According to ChainCatcher, according to CoinDesk, the 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, and the subsequent rise in the price of Bitcoin, the world's largest cryptocurrency, stimulated institutional clients to adopt the technology and enabled Ledn to process hundreds of millions of dollars in ETF market maker loans.

The company pointed out that more and more customers use digital asset-backed loans for tax reasons, because borrowing with cryptocurrencies as collateral is usually tax-free.