Ledn tops $1B in Bitcoin-backed loan originations as crypto lending surges

Digital asset lender Ledn reported a record quarter for its Bitcoin-backed credit products, originating $392 million in the third quarter, which pushed its year-to-date originations past $1 billion. Since its inception, Ledn has issued over $2.8 billion in total loans across more than 100 countries and generates approximately $100 million in annual recurring revenue. The company provides fully collateralized loans, holding Bitcoin collateral in custody, verified by independent Proof-of-Reserves attestations. Ledn previously discontinued Ether lending to focus solely on Bitcoin custody and lending. This growth occurs as Bitcoin's price surge encourages long-term holders to borrow against their assets rather than sell and face capital gains taxes. The Bitcoin-backed lending market is projected by some estimates to grow significantly, potentially reaching $45 billion by 2030 from its current estimated $8.5 billion, with institutional interest also accelerating.

(Source：Cointelegraph)