Ledn, a crypto lending platform, had its best quarter in Q1 2024, processing more than $690 million in loans, suggesting a renewed interest in centralized lending.

The sector suffered significant setbacks following a tumultuous year for centralized crypto lending services in 2022 — a period that saw the bankruptcy of firms like Celsius, BlockFi, Voyager Digital and Genesis.

Of the crypto loans the firm facilitated in Q1, Ledn processed $584 million in loans for institutions and over $100 million for retail. That represents a nearly fourfold increase in institutional loans compared to the $125.7 million Ledn issued in Q4 2023 and some sevenfold growth in loans issued to retail from $14.6 million in the prior quarter.

Demand related to Celsius refinancing deals and US spot bitcoin ETFs

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