This week Crypto lending firm Ledn raised $70 million in funding and announced a new bitcoin-backed mortgage product.

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The round was led by Dan Tapiero's 10T Holdings, along with Golden Tree Asset Management, Raptor Group, and FJ Labs, and all previous investors.

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Ledn will use the funding to launch a new bitcoin-backed mortgage product, which will allow clients to borrow to buy a home with an equal amount of bitcoin and property collateral as part of the mortgage loan.

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"Most people that hold extensive wealth in bitcoin still can't utilize their assets to qualify for a mortgage at a bank," said Adam Reeds, co-founder, and CEO of Ledn. "That is why we are launching this product, in order to provide access to key financial products for those who choose to invest outside the mainstream of legacy banks."

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The Bitcoin Mortgage product is currently in pilot mode and is expected to be made more available in the US and Canada in early 2022. Ledn says there is currently a waitlist for the product, and by the end of Q1 2022, the firm is targeting over $100 million in bitcoin-backed mortgage originations.

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