Cryptocurrency lender Ledn has joined forces with Parallel, the leading crypto real estate broker in the Cayman Islands, to facilitate fully cryptocurrency-based real estate purchases in the region.
The collaboration allows crypto investors to buy property in the Cayman Islands without needing to convert their assets to fiat currency. It also provides a pathway to obtaining a “Golden Visa” to gain residency and future citizenship.
Both Ledn and Parallel are regulated as Virtual Asset Service Providers by the Cayman Islands Monetary Authority (CIMA). This regulatory approval enables them to offer compliant crypto real estate transactions in the territory.
Ledn provides cryptocurrency savings accounts and loans to clients worldwide. Parallel recently made history by facilitating the first ever all-crypto real estate purchase in the Cayman Islands, worth over $5 million.
Through this partnership, Ledn customers can use their Bitcoin as collateral for loans to acquire real estate through Parallel. This allows them to purchase property without selling their crypto holdings.
The “Golden Visa” program offers permanent residency and a route to future citizenship to investors who buy real estate worth at least $2.4 million in the Caymans.
With high demand and limited supply, real estate in the Caymans offers strong returns. This collaboration provides crypto holders access to these opportunities without needing to offload their digital assets.
What is Parallel (PAR)?
Parallel is a decentralized stablecoin platform on Ethereum. PAR tokens are non-custodial assets pegged 1:1 to the euro, offering an alternative to USD stablecoins.
The protocol aims to progressively decentralize over time by transferring control to MIMO governance token holders in the community.
The Parallel team includes members from MIMO, primarily based in Singapore and Dubai.
The protocol has a total value locked of $44 million. WETH makes up the largest share at 68.3% of assets, while WBTC and USDC account for 22.6% and 9.7% respectively.
As liquidity for the euro-backed PAR stablecoin grows, it is likely to attract interest as a new option. The Parallel team believes this will bring in a new wave of cryptocurrency adopters.
The Euro is the second largest global currency but has yet to gain much traction in crypto. Top stablecoins like USDT and USDC are dollar-denominated.
Parallel offers a Euro-pegged stablecoin (PAR) at a 1:1 ratio, aiming to attract crypto users with “lower risk tolerance.”
PAR is part of an ongoing rebrand for the platform. A smart contract vault locks up collateral to ensure token stability, designed for easy user experience.
Users simply connect an ERC-20 wallet, deposit crypto, provide liquidity, and can start minting PAR. Two pools are available: PAR-USDC and PAR-WETH.
Minted assets are not loaned out, and the MIMO Safety Reserve protects deposits. The process is fully on-chain, making PAR the first decentralized Euro-backed stablecoin.
The Parallel team states the protocol’s unique position in bridging traditional finance and DeFi through its euro-backed token.
what is Ledn?
Ledn is a fintech company building a digital asset savings and lending platform. It provides Bitcoin-backed loans, allowing customers to use their Bitcoin as collateral to receive fiat currency loans. With a focus on regulatory compliance, Ledn aims to bridge traditional and digital asset financial services.
It was founded by Adam Reeds and Mauricio Di Bartolomeo on August 3, 2018. The founders believe that Bitcoin holders should experience the wealth of their digital assets in exactly the same way as everybody else, no matter where they are in the world.
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