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Bitcoin Daily: Ledn Lands $30 Million; BlackRock Examines Digital Currency; Crypto Exchange Luno To Change Ads After Complaints

Bitcoin Daily: Ledn Lands $30 Million; BlackRock Examines Digital Currency; Crypto Exchange Luno To Change Ads After Complaints

May 27, 2021 at 01:27AM
by PYMNTS

Ledn has wrapped up a Kingsway Capital-led $30 million Series A financing round that also saw the participation of new investors, according to a Wednesday (May 26) announcement. Every investor from the company’s previous round took part as well.

“With this new injection of capital, we will expand on our success in North and South America and grow our global footprint, prioritizing growth markets,” Ledn Co-Founder and CEO Adam Reeds said in the announcement.

Management said that funds from the infusion will be harnessed to expand the company’s workforce and global presence, while bolstering its “technology and product offerings,” according to the announcement.

Moreover, Ledn said in the announcement that it recently rolled out a service that allows clients to exchange between USDC and Bitcoin called Ledn Trade.

In other news, the CEO of a large asset manager said that his firm is looking into digital currencies such as bitcoin, Reuters reported.

“The firm has monitored the evolution of crypto assets,” BlackRock CEO Larry Fink said, per Reuters. “We are studying what it means, the infrastructure, the regulatory landscape.”

However, Fink noted that it’s premature to ascertain if digital currencies are “just a speculative trading tool,” per Reuters.

Lastly, the Advertising Standards Authority (ASA) in Great Britain said in a Wednesday press release that it received complaints over ads for a digital currency service on public transit networks in London displayed in February of this year.

The advertisements, which were for Luno, showcased a cartoon illustration of bitcoin with accompanying language that read “If you’re seeing Bitcoin on the Underground, it’s time to buy,” according to the release.

Some complainants said the ad didn’t show the risk of investment and wondered if it could be misleading. And another complainant wondered if the ad “took advantage of consumers’ inexperience or credulity,” per the press release.

Luno said the promotional material would not be displayed another time in the form that was subject to the complaints, while ads going forward would have an “appropriate risk warning” in the words of the press release.