TechFlow, Oct. 27 — According to CoinDesk, cryptocurrency lending platform Ledn announced that loan disbursements this year have surpassed the $1 billion mark, with $392 million in Bitcoin-backed loans issued in the third quarter alone—nearly equivalent to the total for all of 2024. The company's annual recurring revenue reached $100 million and it ceased Ethereum lending operations in May to focus exclusively on its Bitcoin lending model. As of the end of September, the total value of Ledn's loan book stood at $836.2 million, with an average loan-to-value ratio of 42.7%.
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