Crypto lending platform Ledn issued over $1.16 billion in loans in the first half of the year

Ledn, a crypto lending platform, issued more than $1.16 billion in digital asset loans in the first half of 2024. The approval of a spot Bitcoin ETF in the United States in January and the subsequent rise in the price of Bitcoin, the world's largest cryptocurrency, stimulated institutional clients to adopt the technology and enabled Ledn to process hundreds of millions of dollars in ETF market maker loans. The company noted that more and more customers are using digital asset-backed loans for tax reasons, as borrowing with cryptocurrencies as collateral is generally tax-exempt. (Coindesk)