Ledn
6 known investors
Ledn offers bitcoin-backed loans that let holders borrow US dollars against their Bitcoin without selling it, along with savings and trading products across assets like Bitcoin, gold, and stablecoins. It serves retail and institutional crypto holders in over 100 countries, with collateral held in segregated custody.
Also known as Ledn · Ledn Inc.
Founders & leadership
Investors · 6
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Ledn is a Toronto-headquartered financial services company for digital assets, best known for bitcoin-backed loans that let holders borrow US dollars against their bitcoin rather than selling it. Its product suite has included Borrow (bitcoin-backed loans), B2X (bitcoin-backed loans used to purchase additional bitcoin, doubling exposure without deploying fiat), Save (bitcoin and USDC savings accounts paying yield with no minimums), Trade (exchange between supported assets), and a Bitcoin Mortgage that the company described as the world's first. The company states it issued Canada's first bitcoin-backed loan in 2018.
As of its current website, Ledn positions itself as a single platform to hold, trade and borrow against bitcoin, gold (XAU₮, described as each token backed by one troy ounce of physical gold in Swiss vaults) and stablecoins (USD₮, USA₮, USDC). It advertises ten integrated trading pairs with no trading fees and quoted-price execution, loans disbursed and repaid in USD₮, USA₮ or USDC with bitcoin as the accepted collateral, and loans funded in USD, CAD or USDC. Loan terms are 12 months and renewable, with no monthly payments and no prepayment penalty; initial loan-to-value is 50%, with a margin call at 70% LTV and liquidation at 80%. Advertised APRs range from 9.25% to 11.49% depending on loan size, with a $500 minimum loan. Collateral is described as held in custody with Ledn or partners and not lent out to earn interest, with a qualified independent custodian, semi-annual proof of reserves and a monthly Open Book Report of assets and liabilities. The site also references an investment grade bond rating and backing by Tether.
The company has been shaped by the 2022 crypto downturn: it had an outstanding loan with Alameda and assets on FTX when both collapsed, ended its lending relationship with Genesis in October 2022 before Genesis's bankruptcy, laid off an undisclosed number of staff after the FTX collapse, and paused Bitcoin savings accounts and certain other products for Canadian clients in consultation with the Ontario Securities Commission.
Founding story
Ledn was founded in 2018 by Adam Reeds (CEO) and Mauricio Di Bartolomeo (chief strategy officer). The company describes its origin as a passion project among a few close colleagues that grew into a global business with more than 50 employees offering lending, savings and trading products.
Business model
Ledn extends collateralized credit to digital asset holders, charging interest on bitcoin-backed loans (advertised at 9.25%–11.49% APR, with lower rates for larger loans), and has offered yield-bearing savings accounts on bitcoin and USDC funded by lending client deposits to trading counterparties. It also operates a trading venue between bitcoin, gold and stablecoins, advertised without trading fees using quoted-price execution.
Interest income on bitcoin-backed loans, with tiered APRs by loan size; historically spread income from lending client savings deposits (Bitcoin and USDC savings accounts paying stated yields of 4% and 8.5% respectively as of early 2023), and planned yield fund products through its regulated asset management unit.
Traction
The company reports over $10 billion (elsewhere on its site, over $11B) in loans originated since 2018, roughly $2,000,000 in loans funded in the last 90 days as displayed on its site, a median funding ETA of 18 hours, more than 50 employees, and availability in 100+ (site) to 120+ (founding story) and, per a 2022 release, over 130 countries. Ledn raised US$102.7 million across three rounds in 2021.
Latest developments
Ledn's current site markets an expanded platform covering bitcoin, tokenized gold (XAU₮) and stablecoins (USD₮, USA₮, USDC), with ten trading pairs, loans disbursable and repayable in multiple stablecoins, more than $11 billion in loans originated, backing by Tether, an investment grade bond rating and eight years of operating digital asset products.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Described in February 2023 press coverage as one of the last major crypto lenders still operating after 2022's crash bankrupted or discredited peers such as Celsius, Voyager, BlockFi and Genesis. The company reports over $10–11 billion in loans originated since 2018 and previously reported a US$540 million valuation set in 2021.
Ledn attributes its survival to transparency (monthly Open Book Report, semi-annual proof of reserves), a conservative risk approach, avoiding in-house trading of client assets, and proactive engagement with regulators. Product-level differentiators include custodied loans where collateral is not rehypothecated, no monthly payments or prepayment penalties, automatic top-ups and buffer thresholds to reduce liquidation risk, and multi-stablecoin loan rails.
Technology
A web platform for loan origination, collateral management and instant trading between five supported assets (BTC, gold XAU₮, USD₮, USA₮, USDC) with quoted-price execution, LTV monitoring with automatic top-ups and buffer thresholds, and integration with third-party qualified custodians for collateral.
Go-to-market
Direct online distribution through ledn.io with self-serve loan applications (median funding ETA of 18 hours), jurisdiction-dependent product availability across 100+ countries, customer testimonials and Trustpilot reviews, and regulatory registration efforts intended to broaden the products it can market, including in Canada.
Retail bitcoin holders seeking liquidity without selling, plus accredited investors and institutional clients; Arxnovum-derived fund products were intended for accredited investors and institutions via Ledn's Unlimited group and Ledn Capital.
Geography
Headquartered in Toronto, Canada, serving clients in over 100 countries (company statements have cited 120+ and, in October 2022, over 130 countries), with product availability varying by jurisdiction; certain savings products were paused for Canadian clients pending Ontario Securities Commission registration.
History
Founded in 2018, Ledn issued what it describes as Canada's first bitcoin-backed loan that year. It raised a US$2.7 million seed round in February 2021, a US$30 million Series A in May 2021 and a US$70 million Series B in December 2021, the latter setting a US$540 million valuation. In August 2022 it said it was exploring M&A and had been part of a group that sought to invest in BlockFi before that company agreed to be acquired by FTX. In October 2022 Ledn ended its lending relationship with Genesis and announced an agreement to acquire Toronto-based Arxnovum Investments, a registered Canadian digital asset investment manager, to be renamed Ledn Asset Management. Following the November 2022 FTX and Alameda collapse — in which Ledn had an outstanding Alameda loan and assets on FTX — it laid off some staff, and in early 2023 paused Bitcoin savings and certain other products for Canadians while pursuing OSC registration.
Risks & controversies
Ledn lost money through exposure to FTX and its affiliate Alameda Research, declining to disclose the size of its outstanding Alameda loan or assets held on FTX, and saw revenue decline and assets under management fall sharply after FTX's implosion. It laid off an undisclosed number of employees. Its savings products fall into a category under heavy regulatory scrutiny — U.S. regulators charged Genesis and Gemini over a comparable lending program — and Ledn paused Bitcoin savings and other products for Canadians pending OSC registration. Critics of crypto lending argue digital assets are too volatile as collateral and that the sector is too lightly regulated for consumer protection.
Compiled by commissioned research from 4 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 7
launches, deals, and filingsLedn's platform expanded to let clients hold and trade bitcoin, gold (XAU₮, each token backed by one troy ounce of physical gold in Swiss vaults) and stablecoins USD₮, USA₮ and USDC across ten trading pairs, with loans disbursed and repaid in USD₮, USA₮ or USDC.
Ledn stopped offering Bitcoin savings accounts and some other financial products to Canadians in consultation with the Ontario Securities Commission, as part of an effort to register while closing its acquisition of a registered investment management firm.
Not long after the collapse of FTX and Alameda — to which Ledn had an outstanding loan and on which it held some assets — Ledn laid off staff, described by co-founder Mauricio Di Bartolomeo as 'a small adjustment'; the company declined to disclose numbers.
Ledn announced an agreement to acquire Toronto-based Arxnovum Investments, a Canadian digital asset investment manager registered as an Investment Fund Manager, Portfolio Manager, Commodity Trading Manager and Exempt Market Dealer. The deal, Ledn's first acquisition, was expected to close in Q4 2022 (target closing date November 1) subject to regulatory approval; terms were undisclosed but described as a combination of cash and shares. Arxnovum was to operate as an independent business unit renamed Ledn Asset Management Inc., led by founder Shaun Cumby.
Ledn ended its relationship with New York-based crypto firm Genesis, a former lending partner, in October 2022, before Genesis filed for bankruptcy.
Ledn announced what it described as the world's first Bitcoin Mortgage, allowing bitcoin holders to purchase real estate using their bitcoin holdings.
Ledn states it issued Canada's first bitcoin-backed loan in 2018.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 4
primary sources listed
- Ledn Toronto, Canadaledn.io · web
4 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Ledn do?
- Toronto-based digital asset lender offering bitcoin-backed loans, savings, trading and gold products in over 100 countries.
- Who founded Ledn?
- Ledn was founded by Adam Reeds, Mauricio Di Bartolomeo.
- Who are Ledn's investors?
- Ledn's investors include Coinbase Ventures, ParaFi Capital, Raptor Group, Valor Capital Group, White Star Capital, Hashed.