On August 20, Ledn, a digital lending platform, announced that it has received a $50 million syndicated loan backed by bitcoin, which will be used to "drive the growth of Ledn's retail lending business". The loan came from Sygnum Banking Group, a global digital asset bank that manages $4.50 billion in client assets. Adam Reeds, chief executive and co-founder of Ledn, said: "With the inevitable integration of digital assets into mainstream financial marekts, we view this pilot transaction as the first of many syndicated loans."