Canadian Crypto Lending Firm Ledn To Acquire Digital Asset Manager Arxnovum
Canadian crypto lending firm Ledn has announced the acquisition of regulated digital asset investment manager Arxnovum. At this time, the terms of the agreement remain undisclosed.
As part of the deal, Arxnovum will be renamed Ledn Asset Management Inc, and will operate as an independent business unit under Ledn, enabling the firm to offer digital asset investment products to its accredited client base in Canada and around the world.
Ledn is best known in Canada for its bitcoin-backed loans, and recently released the world’s first bitcoin mortgage service, which allows customers to buy real estate with their bitcoin holdings.
Arxnovum, which was founded in Canada last year, offers active and passive strategies for investors looking to gain exposure to digital assets. It is registered as an investment fund manager, portfolio manager, commodity trading manager, and exempt market dealer.
“With this acquisition, Ledn will become the first digital asset lender to offer yield fund products under the exempt market dealer registration. It will also allow us to offer more investment opportunities to accredited clients in markets that recognize Canadian securities regulations, to increase their digital asset holdings,” explained Ledn CEO and Co-Founder Adam Reeds.
Ledn has seen exponential growth over the past two years. The company has over 125,000 users in more than 130 countries, with 50% of its loan clients in Latin America. As of late last year, assets on the platform exceeded $1.7 billion.
Following a $70 million Series B funding round, Ledn is valued at approximately $540 million. White Star Capital, Kingsway Capital, Coinbase Ventures, and others, are among the lender’s existing backers.
On the Flipside
- The crypto lending market has struggled so far in 2022. Celsius, a once market-leading platform, went bankrupt in July due to the collapse of Terra and the ongoing crypto winter.
Why You Should Care
Crypto lending platforms like Ledn offer rare refuge for citizens in countries with high inflation, rising interest rates, and unemployment. A lender with a broad service suite, including crypto investment products, offers its users more ways to participate in the digital asset economy.
Read more about the recent struggles of now-defunct crypto lender Celsius:
Celsius Faces Trouble Selling Its Stablecoins Amid CEO Resignation
FTX is putting plans in motion to acquire Celsius:
FTX Prepares Bid For Celsius Network Following Acquisition Of Voyager Digital
Read more: https://dailycoin.com/canadian-crypto-lending-firm-ledn-to-acquire-digital-asset-manager-arxnovum/
Text source: DailyCoin.com
