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.
What to know:
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.
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