Ledn raises $188m with first bitcoin backed bond sale in asset backed market Crypto lender packages more than 5,400 bitcoin collateralized loans into first asset backed securities transaction of its kind.
Ledn sold $188m of bonds backed by 5,400 bitcoin collateralized consumer loans, with an investment grade tranche priced at +335 basis points. Automated liquidation of bitcoin collateral helped shield asset backed security investors even as the token fell
Ledn, a crypto lending company, has completed the first asset-backed securities (ABS) deal backed by bitcoin collateral, raising $188 million for crypto credit markets.
Asset-backed securities are bonds backed by pools of underlying loans, with investors receiving payments from the cash flows generated by those loans.#btc #eth