Crypto lender Ledn reports $1.16 billion in loans processed during the first half of 2024

Ledn announced that the company processed $1.16 billion in loans during the first half of 2024.

The company said in a press release that a number of events, including the recent halving of bitcoin (BTC) and the launch of Ethereum exchange-traded funds (ETFs) in Asia, increased demand for its services in the second quarter (Q2).

Loans to institutional clients made up $969 million of the $1.16 billion total. This institutional adoption was sparked by the acceptance of spot bitcoin ETFs in the United States in January and the subsequent increase in the value of the largest cryptocurrency in the world, which enabled Ledn to hand out loans to ETF market makers totaling several hundred million dollars, the post added.

According to the company, there was a 29.8% increase in retail loans on the platform between the first and second quarters, with lending amounting to $85 million from $65.5 million.

“With $17.6 million in retail loans made in the second quarter, North America led the way in terms of demographics, according to Ledn, with Latin America having the second-highest number of onboarded retail customers.” Ledn also said in its statement.

Political volatility, economic pressures, and other factors have contributed to the recent surge in cryptocurrency adoption in Latin American countries. The company observed that since borrowing against cryptocurrency is typically not taxable, there is a growing trend of clients using digital asset-backed loans for tax purposes, the post added.

Mauricio Di Bartolomeo, co-founder of Ledn, speaking to journalists during an interview at the Consensus 2024 conference in Austin, Texas, said that the spot bitcoin ETF market and creditors getting their assets back from bankrupt companies are responsible for the recovery of the crypto lending industry.

Ledn stated in its Q1 2024 report that it had processed loans totaling over $690 million in May. According to the company, this growth indicates a renewed interest in centralized lending. Ledn with operations in more than 120 countries offers a wide range of services, including dual cryptocurrency notes (DCN), B2X loans, its flagship Growth Accounts, and loans backed by Bitcoin. With earnings of up to 2.5% APY on Bitcoin, 4% APY on Ethereum, and 10.5% APY on USD Stable Coins (USDC, USDT), the company flagship Growth Account offers competitive interest rates.

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