Ledn Achieves Record Bitcoin-Backed Loan Originations Amid Crypto Bull Market
- Ledn originated $392 million in Bitcoin-backed loans in the third quarter.
- Year-to-date loan originations surpassed $1 billion, with total loans issued exceeding $2.8 billion across over 100 countries.
- The company reported approximately $100 million in annual recurring revenue.
- Ledn focuses exclusively on Bitcoin lending after discontinuing Ether lending earlier this year.
- A report identified Ledn as one of the top three centralized finance (CeFi) lenders, alongside Tether and Galaxy, controlling nearly 89% of the CeFi lending market.
The surge in Bitcoin prices has led to increased borrowing against holdings rather than selling to avoid capital gains taxes. The Bitcoin-backed lending market is projected to grow significantly, reaching an estimated $45 billion by the end of the decade.
Ledn’s recent performance highlights its role in the growing demand for Bitcoin-backed loans, with over $392 million originated just last quarter alone. (Source)
