Bitcoin lending institution Ledn's loan issuance exceeded $1 billion this year

According to Odaily Planet Daily, Bitcoin lending institution Ledn has issued over $1 billion in loans this year, with $392 million in BTC collateralized loans issued in the third quarter. The company's annual recurring revenue reached $100 million. Ledn removed ETH lending in May, switching 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%. It also issued 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 lending institution, behind only Tether and Galaxy. (CoinDesk)