Canadian Firm Ledn Becomes Country’s First to Issue ‘Game-Changing’ Bitcoin-Backed Loans

November 7, 2018

 

 

Canadian firm Ledn became reached a crucial milestone becoming the country’s first company to offer a bitcoin-backed loan. According to a local news outlet, Wealth Professional, the Chief Strategy Officer and Co-Founder of Ledn Mauricio Di Bartolomeo, users can now acquire Canadian dollar loans using their bitcoin as collateral. This means that they don’t have to sell their assets when they need money. Explaining the matter, Di Bartolomeo said that:

“Before our Bitcoin-backed loans, both ‘hodlers' [those who hold on to their crypto assets rather than sell them] and Bitcoin business operators were at the mercy of the markets when they needed liquidity. With Ledn, they now have access to a source of liquidity while they await more favorable market conditions…Ledn loans may also be a more tax advantageous way to access liquidity: whereas on the one hand, sellers of Bitcoin are subject to taxes on their profits, on the other hand, interest payments on Ledn loans may be tax deductible.”

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