services market.
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.
The round was led by London-based investment firm Kingsway Capital and saw a group of new investors coming to the table, including 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.
The raise comes hot on the heels of the firm’s second seed round for $2.7 million in February 2021.