Connect with us

Hi, what are you looking for?


Crypto Lender Ledn Sees Strong Q1 Performance with $690M in Loans, Driven by US Spot Crypto ETF Adoption

Crypto lender Ledn revealed loans statistics for the first quarter on Thursday, surpassing all previous quarters since its inception in 2018.

The lender said it facilitated over $690m in loans, with a split of $584m going to institutional clients and $106m to retail investors. Notably, over $40m of the retail loans were refinanced from crypto lender Celsius following its collapse.

Ledn’s Q1 loan volume more than tripled from the previous quarter. In Q4, the company processed just $125.7m in institutional loans and $14.6m in retail loans. Ledn credits this surge to the recent approval of Spot Bitcoin ETFs in the US, which fueled a rally in Bitcoin’s price.

“These developments allowed Ledn to process several hundred million in institutional loans to ETF market makers,” the company said.

Q1 Sets Stage for Promising Year as Crypto Lending Revives

Following Celsius’s bankruptcy, Ledn launched a refinancing program and said it garnered confidence from the crypto community. This resulted in Ledn securing $40m in refinanced loans, exceeding half of the total refinanced amount.

“The first quarter of 2024 has set the tone for a promising year for Ledn, as we’ve not only doubled our loan book since November 2022 but have also solidified our leading position in the market by adapting to the increasing demand for digital asset financial products,” Ledn CEO Adam Reeds said in a statement.

Ledn’s successful Q1 isn’t an isolated case. The broader crypto lending market is experiencing a resurgence. Coinbase’s Q4 2023 shareholder letter revealed a similar trend, with the exchange actively lending $399m to customers during that period.

Ledn Predicts Broader Crypto ETFs

Responding to strong client, Ledn rolled out Ethereum-backed loans in February. These ETH loans mirror the lender’s Bitcoin (BTC) loans, offering a starting loan-to-value ratio of 50% and an annual interest rate starting at 10.4% (12.4% APR).

Mauricio Di Bartolomeo, Ledn’s co-founder and Chief Strategy Officer, told Cryptonews that the loan processing experience on the platform is straightforward. “You do not need to learn how to interact with protocols to access a Ledn ETH-backed loan,” he said.

He also predicted that crypto ETFs will soon encompass a broader array of crypto assets within a single investment vehicle.

The post Crypto Lender Ledn Sees Strong Q1 Performance with $690M in Loans, Driven by US Spot Crypto ETF Adoption appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...


The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...


As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...


Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...


In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...


Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.