Ledn's loan issuance this year has exceeded $1 billion, indicating a recovery in the Bitcoin credit market

ChainCatcher news, according to CoinDesk, Bitcoin lending institution Ledn has surpassed $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, transitioning to a solely BTC product. As of the end of September, the loan scale was $836.2 million, with an average LTV of 42.7%, and it published a proof of reserves (issued by The Network Firm). Ledn stated that demand comes from holders seeking liquidity by collateralizing BTC; according to Galaxy Research, Ledn is the third-largest centralized lending institution, following Tether and Galaxy.