Employees of the financial company Ledn reported that in the United States, commercial institutions have begun to actively issue loans secured by cryptocurrencies.
US institutions use the Ledn platform to approve loans backed by Bitcoin and #Ethereum(ETH) (Loans are issued at a maximum annual interest rate of 13.4%. This is quite low, because for loans taken out in the US using credit cards, the rate reaches 28.4%.
In the first half of 2024, Ledn clients received loans secured by digital assets in the amount of $1.2 billion. The overwhelming majority of loans were issued by financial institutions earning up to 10% per annum on this.
To borrow money, Ledn users need to make a deposit in Bitcoin or Ethereum worth 50% of the loan amount. In addition, the service offers customers to double their savings in BTC by using the B2X product, which allows you to borrow Bitcoin using BTC as collateral. Notably, transactions worth $2,000 or more are approved automatically, and digital assets are issued instantly.
According to the research company HFT Market Intelligence, the amount of outstanding loans issued against bitcoins on all existing platforms reaches $8.5 billion. Analysts predict an increase in demand for this type of financial services and believe that by 2030 the amount of loans received against BTC will increase to $45 billion.
