Ledn First-Quarter Loans Top Record $690M as Lending Market Snaps Back [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
The rise was attributed to spot bitcoin ETF approval in the U.S. Crypto lending firm Ledn processed more than $690 million in loans in the first quarter, its most successful quarter since the company's inception in 2018, almost five times the value of the previous three months. The vast majority, more than 84%, was directed to institutions, with demand ballooning after the approval of spot bitcoin {{BTC}} exchange-traded funds (ETFs) in the U.S. in January as several hundred million dollars worth of loans was issued to ETF market makers, Ledn said in a press release. In fourth-quarter 2023, the firm issued $140.3 million of loans, 90% of which went to institutional borrowers. "The first quarter of 2024 has set the tone for a promising year for Ledn, as we've not only doubled our loan book since November 2022 but have also solidified our leading position in the market by adapting to the increasing demand for digital asset financial products," CEO Adam Reeds said in a statement.
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