Bitcoin lender Ledn has surpassed $1 billion in loan originations this year, issuing $392 million in BTC-collateralized loans in the third quarter. The company's annual recurring revenue reached $100 million. Ledn removed ETH lending in May, transitioning to a BTC-only product. As of the end of September, its outstanding loans totaled $836.2 million, with an average LTV of 42.7%. Ledn also publishes a certificate of reserves (issued by The Network Firm). Ledn attributes this demand to BTC holders seeking liquidity by pledging BTC as collateral. According to Galaxy Research, Ledn is the third-largest centralized lender, behind only Tether and Galaxy. (CoinDesk)