According to Odaily Planet Daily, cryptocurrency lending platform Ledn reported processing $506 million in loan transactions in the third quarter, during which it issued $437.7 million in loans to institutional clients, while loans to retail clients grew by 225% year-on-year, reaching $68.9 million.

The surge in retail loans is attributed to the Celsius refinancing plan, the launch of cryptocurrency ETFs, and a period of reduced market volatility. Ledn has processed $1.67 billion in loans so far this year, with retail loans amounting to $258.7 million and institutional loans totaling $1.41 billion.

Since its establishment in 2018, Ledn has issued over $6.5 billion in loans to retail and institutional markets.