Bitcoin lending platform Ledn surpasses $1 billion in loan issuance this year

Foresight News reported, citing CoinDesk, that cryptocurrency lending platform Ledn announced that its loan issuance this year has surpassed $1 billion, with $392 million in bitcoin-collateralized loans issued in the third quarter alone—almost equivalent to the total for all of 2024. The company's annual recurring revenue has reached $100 million, and it ceased its Ethereum lending business in May this year to focus on a bitcoin lending model. As of the end of September, Ledn's total loan book value reached $836.2 million, with an average loan-to-value ratio of 42.7%.