Ledn is a digital assets lender that has posted a record for the quarter of its Bitcoin-backed products. This was due to more investors borrowing against their Bitcoin holdings in this ongoing bull crypto market.
Bitcoin was used to originate $392,000,000 by the company.BTCThe company said that the total originations for this year have now exceeded $1 billion. Ledn, since it was founded, has issued over $2.8 billion worth of loans in more than 100 countries.
Ledn has also announced that they generate approximately $100,000,000 in annual recurring revenues.
Ledn offers fully collateralized lending, and Bitcoin is held as collateral throughout the entire loan period. Ledn’s reserves are confirmed by independent Proof-of Reserves attestations.
The following are some of the ways to get in touch with us. Cointelegraph previously reportedLedn discontinued EtherETHThe company has shifted its focus to Bitcoin lending and custody exclusively.
You can also contact us by clicking here. April report by Galaxy Research Ledn, along with Tether & Galaxy was named as one of the top three centralized financing (CeFi), lenders. The three companies together accounted for almost 89% of CeFi lending and 27% overall of digital asset lending at that time.
Related: ‘Before Bitcoin, my most successful investment was shorting the Bolivar’ — Ledn co-founder
The bull market continues to grow, and Bitcoin lending is on the rise.
Bitcoin’s recent surge over $100,000 has created an unprecedented wealth effect, causing many long-term Bitcoin holders to choose borrowing against their Bitcoin as opposed to selling them and paying capital gain taxes.
According to recent estimate from Osler, Hoskin & Harcourt LLP, a Canadian law firm specializing in financial regulation and digital assets, the Bitcoin-backed lending market could grow to $45 billion by 2030, up from roughly $8.5 billion today.
The institutional interest in the sector is growing. Early this year, Cantor Fitzgerald completed Maple Finance, FalconX and its partnership with Maple Finance have signed a first Bitcoin-backed credit deal. This shows the growing interest of Wall Street in the cryptocurrency credit markets.
Cantor announced its entry In 2024, the market for Bitcoin-backed loans will be backed up by $2 billion of capital.
Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road
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Source: cointelegraph.com
