According to PANews, crypto lending platform Ledn announced on Thursday that it processed over $1.16 billion in digital asset loans during the first half of 2024. The company attributed the increased demand for its services in the second quarter to recent events such as the Bitcoin halving and the launch of Ethereum ETFs in Asia. Out of the total $1.16 billion in loans, institutional clients accounted for $969 million. The approval of a spot Bitcoin ETF in the United States in January also contributed to the rise in Bitcoin prices, encouraging institutional clients to adopt the technology and enabling Ledn to handle hundreds of millions of dollars in ETF market maker loans.

Ledn reported that North American retail loans reached $17.6 million in the second quarter, making it the leading region in terms of retail loan volume. Latin America followed in terms of the number of retail clients. The company noted that the adoption of cryptocurrencies has surged in Latin American countries in recent months due to economic pressures, political instability, and other factors. Additionally, Ledn highlighted that an increasing number of clients are using digital asset-backed loans for tax reasons, as borrowing against cryptocurrencies is generally considered a tax-free activity.