According to BlockBeats, on August 1, crypto lending platform Ledn issued more than $1.16 billion in digital asset loans in the first half of 2024. In January of this year, the United States approved the spot Bitcoin ETF, followed by a rise in the price of Bitcoin, the world's largest cryptocurrency, which stimulated institutional clients to adopt the technology and enabled Ledn to process hundreds of millions of dollars in ETF market maker loans.
The company noted that a growing number of clients are using digital asset-backed loans for tax reasons, as borrowing against cryptocurrencies is generally tax-exempt.