Crypto lender Ledn, which operates in over 130 countries, is actively pursuing expansion within the U.S., with a specific focus on securing regulatory approvals in California. According to recent statements by Ledn's co-founder and CEO, Adam Reeds, the application process for operating in California has already commenced.
Established in 2018, Ledn has emerged as a prominent centralized crypto lender, particularly after the market disruptions experienced in 2022. Reports from Galaxy Digital indicate that Ledn, along with Tether, holds a significant share of the centralized crypto lending market.
Reeds highlighted that a substantial portion of Ledn's business involves lending U.S. dollars to individuals who prefer to retain their Bitcoin holdings, with loan amounts starting from $500. The assets managed on Ledn's platform have seen considerable growth, increasing by 140% over the past year.
Currently, Ledn provides services in 39 states, including California and Tennessee, and the company aims to eventually secure licenses to operate in all 50 states.