Company Name: Ledn
Founders: Mauricio Di Bartolomeo You can also find out more about the following: Adam Reeds
Date Founded: September 2018
Location The following are some examples of how to use Headquarters: N/A (Fully remote)
Number The following are some examples of how to use Employees: 51
Website: https://ledn.io/
Public You can also find out more about Private? Private
“Lending is the type of relationship where you value the return of your assets more than the return on your assets.”
This You can learn more about it here Di Bartolomeo’s answer when I asked him what has set LednThe platform is unique among its competitors. This includes now-defunct BlockFi and other similar companies. Celsius You can also find out more about the following: Voyager.
“There's no company in this space that has a better track record of returning your assets than Ledn,” Di Bartolomeo Tell them to get on with it Bitcoin Magazine.
Since Since its inception, Ledn Security and reliability are of paramount importance. Di Bartolomeo He is a co-founder. Adam ReedsWe haven’t just wanted to gain the trust of traditional financial institutions. Ledn Interfaces are not the same as interfaces Ledn’s global user base, some of whom are accessing financial services for the first time thanks to the company.
And Di Bartolomeo’s work is quite personal to him in part because he understands the importance of Bitcoin He has first-hand knowledge of it from his own country. Venezuela.
Di Bartolomeo’s Bitcoin Journey
“My Find family Bitcoin It was then that the mining began. Venezuela in late 2014/early 2015 in the middle of hyperinflation where basically it was illegal for them to buy or hold U.S. dollars or anything that would preserve value,” recounted Di Bartolomeo.
“When The way they treated each other was very interesting. Venezuelans were using Bitcoin to opt out of their broken system, I thought to myself “How many people in the world live like this and how many people in the world are going to need this?” And my answer was a number that I couldn’t compute in my head,” he added.
Di Bartolomeo Decided to work in the Bitcoin space soon after. He Moved to Canada He and Reeds Helping miners expand their business. Di Bartolomeo recalled that these miners wanted to expand but didn’t want to sell their bitcoin to do so.
“They had bitcoin revenues and fiat expenses, and there was no real place for them to get any type of financing,” said Di Bartolomeo.
“We No one was willing to give us financing. SoWe decided to fix our own problems." he added.
"That Was the origin of Ledn.”
How Ledn Differentiated Itself
When Ledn In 2018, there were only a handful of similar services. HoweverThere was a noticeable difference between Ledn Its competitors
“There were other bitcoin-backed lenders in the market, but they required tokens,” said Di Bartolomeo.
“This We saw the ICO era around that time. Nexo You can also find out more about the following: Celsius Come into the area with tokens. My view was that they were only using them to raise cash without selling off equity,” he added.
Di Bartolomeo You can also find out more about the following: Reeds didn’t want to issue a token, as they saw it as a questionable practice from a regulatory perspective.
“When you look at finance at scale, immediately you think about compliance and regulation,” said Di Bartolomeo. “We Wanted to build a firm that would be able to compete against BlackRock Goldman Sachs, heavily regulated banks, and say, ‘Hey, I want to interact with you guys.’”
What More is available Ledn Prioritizing transparency is important. In In 2021 it will be one of the major cities. Bitcoin Companies are required to provide a certificate of reserve, and the system allows for anyone to audit Ledn’s bitcoin holdings.
“We're still the only lender operating in the U.S. or other highly-regulated markets that has this proof of reserves where every six months our clients can come and check it out,” said Di Bartolomeo. “We've been doing this since before it was cool.”
Ledn Also publishes monthly Open Book Report This breaks down Ledn’s lending strategies.
From Early on Di Bartolomeo It was believed that a transparent and buttoned up approach would encourage trust between Bitcoin enthusiasts, a group that lives by the “don’t trust, verify” mantra, and his thesis has played out.
Reducing Risks
Of Many products Ledn offers, one is yield generation on bitcoin — the same type of product that caused the demise of BlockFi.
However, Ledn This product has been re-engineered to be different than the previous version.
“We generate Bitcoin You can earn a return on your bitcoin by lending it primarily to market-makers who arbitrage BlockRock IBIT Units and ETFs. Coinbase spot,” said Di Bartolomeo.
“These The price of groups is neutral. They don’t have directional exposure. They’re just closing price gaps and benefitting from volatility,” he added.
BlockFi’s approach was far riskier.
“With BlockFi, there was a duration mismatch,” explained Di Bartolomeo.
“They They were making open-term investments in mining infrastructure with a five-year return. What do you think is going to happen when somebody shows up before the five years are done?” he added, alluding to the notion that what happened to BlockFi seemed inevitable.
What More is available Ledn The company only trades in liquid assets such as Bitcoin (and Ether, which it added in 2023).
“With bitcoin, you always have people on both sides of the house with demand,” said Di Bartolomeo.
“When You can start by supporting the following: Shiba Inu You can also find out more about Dogecoin If you want people to get interest, then it’s your job to make sure that they are turned into a profit. Dogecoin into something else, and you create asset liability mismatch in the process,” he added.
Di Bartolomeo All of the above is also important to note Ledn’s products are ring-fenced from one another.
“When you're paying for a custody loan, you are not exposed to the credit risk of our other products,” he said. “This is very similar to how traditional finance works, and it’s something we do very differently as compared to our now defunct peers.”
Growing Competition
As more people begin to view bitcoin as “pristine collateral,” more bitcoin borrowing and lending platforms are destined to pop up. Many Already have.
Centralized Services like bitcoin lending and borrowing Salt You can also find out more about the following: Nexo Keep up with the competition LednWhile institutional Bitcoin financing services such as Newmarket Capital’s Battery Finance Also, they are ready to cut through Ledn’s business. And There are a number of services available that let users borrow money against bitcoins without having to keep them. Debifi You can also find out more about the following: LavaThey may increase their share of the market.
Di Bartolomeo is aware of the competition but doesn’t seem concerned. In fact, he believes that in such a market, the biggest winner will be the consumer, and he doesn’t have any plans to change Ledn’s strategy. Instead, he’s looking to double down on what Ledn does best.
“Our sweet spot is going to be individuals or people who prioritize transparency, security of funds and compliance,” said Di Bartolomeo.
“SafetyTrust and transparency is what makes Ledn Stand out. There is no other operator like us in this space with an equivalent track record as far as loans processed, years in the business and cycles survived,” he added.
“This industry is volatile. You You need to be able to show that you have the expertise, values and experience to lead your team. I don’t think any other company could do it in the amount of time we have. Will Will you find anything cheaper? Yes. Will What is the riskier option? Absolutely.”
Fostering Financial Inclusion
One One of the main ways that Ledn differs from traditional bYou can also find out more aboutrowing and lending platforms is that its rates don’t differ based on the jurisdiction in which the lender or borrower is located.
“This makes people feel very empowered because they know that whether they're in Madrid or Medellín, they're getting the same rate,” said Di Bartolomeo.
And Di Bartolomeo As he spoke about the point, he seemed to be reminded of his original motivation for getting involved with Bitcoin In the first instance,
“This is one of the things that makes me proudest about this business,” he said.
“We Have people come back to the country Latin America who've come to us to say we are the first loan they've ever been approved for. This is because all we look at is ‘Did you complete KYC?’; ‘Are you a compliant citizen?’; ‘Do You have the right to a good education Bitcoin?,’” he added.
“It's not ‘Where do you live?’; ‘Who are your parents?’; What’s your skin color?’ I love this aspect of Bitcoin and what we do.”
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