A Canadian crypto lending startup looks to Latin America
A Canadian DeFi startup called Ledn is branching out into Latin America with its new dollar-pegged Dai loans. The company has historically offered bitcoin-collateralized loans, but is offering the new service in partnership with stablecoin issuer MakerDAO.
Why It matters:
- This past weekend, Bloomberg reported Argentina’s central bank planned to restrict customer purchases of USD to $200 from a previous limit of $10,000 in order to limit attempts to evade the country’s capital controls amidst runaway inflation, leading to a possible boon for Dai and related applications.
- It isn’t just Argentina, Ledn claims to have 16% of its user base in Columbia, and 12% in Venezuela, along with a growing cohort in Brazil. Given the distrust in local financial and government institutions, and high inflation rates, Latin America offers a tremendous potential growth market for DeFi application providers.
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