[Ledn's Loan Issuance Exceeds $1 Billion This Year, Bitcoin Credit Market Rebounds] According to CoinDesk, Bitcoin lending institution Ledn has issued over $1 billion in loans this year, including $392 million in BTC-collateralized loans in the third quarter. The company's annual recurring revenue has reached $100 million. In May, Ledn removed ETH lending and shifted to BTC-only products. As of the end of September, its outstanding loan balance stood at $836.2 million, with an average LTV of 42.7%. It also released a proof of reserves (issued by The Network Firm). Ledn stated that demand comes from holders using BTC as collateral to obtain liquidity. According to Galaxy Research, Ledn is the third-largest centralized lending institution, following Tether and Galaxy.