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Ledn Crypto Lending Review

Crypto savings and loan accounts are becoming increasingly popular in the sector, with users looking to cash in on high interest rates that they can’t get through traditional finance.

Services like Ledn are the response to this need, offering crypto savings accounts for Bitcoin and USDC with enticing interest rates, while also allowing users to borrow against their assets, and it can all be done from the convenience of a mobile app.

Ledn is a Canadian company, but it is available internationally as well. Whether you are a Canadian looking for a way to earn interest on your digital assets or not, our Ledn review will help you decide if it is right for your needs.

Ledn Pros & Cons


  • No minimum balance for savings account

  • Mobile app for Android and iOS

  • No monthly payments on loans

  • Very easy to get started earning interest on BTC


  • Interest rate lower than competitors like BlockFI and Earn

  • Interest rate for BTC is lower if you have a high amount

  • Limited asset support

  • Only supports Bitcoin and USDC assets at this point

What Services Does Offer?

Ledn offers three different products for their users.

First is the Ledn Savings Account, where users can deposit BTC and USDC to earn interest paid in that asset.

Then there is Bitcoin-backed dollar loans, where users can deposit Bitcoin can get a loan of up to 50% of the value in USD or USDC.

Finally, there is B2X, where users can double their Bitcoin deposit, essentially the same thing as their dollar loans but expressly for Bitcoin and only available as a double. More information on each product is found below.

Ledn Savings Account

The Ledn Savings Account is available for both BTC and USDC, with no minimum deposit required in order to earn interest. USDC interest rates are 8.5% APY, everything is paid and compounded monthly automatically.

Bitcoin is also compounded in the same way, but the interest rate for Bitcoin varies by your deposit amount. If you have less than 2 BTC, then you get a 6.1% APY, but if you have more than 2 BTC, then you only get 2.25%. While this is not good for whales, smaller BTC holders are rewarded.

Bitcoin-backed Dollar Loans

Bitcoin-backed dollar loans let you take out USD or USDC at up to 50%, meaning you can borrow half the value of your Bitcoin in either of those currencies. Loans can be paid off at any time, with no penalties and no monthly payments required.


B2X is essentially the same thing as Bitcoin-backed dollar loans, but for Bitcoin. Users can use B2X to double their Bitcoin holdings, facilitated through a Ledn Bitcoin-backed Loan and a subsequent Bitcoin purchase. B2X loans can be riskier because you are exposed more to the price of BTC than if you took out a dollar loan, but the payout can also be greater. The loan can still be paid at any time with no penalty but must be paid within 12 months.

Is Safe?

While Ledn is not backed by the FDIC or CDIC, users’ Bitcoin holdings are insured by Ledn’s Bitcoin custodian BitGo meaning if there was a hacking incident you would be covered. Ledn has also never been hacked.

Ledn requires a full Know Your Customer identity verification before you can use any of their services and follow all Anti-Money Laundering policies as well. They offer two-factor authentication to secure your account and all data sent through the platform is encrypted. While there are risks to depositing your funds in a service like this where you no longer have custody of your funds, the insurance helps mitigate those risks.

In addition Ledn offers “proof-of-reserves”, which means it undergoes a regular third-party audit by an accounting firm to confirm its assets are accounted for. Frequently Asked Questions

Currently BlockFi is likely better as they offer more asset support, slightly higher interest rates, and users can fund their accounts with a wire transfer not just a crypto deposit.

Ledn makes money through loaning users deposited Bitcoin and USDC, much like how banks use your deposits to generate interest for you and profit for them. They also make money off users paying interest on loans, and when users default on their loans.

Ledn itself is not insured but their custody partner BitGo, is insured, meaning that if something happened with Ledn then BitGo would cover any losses of funds.

Ledn is available through its website but is also available for mobile with apps for Android and iOS available in the Play Store and App Store, respectively.

Genesis is Ledn’s collaborative partner and offers institutions the ability to borrow digital currencies like BTC and stable coins like USDC in large sizes over flexible terms. They had over $3.1 Billion in digital assets loans processed during 2019, so Genesis is renowned for dealing with an elite group of limited institutions and uses the highest standards for its lending processes and reporting.

Yes! If you have a Ledn Savings Account, you can withdraw your funds at any time without penalty. They process all withdrawal requests quickly and aim to have your Bitcoin in your custody within 24-72 hours. If you have your Bitcoin being used as collateral for a loan, then you cannot withdraw it until the loan is paid.

Ledn generates the interest that it pays by lending the Bitcoin deposited by users to Genesis, who in turn creates the overall profit paid to Ledn users.

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About the Author

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.

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