The crypto lending platform Ledn issued over $1.16 billion in loans in the first half of the year.

ChainCatcher news, according to CoinDesk, the crypto lending platform Ledn issued over $1.16 billion in digital asset loans in the first half of 2024. In January of this year, the U.S. approved a spot Bitcoin ETF, which subsequently led to a rise in the price of Bitcoin, the world's largest cryptocurrency. This stimulated institutional clients to adopt the technology and allowed Ledn to process hundreds of millions in ETF market maker loans.

The company noted that an increasing number of clients are using digital asset-backed loans for tax reasons, as borrowing against cryptocurrency collateral is often considered a tax-free event.