Lending platform Ledn obtains $50 million bank loan

BlockBeats news, on August 20, cryptocurrency lending platform Ledn announced a $50 million bank group loan backed by Bitcoin, the first in the industry, which will be used to "drive the growth of Ledn's retail lending business."

The loan comes from the Sygnum Banking Group, a global digital asset bank that manages $4.5 billion in customer assets.

The collaboration with Sygnum's institutional clients will enable Ledn to provide its customers with greater flexibility when obtaining funds. Ledn Chief Investment Officer John Glover said in a press release that the collaboration with Sygnum is an important step in "integrating crypto assets into mainstream financial markets."