Data: Ledn Q1 provides over $690 million in cryptocurrency loans.

according to The Block, the crypto lending platform Ledn reported that it provided over $690 million in cryptocurrency loans in the first quarter, setting a record since its launch in 2018.

Among them, Ledn provided $584 million in loans to institutions and over $100 million in loans to retail. Compared to the $125.7 million issued in the fourth quarter of 2023, institutional loans grew nearly fourfold, while loans issued to retail increased about seven times from the previous quarter's $14.6 million.

The company stated that Ledn's loan growth was driven by demand from former Celsius customers and the launch of the U.S. spot Bitcoin ETF.