Global digital asset savings and credit platform Ledn has announced the upcoming launch of a bitcoin-backed mortgage product, calling it “the first product of its kind to hit the market.” The company has also raised $70 million, which brings its valuation to $540 million.

Bitcoin-Backed Mortgage — ‘The First Product of Its Kind to Hit the Market’

Ledn announced Wednesday the impending launch a bitcoin-backed mortgage product. The company claims it is the first of its kind to hit market.

This mortgage will enable Ledn clients to use their bitcoin holdings to purchase a property while continuing to benefit from potential price appreciation of both assets.

Ledn provides interest-bearing savings accounts as well as bitcoin-backed loans. This allows clients to access capital without the need to sell any of their crypto holdings.

The company says it has registered clients in over 127 countries, and 44% of its loan clients are in Latin America. “Ledn’s USD loan originations have increased by more than 25x and assets on platform have exceeded $1.7 billion — representing a 4,000% increase from Q3 2020. In the same period, its registered user base has grown nearly 10x,” the announcement notes.

Regarding the upcoming bitcoin-backed mortgage product, Ledn explained that “Clients will be able to blend an equal amount of bitcoin and property collateral as part of the mortgage loan.” The company is targeting over $100 million in bitcoin-backed mortgage originations by the end of the first quarter of next year.

Ledn noted that there is a growing waitlist for the BTC mortgage product.

Currently in pilot mode, the Ledn bitcoin-backed mortgage is slated to be made broadly available to clients in the U.S. and Canada in early 2022.

Furthermore, Ledn announced Wednesday that it has secured $70 million in a Series B funding round, “which brings its valuation to $540 million.”

Participating investors include White Star Capital and Kingsway Capital as well as Coinbase Ventures, Alan Howard and Susquehanna Private Equity Investments.

The company also announced that it will use the new capital to improve its balance sheet and support rapid growth of its digital asset lending businesses, including its new mortgage product .”

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