Ledn Publishes Industry-First Monthly Loan Book and Proof of Reserves Data
Ledn launched its Open Book Report, providing monthly loan book data and independently audited Proof of Reserves to enhance transparency in crypto lending.Summary
Ledn, a major bitcoin lender, announced its Open Book Report, a new transparency benchmark designed to counter the risks that led to the 2022 FTX collapse. This report exposes Ledn's BTC loan book, collateral levels, and aggregate loan-to-value (LTV) ratios, which were independently audited by The Network Firm LLP, confirming 100% of collateral is held in custody.
The report details $868 million in outstanding BTC-backed loans secured by 18,488 BTC collateral, with an average LTV of 55%. Ledn's initiative aims to move the industry beyond one-off snapshots toward continuous, regular disclosures, setting a standard for traditional finance institutions reportedly entering the bitcoin lending space. John Glover, Ledn's CIO, emphasized that true transparency requires independent, regular reporting, warning that undisclosed collateral usage by lenders can create systemic risk similar to past crises.
(Source：Bitcoin Magazine)