September 7, 2021

Ledn Review

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Ledn is a Canada-based cryptocurrency service. They offer crypto-backed loans, interest accounts, and more. Are they safe and legit?

Overall Score


Cryptocurrency Trading


Interest Accounts


Crypto Loans


Mobile App


Commissions and Fees


Ease of Use





5-point scale (the higher, the better)

Pros and Cons

  • Easy to Use
  • High Interest Rate for USDC
  • No Prepayment Penalties
  • Limited Coin Selection
  • No exchange
  • High Loan Interest Rates

Bottom Line

Very limited crypto lending platform with interest accounts

Most crypto newbies think coins are limited to 3 functions: holding, selling, or spending.

But with Ledn (a play on 'hodl'), you can earn, lend, and borrow against your Bitcoin.

There are a growing number of crypto services out there, and Ledn is just one of them. How does Ledn stack up against BlockFi and Nexo? Read on to find out.

What is Ledn?

Ledn is a Toronto-based crypto platform founded in 2018 by Adam Reeds and Mauricio Di Bartolomeo. Ledn's main services are interest accounts for Bitcoin and USDC and Bitcoin-backed dollar loans.

Compared to other, similar platforms, their services are quite limited, but they may appeal to those who only hold Bitcoin or USDC.

Before diving into the details of this digital lending platform, review the quick pros and cons to see if Ledn is right for you.

Pros and Cons

Ledn calls itself a 'safe haven' for your Bitcoin. Is it a good fit for your crypto needs and goals? Take a look at these pros and cons below, then stick around to see how it stacks up against other platforms.


  • Earn high rates on your holdings
  • Interest accounts have no minimum balance or fixed terms
  • Loaned crypto comes with comprehensive insurance
  • No early payment penalty on loans
  • B2X feature offers the potential to multiply Bitcoin
  • Cold storage of Bitcoins


  • Supports limited coins (just Bitcoin and USDC)
  • Doesn't currently offer exchange
  • Loan interest rates are high
  • Fairly young platform, lacks the reputation of older competitors

Where are They Available?

Canada-based Ledn is available in countries around the world, including the U.S., Canada, and Mexico, and countries in Europe and South America.

While they don't list all available countries, you can contact them at to find out if your country is supported.

In the U.S., they aren't currently available in the following states:

  • New York, Connecticut, Washington, Texas, Hawaii, and Wyoming

What Cryptocurrencies do They Support?

Ledn has an extremely limited selection, and only supports Bitcoin (BTC) and USD Coin (USDC), a popular stablecoin tied to the U.S. dollar.

They don't operate an exchange, but they do offer a list of recommended exchanges where you can buy Bitcoin or USDC.

Review our recommendations for the best platforms to buy Bitcoin, plus helpful tips for choosing the right exchange for you.

Ledn Features

Ledn isn't a cryptocurrency trading platform, and they don't operate an exchange - yet.

In a February 2021 interview with Bitcoin Magazine, cofounder Adam Reeds mentioned that they plan to "expand on [their] product offering with no-fee trading rolling out in the next several months and go deeper into new markets."

Until then, users will have to purchase their crypto elsewhere if they intend to hold it with Ledn.

In the meantime, here are the crypto services they do offer:

Crypto Interest Accounts

No one can predict how Bitcoin will grow (or fall). But if you wouldn't risk your fiat currency losing value by leaving it under your mattress, why would your crypto be any different? Enter: Ledn's crypto interest account.

Ledn offers interest rates of up to 9.00% on Bitcoin and USD Coin stored in their interest accounts.

Here's how the rates break down:

CryptocurrencyBalance (Number of Coins)Annual Percentage Yield (APY
Bitcoin (Tier 1)0 - 26.10%
Bitcoin (Tier 2)> 22.25%
USD Coin> 09.50%

Best of all, there are no minimum balances and no fixed terms, which are necessary for earning the best rates at many of Ledn's competitors. You can withdraw your coins at any time.

Ledn has partnered with institutional borrower Genesis, a major institution in the world of digital asset lending. Essentially, Ledn is acting as a middleman while you lend your Bitcoin and USDC to them.

And just like with any loan, the borrower (Genesis) pays the lender (you) interest in exchange for temporary use of their funds. Ledn also generates interest on the collateral for their Bitcoin-backed loans, explained below.

Bitcoin-Backed Dollar Loans

Holding some Bitcoin? If you find yourself in need of cash—for a car payment, a medical bill, or another emergency, you have a couple of options:

  1. You could sell your Bitcoin. This might incur a capital gains tax or, if your Bitcoin lost value, leaves you at a loss.
  2. You could keep your Bitcoin and take out a loan with Ledn.

With Ledn's Bitcoin-backed dollar loans, you can apply in less than two minutes and receive a loan with an LTV (loan-to-value ratio) of up to 50%, with a monthly interest rate of 0.79%.

That means if you had one Bitcoin worth $30k, you could get a loan of $15k, funded within 24 hours of approval. You avoid any taxable events, and if the price of your Bitcoin increases while it's on loan, that money is yours to keep.

You can withdraw your money at any time, and there are no penalties for early payment.

Is my money safe with Ledn?
Any Bitcoin lent to Ledn is held by BitGo, an "industry-leading custodian covered by the most comprehensive insurance policy in the industry." BitGo is a qualified custodian that specializes in digital assets.

But be careful. If the price of Bitcoin drops suddenly and the value of your collateral falls below the 50% LTV ratio, you may be required to deposit more Bitcoin, or Ledn will sell off part of your Bitcoin to regain the necessary LTV.

To apply you'll need:

  • A copy of your government-issued identification document
  • A copy of your proof-of-address document
  • An image of you holding your government-issued ID
  • Your bank account details for funding

B2X: Increase Your Bitcoin Holdings

Ledn's B2X feature is essentially a way of opening a 2x leveraged position on Bitcoin, though they don't call it that.

It's designed for traders who expect the value of Bitcoin to increase, and will essentially multiply any gains they receive due to the price change by 2.

Conversely, it carries twice the risk of simply holding Bitcoin. If the price should drop, any losses will be multiplied as well. As such, B2X, like any leveraged trading feature, should be approached with extreme caution.

The interest rate on B2X loans is 0.79%, the same as their other loans, charged daily. Loans are executed instantly, can remain open for up to 12 months, and be repaid at any time without penalty.

B2X is currently unavailable in the following countries:

  • Iran, Libya, North Korea, Syria, United States, Africa, and Uruguay

Fees to Look Out For

There aren't too many fees to worry about with Ledn, but here's a look at the ones there are.

Withdrawal Fees:

USDC Savings Accounts incur a 10 USDC fee per withdrawal, which covers miners and transaction fees paid to record the transaction on the Blockchain.

The minimum USDC withdrawal is 10 USDC.

There is a 1,000,000 USDC withdrawal limit per 7-day period.

Bitcoin Savings Accounts only incur Miner Fees, which are subject to change.

The minimum Bitcoin withdrawal is 0.0005 BTC.

There is a 100 BTC withdrawal limit per 7-day period.


With crypto, there's always an increased risk of fraud or theft compared to regular money and regular banks. That's why Ledn takes security seriously. Here are the measures they take to protect your account:

  • Encryption:
    • HTTPS is used on their site
    • AES-256 encryption protects passwords and sensitive information

  • Data:
    • Ledn has a policy of not selling user data
    • Data is stored on private networks, not local servers

  • Two-Factor Authentication
    • Will be required for most services

  • Video Confirmation
    • Will be required for withdrawals above certain amounts

  • KYC
    • Personal data is collected only to comply with KYC (know your customer) standards

How It Compares

Ledn vs BlockFi:
Like Ledn, BlockFi offers crypto services, and comparatively, they've got a lot more to offer. While you can't buy any coins on Ledn, you can on BlockFi.

Their exchange holds more than 10 coins, and you can earn interest on all of them. BlockFi has very similar rates to Ledn when it comes to Bitcoin, but Ledn offers a better rate for USDC.

BlockFi also offers crypto-backed loans on more coins than just Bitcoin, but their interest rates are much higher, at a minimum of 4.5%.

If you hold Bitcoin, you can get a much better deal for a loan at Ledn, and if you want to earn interest on your USDC, they'll serve you better too. Otherwise, BlockFi has a lot more options.

Read more: BlockFi Review

Ledn vs Nexo:
Another crypto borrower and lender, Nexo lets you earn up to 12% on your crypto assets and borrow against them at a rate of 6.90% or more. Like BlockFi, Nexo has an exchange where you can buy and sell a limited number of coins, offering a level of convenience that Ledn doesn't yet.

While Nexo does offer potentially higher rates, their base rates may be worse than Ledn's. This is because they operate under a tiered membership structure based on your holdings of their proprietory coin NEXO, which can be difficult to buy in the U.S.

If you can limit yourself to Bitcoin and USDC, consider Ledn. If you live outside the U.S. and want to hold NEXO token, you may get better returns by going with Nexo.

Read more: Nexo Review

Bottom Line

Within its scope, Ledn offers quite good rates of return on their interest accounts, and comparatively good interest rates on their loans.

However, their scope is quite limited, and the lack of a path to purchase coins directly on the platform adds an inconvenient hurdle to opening one of their savings accounts or taking one of their crypto-backed loans. Crypto traders with an appetite for variety will likely want to look elsewhere.

That said, they appear to have an eye toward growth, and as their offerings increase, Ledn may prove a competitive player in the world of crypto. It's a platform worth keeping your eye on.


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Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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