Adam Reeds said in his statement, “With this acquisition, Ledn will become the first digital asset lender to offer yield fund products under the exempt market dealer registration.”
Ledn, a Toronto-based crypto lending platform, has announced an agreement to acquire Arxnovum Investments Inc., a regulated Canadian digital asset investment manager.
The company issued a press release on Thursday announcing the acquisition. It also tweeted about the development on its official page.
According to Ledn:
“Ledn to acquire Arxnovum Investments, a fully-registered, Canadian digital asset investment manager. “Ledn will become the first digital asset lender to offer yield fund products” - @adamreeds.”
Ledn has been active in the acquisition market this year, having previously bid to acquire rival lender BlockFi. The Arxnovum transaction is expected to close in the fourth quarter of 2022, subject to regulatory approval.
Arxnovum operates as a digital asset investment manager, providing active and passive strategies for investors to gain exposure to digital assets.
It is registered with several securities regulatory authorities in Canada as an Investment Fund Manager (IFM), Portfolio Manager (PM), Commodity Trading Manager (CTM), and Exempt Market Dealer (EMD).
When the acquisition is completed, Arxnovum's fully registered business will operate as an independent business unit under Ledn. Also, Ledn will be able to offer digital asset investment products to its accredited client base in Canada and around.
Ledn’s co-founder and Chief Executive Officer, Adam Reeds, stated,
“With this acquisition, Ledn will become the first digital asset lender to offer yield fund products under the exempt market dealer registration. 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.”
Shaun Cumby, founder and Chief Executive Officer of Arxnovum, expressed excitement over the acquisition and hope to work with Ledn for business growth.
According to Cumby,
“I am excited to build and expand access to digital asset investments with Ledn while continuing to work with my great business partner, Tanvir Sodhi.”
He added that the company looks forward to leverage Ledn’s market reach, good risk management practices and operational capabilities.
