Ledn, a crypto lending platform, had its best quarter in Q1 2024, processing more than $690 million in loans, suggesting a renewed interest in centralized lending.
Ledn launched ether-backed loans in February, having previously only offered bitcoin-backed loans. The move was partly designed to assist the victims of Celsius’ bankruptcy in July 2022 by allowing those who still had outstanding ether loans to refinance with Ledn, subsequently onboarding over 50% of the total amount refinanced, according to the firm.
"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," Ledn CEO Adam Reeds said.Following the crypto niche’s troubles in 2022, it remained unclear the extent to which users would trust such services going forward.