Ledn Secures $50 Million Bitcoin-Backed Loan

August 21, 2024

Crypto lender Ledn has secured a $50 million Bitcoin-backed loan from Sygnum Bank. Tune in to understand the implications of this major financial move in the world of cryptocurrency.

Sygnum, a digital asset banking group, has issued a $50 million Bitcoin-backed loan to Toronto-based crypto lender Ledn, marking the first time a regulated bank has provided a loan secured by Bitcoin. This loan is intended to expand Ledn's retail lending operations and is seen as a significant step towards integrating crypto assets into mainstream financial markets. Ledn CEO John Glover noted that this development offers clients greater flexibility to access capital using their Bitcoin as collateral, potentially encouraging more traditional financial institutions to enter the crypto lending space and enhancing market liquidity and stability.

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