Ledn Collaborates with Genesis to launch USDC stablecoins Savings account in Latin America
The Crypto loan startup Ledn that is functional in Latin America is now offering stable coins savings account in collaboration with digital asset lending and trading firm Genesis.
How the Partnership will work?
The new partnership will facilitate the worldwide client base of Ledn to earn interest in Bitcoin as well as USDC. Ledn’s technology will benefit the clients to save in USDC and Bitcoin in a simplified way.
Whereas the Genesis will simply function as a primary borrower of these digital assets. Genesis is a market leader with $ 3.1 billion of originated loans in 2019 which made it a top among global institutional lenders.
Adam Reeds, Co-founder, and CEO of Ledn said, “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.”
Ledn is excited to launch this new financial product for the Latin American user-base. Amidst the global economic crisis, there is a growing demand for alternative savings solutions in Latin America.
Stable coins like USDC offer transparency and seamless transfer process similar to cryptocurrencies with the least price volatility. Also, each USDC is backed by the US dollar which can be verified in monthly published reserve account audits. USDC had been selected for its transparent structure, larger liquidity, and its popularity among US citizens.
Revealing more about the launch, Matt Ballensweig, Genesis VP of Originations said that the company believes that this will be a successful collaboration for institutional investors in North America as well.
Ledn’s Co-founder & CSO Mauricio Bartolomeo said that the service was inspired by the demand of the customers that compelled them to bring in stable coin holdings.
“Users can convert their pesos into USDC and send them to our savings account where they can earn 7.5%.”
“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.” He expressed confidence that under the current economic circumstances, Ledn’s USDC savings account is being launched at a perfect time.
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CBW - External Analyst