This industry-first loan will enhance Ledn's retail lending operations, providing clients with flexible access to capital.
Crypto lending platform Ledn announced on Aug. 20 that it has secured a $50 million Bitcoin-backed syndicated loan from Sygnum, a Swiss global crypto banking group.
This loan will be used to enhance Ledn’s retail lending operations, providing clients with flexible access to capital. The Bitcoin assets will serve as secure collateral, ensuring regulatory compliance.
Ledn's retail lending division has seen strong growth in 2024. In Q2, the company processed $85 million in retail loans, up from $65.5 million in Q1. However, institutional clients still account for the majority of Ledn's business.
According to Ledn, this loan marks the beginning of a new era of transparency and professionalism in digital asset financial services, which aligns with the company's long-standing commitment to client asset security and regulatory compliance.
This loan is also expected to further strengthen Bitcoin's legitimacy as an asset class. According to Ledn, this move sets a precedent and will boost confidence in the Bitcoin-collateralized lending market. It will also provide traditional financial players with access to liquidity in this sector.
Ledn's Chief Investment Officer John Glover said that this loan is a significant step in integrating crypto into mainstream finance, and Ledn will use this liquidity to drive growth and offer secure, transparent financial products.
Sygnum’s Head of Credit and Lending Benedikt Koedel said that they are excited to support Ledn's future growth in the evolving crypto ecosystem. This pioneering Bitcoin-backed syndicated loan, issued by a fully regulated bank, could pave the way for a new market for institutional lenders and borrowers.
This partnership with Sygnum is in line with Ledn's history of working with leading traditional financial institutions. The company also hinted at plans to expand this relationship through future endeavors.
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