TORONTO, May 14, 2020 (GLOBE NEWSWIRE) -- Ledn Inc. (“Ledn”) is pleased to announce the launch of its USD Coin (“USDC”) Savings Account in strategic collaboration with Genesis. Through the relationship, Ledn’s global client base will now be able to save and earn interest in both USDC and Bitcoin. With $3.1 billion of originated loans in 2019, Genesis has established itself as the institutional leader within the digital asset lending space.
Through this relationship, Ledn’s technology will provide clients with a simple and accessible way to save in both USDC and Bitcoin, while Genesis will act as the primary borrower of these digital assets.
“As the largest lender and borrower of digital assets globally, Genesis was instrumental in building the digital asset lending market into what it is today. We are proud to work with Genesis to bring this exciting product to our clients.” - Adam Reeds, Co-Founder & CEO, Ledn
Stablecoins like USDC offer the same transparency and frictionless transfers that cryptocurrencies do, without the price volatility. Additionally, each USDC is backed by one U.S. dollar, which can be verified through reserve account audits that are published monthly. Ledn has selected USDC due to its transparent structure, substantial liquidity and popularity within U.S. dollar-denominated stablecoins.
“As the digital currency lending market continues to grow, we are always exploring additional ways to satisfy institutional demand. We’re excited to begin working with Ledn and believe this will be a successful collaboration.”- Matt Ballensweig, VP of Originations, Genesis
Ledn is particularly excited to bring this new product to thousands of its clients in Latin America where given the current economic climate, demand has been surging for alternative savings solutions that are not denominated in a local currency.
“We are already seeing large moves in LatAm forex rates relative to the U.S. dollar given recent events, making a pre-existing problem worse. Everyone knows and understands U.S. dollars in the region which is why our Ledn USDC Savings Account could not come at a better time.” - Mauricio Di Bartolomeo, Co-Founder & CSO, Ledn
Ledn Inc.
Ledn builds financial products with a mission to help more people save in digital assets. Ledn’s suite of products consists of Borrow - A bitcoin-backed loan which allows customers to access dollars without selling their bitcoin, B2X - Allowing clients to instantly double their bitcoin holdings through the use of a Ledn loan and Save - A bitcoin and USDC savings account that pays interest on bitcoin or USDC with no minimums. For more information visit ledn.io.