Crypto platform Ledn started talks to buy stake in BlockFi

The proposal involves a new round of funding in the amount of up to $400 million

01.07.2022 - 12:40

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What’s new? Ledn, a crypto platform, has begun talks to buy a stake in BlockFi. The proposal would see Ledn lead a new funding round of up to $400 million, as well as contributing $50 million to BlockFi’s equity, Bloomberg reports, citing anonymous sources. ParaFi Capital, a venture capital firm, will also reportedly participate in the round.

Bloomberg’s material

What do the companies’ representatives say? Ledn and ParaFi declined to comment on the deal talks. However, Ledn CEO Adam Reeds noted that the company is currently looking for opportunities to expand.

Ledn is a Canadian-based digital asset lending and borrowing platform. It offers yields of up to 7,5% per annum for placing BTC and USDC stablecoins. The platform also provides bitcoin-backed loans with the B2X service. One of the company’s investors is Coinbase Ventures, which also invested in BlockFi.

The BlockFi platform provides lending and borrowing services, as well as an option to place deposits with interest accrual. On June 24, it became known that cryptocurrency exchange FTX was in talks to buy a stake in BlockFi. In addition, on June 21, FTX provided a $250 million loan to the platform.

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