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Crypto Lending Firm Ledn to Acquire Canadian Fund Manager Arxnovum
With the deal, Ledn will be able to offer more types of investments.
Updated May 9, 2023, 3:58 a.m. Published Oct 6, 2022, 11:30 a.m.
Toronto-based crypto lending firm Ledn has agreed to acquire Canadian asset manager Arxnovum, according to a press release Thursday.
Terms of the deal weren't disclosed.
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With the deal, which is expected to close before the end of the year, Arxnovum will be renamed Ledn Asset Management.
Ledn has been active in the acquisition market this year as it bid to take over rival lender BlockFi in July.
Arxnovum, which was founded last year, is regulated in Canada as an investment fund manager, portfolio manager, commodity trading manager and an exempt market dealer.
"With this acquisition, Ledn will become the first digital asset lender to offer yield fund products under the exempt market dealer registration," Ledn co-founder and CEO Adam Reeds said in the release. "It will also allow us to offer more investment opportunities to accredited clients in markets that recognize Canadian securities regulations, to increase their digital asset holdings."
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