Investing in cryptocurrencies comes with significant risk. You could lose all the money you invest. Please read our disclosures:
Ledn is a Canadian crypto lending platform specializing in Bitcoin-backed loans at 11.9% APR with no monthly payments required. Following the 2022-2023 crypto credit crisis, Ledn pivoted from yield-generating savings accounts to a pure lending model, emerging as one of the few survivors with a clean track record and over $9 billion in loans funded since 2018. For Bitcoin holders who need liquidity without selling their BTC, Ledn offers one of the most straightforward and transparent borrowing options in 2026 — though the platform no longer offers interest-bearing savings accounts.
Last updated: February 2026 | We independently research all platforms we review.
Ledn Review at a Glance
| Feature | Details |
|---|---|
| Founded | 2018 (Toronto, Canada) |
| Co-Founders | Adam Reeds, Mauricio Di Bartolomeo |
| Total Loans Funded | $9+ billion since launch |
| Loan APR | 11.9% (10.4% interest + 2% admin fee) |
| Loan-to-Value (LTV) | 50% |
| Minimum Loan | $1,000 USD equivalent |
| Supported Assets | BTC, USDC, USDT (collateral: BTC only) |
| Loan Disbursement | USD, USDC, or local currency |
| Funding Speed | Typically within 24 hours |
| Security Certifications | SOC 2 Type 2, ISO/IEC 27001:2022 |
| Regulation | Cayman Islands VASP (#1976951) |
| Proof of Reserves | Bi-annual attestations (industry first) |
| Countries Supported | 100+ (excludes certain US states) |
| Savings Accounts | Discontinued (no longer offered) |
What Is Ledn?
Ledn is a cryptocurrency financial services company founded in 2018 by Adam Reeds and Mauricio Di Bartolomeo. Originally based in Toronto, Ontario, the company now operates through Ledn Cayman SEZC Inc. as a registered Virtual Asset Service Provider with the Cayman Islands Monetary Authority. Ledn's core product is Bitcoin-backed loans, allowing users to borrow against their BTC holdings without selling and potentially triggering taxable events.
What distinguishes Ledn from competitors is its laser focus on Bitcoin and conservative risk management. While many crypto lenders collapsed during the 2022-2023 credit crisis — including BlockFi, Celsius, Voyager, and Genesis — Ledn survived by avoiding risky DeFi yield farming strategies and maintaining transparent reserve reporting. The company was the first in the industry to complete a proof-of-reserves attestation with a certified public accountant, a practice it continues bi-annually.
Important 2023-2024 Changes: Ledn previously partnered with Genesis Capital to offer yield-generating savings accounts. Following Genesis's bankruptcy in January 2023, Ledn discontinued these products. As of 2026, Ledn focuses exclusively on Bitcoin-backed lending (standard loans and B2X) and no longer offers interest-bearing deposit accounts. Existing savings account holders were fully made whole during the Genesis wind-down process.
Key Features
Bitcoin-Backed Loans
Ledn's primary product is a Bitcoin-collateralized loan. You deposit BTC as collateral and receive a loan denominated in US dollars — disbursed as USD, USDC, or your local fiat currency. The standard loan-to-value ratio is 50%, meaning you can borrow up to half the value of your deposited Bitcoin.
Key advantages of Ledn loans include:
- No monthly payments required — repay principal and interest at any time before the 12-month term ends
- No credit check — approval based solely on collateral value
- No early repayment penalties — close your loan whenever you want
- Automatic approval — instant qualification with $1,000+ in BTC collateral
- Fast funding — typically within 24 hours (fiat may be delayed by bank processing)
B2X (Double Your Bitcoin)
B2X is Ledn's unique product for increasing Bitcoin exposure. It combines a Bitcoin-backed loan with an immediate BTC purchase, effectively doubling your Bitcoin holdings using leverage. Here's how it works:
- Deposit BTC as collateral
- Ledn issues a loan against your collateral and immediately purchases an equivalent amount of BTC
- Your total BTC position doubles (original collateral + newly purchased BTC)
- Repay the loan plus interest to unlock all Bitcoin
B2X is designed for Bitcoin believers who want to increase exposure without deploying additional fiat. The same 11.9% APR applies, and the loan can be repaid at any time. However, B2X carries amplified risk — if Bitcoin's price drops significantly, you may face margin calls or liquidation.
Custodied Loans (Collateral Protection)
Ledn offers "Custodied" loans where your collateral receives enhanced protection. With Custodied loans:
- Collateral is held in custody with Ledn or a trusted institutional funding partner
- Collateral is not lent out to generate interest
- Assets are legally ring-fenced from the funding partner's balance sheet
- Your collateral is protected even in the unlikely bankruptcy of a funding partner
This structure provides maximum security for borrowers concerned about counterparty risk — a significant improvement over the rehypothecation practices that contributed to the 2022 CeFi collapse.
Ledn Fees and Rates
| Fee Type | Amount | Notes |
|---|---|---|
| Annual Interest Rate | 10.4% | Simple interest on loan principal |
| Admin Fee | 2% | One-time fee at loan origination |
| APR (All-In Cost) | 11.9% | Interest + admin fee combined |
| Loan-to-Value | 50% | Borrow up to 50% of collateral value |
| Early Repayment Fee | $0 | No penalties for early payoff |
| Account Opening | $0 | Free registration |
| BTC Withdrawal | Network fees only | No Ledn markup on withdrawals |
| Fiat Withdrawal | Bank-dependent | Wire transfer fees may apply |
Rate Comparison: Ledn's 11.9% APR is competitive for Bitcoin-backed loans in 2026. Nexo offers rates starting at 13.9% APR, while YouHodler starts around 12% APR. Ledn's no-monthly-payment structure is particularly attractive for borrowers who want flexibility.
Who Should Use Ledn?
Ledn is ideal for:
- Bitcoin long-term holders who need liquidity but don't want to sell and trigger capital gains taxes
- Borrowers seeking simplicity — no monthly payments, no credit checks, fast approval
- Users prioritizing security — Custodied loans protect collateral from rehypothecation
- High-conviction BTC investors interested in B2X to leverage their position
- International users in 100+ supported countries who need USD-denominated liquidity
Ledn is NOT ideal for:
- Users seeking yield on crypto — Ledn no longer offers savings accounts
- Altcoin holders — only BTC accepted as collateral (USDC/USDT for disbursement only)
- US residents in restricted states (New York, Texas, Kentucky, Louisiana, others)
- Borrowers who can't manage LTV risk — Bitcoin volatility can trigger margin calls
Ledn Alternatives Comparison
| Platform | Loan APR | Max LTV | Savings Available | Key Advantage | Link |
|---|---|---|---|---|---|
| Ledn | 11.9% | 50% | No | No monthly payments, Custodied collateral | Visit Ledn |
| Nexo | 13.9%+ | 50% | Yes (up to 12%) | Earn + borrow in one platform | Visit Nexo |
| YouHodler | 12%+ | 90% | Yes (up to 13%) | High LTV ratios, Multi HODL | Visit YouHodler |
| Aave (DeFi) | Variable | ~75% | Yes | Decentralized, non-custodial | Visit Aave |
| Compound (DeFi) | Variable | ~65% | Yes | Battle-tested DeFi protocol | Visit Compound |
Security and Transparency
Ledn's security infrastructure is among the strongest in the CeFi lending space, informed by lessons from the 2022-2023 industry meltdown:
Security Certifications
- SOC 2 Type 2 Certified — Independent audit of security controls and processes
- ISO/IEC 27001:2022 — International information security standard
- AES-256 Encryption — Bank-grade encryption for all sensitive data
- 2FA Required — Mandatory two-factor authentication for account access
Transparency Practices
- Bi-Annual Proof of Reserves — Ledn was the first crypto lender to publish PoR attestations; clients can verify their balance is included using a unique hashed ID
- Monthly Open Book Reports — Detailed disclosures on asset management, yield generation strategies (historically), and risk policies
- No DeFi Yield Farming — Ledn explicitly avoids risky DeFi strategies with client assets
- Custodied Loan Structure — Collateral legally ring-fenced from counterparty risk
Custody Partners
Ledn uses institutional-grade custody solutions including BitGo for secure asset storage. Multi-signature technology and 3-key management protect against unauthorized access. Assets in transaction accounts are primarily held in cold storage, minimizing exposure to cyber threats.
Pros and Cons
| Pros | Cons |
|---|---|
| Competitive 11.9% APR for Bitcoin loans | No savings/yield products (discontinued) |
| No monthly payments required | BTC-only collateral (no altcoins) |
| No credit check — instant approval | Unavailable in certain US states |
| SOC 2 Type 2 and ISO 27001 certified | 50% LTV is conservative (some competitors offer 90%) |
| Industry-first Proof of Reserves attestations | Bitcoin volatility can trigger margin calls |
| Custodied loans protect collateral from rehypothecation | No fiat deposit/withdrawal for some regions |
| Survived 2022-2023 crypto credit crisis | Limited product range compared to Nexo/YouHodler |
| Fast funding (typically 24 hours) | No mobile app (web-only platform) |
Geographic Availability
Ledn serves users in 100+ countries worldwide. However, due to regulatory restrictions, services are unavailable in certain US states:
- Alabama
- Connecticut
- Hawaii
- Kentucky
- Louisiana
- New Jersey
- New York
- Texas
- Washington, D.C.
Residents of these states cannot create accounts or access Ledn's loan products. The company maintains this restriction to ensure regulatory compliance rather than risk operating in unclear legal environments.
How to Get a Ledn Bitcoin Loan
- Create an account at ledn.io — provide your name, email, phone, date of birth, and address
- Complete verification — standard KYC process (ID verification)
- Choose your loan type — Standard Bitcoin-backed loan or B2X
- Enter loan details — specify amount and disbursement currency (USD, USDC, or local fiat)
- Deposit BTC collateral — send Bitcoin to your loan address
- Receive funds — typically within 24 hours of collateral confirmation
- Manage your loan — monitor LTV, add collateral if needed, repay at any time
Frequently Asked Questions
Is Ledn safe and legitimate in 2026?
Yes, Ledn is one of the most transparent and secure crypto lending platforms operating in 2026. The company holds SOC 2 Type 2 and ISO 27001 certifications, publishes bi-annual proof-of-reserves attestations (an industry first), and survived the 2022-2023 crypto credit crisis that bankrupted competitors like Celsius, BlockFi, and Voyager. Ledn is registered as a Virtual Asset Service Provider with the Cayman Islands Monetary Authority (#1976951). While no platform is risk-free, Ledn's conservative approach and transparent reporting make it one of the more trustworthy options for Bitcoin-backed borrowing.
Does Ledn still offer savings accounts and interest on Bitcoin?
No. Ledn discontinued its savings and yield products following the Genesis Capital bankruptcy in early 2023. Genesis was Ledn's primary lending partner for generating yield. As of 2026, Ledn focuses exclusively on Bitcoin-backed loans and B2X — it no longer offers interest-bearing deposit accounts. Users seeking yield should consider alternatives like Nexo or YouHodler.
What is Ledn's loan interest rate in 2026?
Ledn charges 11.9% APR for Bitcoin-backed loans, consisting of 10.4% annual interest plus a 2% one-time admin fee. There are no monthly payments required — you repay the loan principal plus accrued interest at any time before the 12-month term ends. Early repayment carries no penalties.
What happens if Bitcoin's price drops while I have a Ledn loan?
If Bitcoin's price falls significantly, your loan-to-value (LTV) ratio increases. If LTV exceeds safe thresholds, Ledn will notify you to either add more collateral or make a partial loan repayment. If you fail to address the margin call, Ledn may liquidate a portion of your Bitcoin collateral to bring the LTV back to acceptable levels. You can use Ledn's auto top-up feature to automatically add collateral during price drops, reducing liquidation risk.
Can I use Ledn in the United States?
Partially. Ledn is available in most US states, but services are restricted in Alabama, Connecticut, Hawaii, Kentucky, Louisiana, New Jersey, New York, Texas, and Washington, D.C. due to regulatory requirements. Residents of these states cannot create accounts or access loan products. Check Ledn's website for the current list of supported jurisdictions.
How fast can I get a loan from Ledn?
Ledn typically funds loans within 24 hours of receiving your Bitcoin collateral. USDC disbursements are fastest, while fiat currency (USD or local currency) may take longer due to bank processing times, especially on weekends or holidays. The median funding time is approximately 18 hours from application to fund disbursement.
What is Ledn's B2X product?
B2X (short for "Bitcoin 2X") is Ledn's leveraged Bitcoin product that allows you to double your BTC exposure. You deposit Bitcoin as collateral, Ledn issues a loan and immediately purchases an equivalent amount of BTC on your behalf. This doubles your Bitcoin position using leverage. The same 11.9% APR applies. B2X is designed for users who are bullish on Bitcoin but don't want to deploy additional fiat capital. However, it amplifies both gains and losses — a Bitcoin price drop affects a larger position, increasing liquidation risk.
How does Ledn compare to DeFi lending protocols?
Ledn offers a simpler, more traditional borrowing experience compared to DeFi protocols like Aave or Compound. Key differences: Ledn requires KYC and is custodial (they hold your collateral), while DeFi is non-custodial and permissionless. Ledn offers fixed APR (11.9%), while DeFi rates fluctuate with supply and demand. DeFi protocols often allow higher LTVs and support more assets, but carry smart contract risk. Ledn's Custodied loans provide explicit collateral protection that DeFi cannot match. Choose Ledn for simplicity and security; choose DeFi for flexibility and self-custody.
Final Verdict
Ledn is a solid choice for Bitcoin holders who need liquidity without selling their holdings. The platform's 11.9% APR is competitive, the no-monthly-payment structure provides flexibility, and the Custodied loan option offers meaningful collateral protection. Ledn's survival through the 2022-2023 crypto credit crisis — when giants like Celsius, BlockFi, and Voyager collapsed — speaks to its conservative risk management.
However, Ledn is no longer the all-in-one platform it once was. The discontinuation of savings accounts limits its appeal to users who want both borrowing and yield in one place. For that, platforms like Nexo or YouHodler offer more comprehensive feature sets.
Bottom line: If you're a long-term Bitcoin holder looking for a straightforward, secure way to borrow against your BTC without triggering a taxable sale, Ledn delivers. Its transparency, security certifications, and industry-first proof-of-reserves set a high bar. Just don't expect yield — for that, you'll need to look elsewhere.
Compare current crypto lending rates across 60+ platforms to find the best fit for your strategy.
