Ledn's exponential rise was fueled by demand for Bitcoin ETFs and Celsius refinancing deals.
Ledn, a financial services company specializing in digital asset lending, announced its most successful quarter since its inception in 2018.
In the first quarter of 2024, Ledn facilitated more than US$690 million in loans, of which US$584 million went to institutions and 100 million to retail loans, of which more than US$40 million was refinanced thanks to the collapse of Celsius.
This quarter's achievement is driven by the approval of several Bitcoin ETFs in the US and the subsequent rally in the BTC price.
These developments allowed Ledn to process several hundred million in institutional loans to ETF market makers.
Following Celsius' bankruptcy, Ledn announced its refinancing program, which was received with great confidence from the community. This resulted in Ledn obtaining US$40 million in refinanced loans, which represents more than 50% of the total amount refinanced.
This was a testament to Ledn's enormous customer commitment and unblemished track record since its inception in 2018.
Ledn's notable first quarter coincides with an overall crypto lending market rally. Coinbase 's Q4 2023 shareholder letter demonstrates a similar increase in loans processed, with the exchange lending $399 million to customers during that period.
Along with these financial results, Ledn has published its latest Proof of Reserves (POR) report, which not only reaffirms the company's commitment to transparency, but also shows its strong approach to risk management and the effectiveness of company operating procedures.
Ledn also publishes its monthly Open Book Report to provide asset utilization data to all interested parties.
"The first quarter of 2024 has set the tone for a promising year for Ledn, as we have not only doubled our loan portfolio since November 2022, but have also strengthened our market leadership position by adapting to growing demand of digital assets," says Adam Reeds, CEO of Ledn.
“We will continue to do everything we can to educate and empower clients to make appropriate decisions about digital assets, and we hope the market continues to trust us,” Reeds added.
