S&P Global Ratings has awarded Ledn a BBB- rating for its Bitcoin-backed loan trust, marking the highest rating achieved by a crypto lending firm so far. According to NS3.AI, Ledn consolidates overcollateralized Bitcoin loans into an investment trust, which is then offered to institutional investors. Since 2018, the firm has successfully originated over $2.8 billion in loans. The rating reflects Ledn's robust loan management and conservative lending practices. However, the inherent volatility of Bitcoin and the relative novelty of the loan sector impose a ceiling on the rating.

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