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Home Platforms BlockFi vs Ledn

Compare BlockFi vs Ledn

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
7.3
Loan Rates
7.7
Age
5.6
Reviews
7.6
Risk Management
6
Withdrawals
4
Coverage
2.7
Support
10
Savings Rates
6.2
Loan Rates
4.7
Age
4.9
Reviews
8.9
Risk Management
8
Withdrawals
5
Coverage
2
Support
6
Savings Rates
7.3
Savings Rates
6.2
Loan Rates
7.7
Loan Rates
4.7
Age
5.6
Age
4.9
Reviews
7.6
Reviews
8.9
Risk Management
6
Risk Management
8
Withdrawals
4
Withdrawals
5
Coverage
2.7
Coverage
2
Support
10
Support
6

Pros & Cons

tick Transfers in and out of savings account are instant
tick Good customer support including phone support
tick One of the only major platforms to be based in and fully regulated in the US
tick Full transparency on company location and regulation status
tick Funds immediately start earning interest daily
tick No hidden fees & no credit checks
tick Flexibility to have interest paid in the currency of your choice
tick High LTV up to 50% available on loans
tick The world's first bitcoin reward Credit Card
tick Available worldwide
tick More reviews than Ledn (6,230 vs 684 reviews)
tick Higher rating for android phone app than Ledn (3.9 vs 2.5 stars)
tick Been in business longer than Ledn (Founded 2017 vs 2018)
tick Has less assets under management than Ledn
tick Quicker time to withdraw crypto than than Ledn (24 hours vs 30 hours)
tick Fiat exchange available on BlockFi but not on Ledn
tick Offers corporate accounts but Ledn doesn't
tick Instantly buy crypto with fiat on BlockFi but not on Ledn
tick Has 24/7 support but Ledn doesn't
tick Has phone support but Ledn doesn't
tick Has a slower withdrawal time than Ledn (24 hours vs 30 hours)
tick Ultra simple model
tick No hidden fees
tick Only one interest payment at end of 12 month term required on loans
tick Automatically buy more bitcoin with a loan secured against your existing bitcoin
tick Proof of company crypto reserves provided by major accountancy firm
tick Higher average review rating than BlockFi, but based on fewer reviews (89% vs 76%)
tick Higher rating on Trustpilot than BlockFi (4.7 vs 3.5 stars)
tick Has independent proof of reserves but BlockFi doesn't
tick Interface supports Portuguese-Portuguese and Spanish whereas BlockFi doesn't
Loan Rates
tick Ledn has a lower loan rate for US Dollars (USD) (7.9% vs 4.5%)
tick Ledn offers loans in USD Coin (USDC) stable coin deposits whereas BlockFi does not
2 more loan rates pros ...
cross Loans appear to be only available in the US at the moment
cross Slow withdrawals and high withdrawal fees
cross Savings accounts not available to US customers
cross 2% Loan origination Fee
cross Savings interest paid out monthly
cross English language version only
cross Moderate selection of cryptocurrencies supported
cross High minimum withdrawl amount
cross Mobile app has very limited functionality
cross Savings rates only available fro BTC and USDC
cross Much lower savings rates for large BTC deposits
cross Bitcoin is only token acceptable as loan collateral
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Withdrawals

Withdrawal Time
24 hours
Withdrawal Time
30 hours
Withdrawal Score
4
Withdrawal Score
5
Withdrawals Experience

In order to earn interest on BlockFi you must transfer funds from your BlockFi wallet to your BlockFi Interest Account. This means that when you want to make a withdrawal from an interest account you must first transfer your funds to your BlockFi wallet and then make a withdrawal request. This adds a minor amount of inconvenience but no significant delay to the withdrawal process.

Withdrawals from your BlockFi wallet are processed the next US working day. Requests made before 00:00 UTC will be processed the next day, requests made after this time will be processed in two working days time. This means that from the time of making a withdrawal request you could typically be waiting 24 hours before the request is actioned. BlockFi claim that this delay is for security reasons as it allows time for withdrawals to be reversed if necessary.

Withdrawals are only processed on US working days. This means that if your withdrawal request was submitted during a weekend or public holiday then you could be waiting even longer to get your funds.

Some withdrawals are subject to additional fraud checks. If the withdrawal gets flagged then BlockFi may ask for further confirmation of the withdrawal.

You get one free crypto withdrawal per month, after which a withdrawal fee is charged. These withdrawal fees can be quite high, for example the withdrawal fee on most stablecoins is $50 USD.

As an additional security measure you can whitelist withdrawal addresses, which means that only those addresses can receive funds.

Overall BlockFi has adopted a very strict withdrawal process, which should provide protection against fraudulent withdrawal requests. However the long withdrawal time and high withdrawal fees have attracted many complaints from users.

Withdrawals Experience

Ledn has a very simple model. As soon as you deposit either BTC or USDC then those deposits immediately start earning interest. There is no need to manually transfer the money to a savings account once on the Ledn platform. This means that when you need to withdraw funds, you can withdraw them directly from the savings account. Savings accounts have no lock in period and you can withdraw your funds at any time.

Withdrawals are processed manually and Ledn states that the vast majority of requests are processed within 24 hours, but that the terms of the savings account stipulate that it can take up to 7 days. In our tests, withdrawals took about 30 hours from the time of request to the funds arriving in your wallet.

Ledn does not charge any withdrawal fees on BTC, however you must pay the miner's fees associated with the withdrawal. These fees will be deducted from the amount that you withdraw. There is a minimum withdrawal amount of 0.0005 BTC. For USDC withdrawals a fee does apply which is 35 USDC.

Ledn state in their FAQ that some withdrawal requests may require a confirmatory video call with the platform.

To date Ledn has never frozen withdrawals on any of their currencies.

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Risk

Risk Management Score
6
Risk Management Score
8
Risk Management

BlockFi implements the usual security measures to protect assets held in your crypto wallet. These assets are secure by a third party custodian, Gemini. It is likely that BlockFi has some level of insurance against loss of these assets, but we have not been able to confirm that this insurance exists or what level of cover is provided. The BlockFi app utilises two factor authentication and biometric face id. Users can enable crypto wallet address whitelisting so that funds can only be withdrawn to accounts that you have previously approved.

BlockFi provides extensive detail on its investment strategy for funds which are deposited in a BlockFi savings account. These activities including lending to retail and instutional clients. BlockFi state categorically that "they may ... lend, or invest ... assets without retaining in our possession a like amount of digital assets". This is somewhat concerning as it suggests that some loans made by BlockFi may not be fully collateralised. Full loan collateralisation is important as it means that the loan can always be repaid by using the collateral in the event of a default by the borrower. Having said this, BlockFi provides a detailed breakdown of how it manages loan risk, including its current allocations and credit risk methodology. A well managed credit risk strategy will allow BlockFi to generate higher savings rates for users.

BlockFi is very transparent on the measures it takes to ensure sufficient liquidity remains on the platform to service user withdrawl requests. It keeps 10% of client deposits readily available on hand at all times to service immediate requests. It aims to keep 50% of deposits either on hand or in loans that can be called in with in 7 days. It aims to keep 90% of deposits either on hand or in loans that can be called in within 1 year.

BlockFi does not provide a public audit of its reserves, although it does provide a snapshot of its financial assets here. Proof of reserves can provide significant reassurance to deposits as it is typically undertaken by a third party and it proves that the platform holds more assets than customer liabilities (i.e. it is in a position to be able to repay all users if necessary).

Risk Management

Ledn accounts feature 2 factor authentication for key activities such as login and withdrawals. You can whitelist withdrawal addresses so that funds can only be sent to those addresses. You can also add a personal anti-phishing phrase to the site. This phrase will be included in any emails sent to you which will help you to verify that the email was sent by Ledn and not an impersonator.

Ledn state in their FAQs that assets deposited on the platform are not loaned out to borrowers and instead 100% of these deposits are stored with a third party cold storage custodian, Bitgo. However, elsewhere in their FAQs they state that they may in fact lend out these assets to a borrower and will not necessarily hold an equivalent amount of crypto as collateral. They go on to state that their primary borrower is Genesis. So we have mixed messages from Ledn about the extent to which deposits are loaned out, but in all likelihood deposits are loaned out as this is how they generate a return to pass on to you.

One unique feature of Ledn is that you can verify that your deposit really does exist in Ledn's accounts. This is done by way of a an attestation by Armanino LLP, a top tier accountancy firm. The Ledn web app provides a link to the Armanino asset verification page. Here you can enter a unique hash associated with your account which then reveals Armanino audit of your personal assets. The ability to verify personal individual assets in this way is quite unique and very reassuring. Other platforms that have implemented proof of reserves systems normally show that the total assets of the company exceed total customer liabilities, but there is no way to verify your individual assets.

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Reviews

76% based on 6,230 reviews
89% based on 684 reviews
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Savings Rates

The table below compares the savings rates for BlockFi and Ledn. Enter the amount you intend to deposit to get a more detailed comparison.
Stable Coins
DAI Dai
4% - 6% APY
4% - 6% APY
7% - 7.5% APY
7% - 7.5% APY
USDC USD Coin
7.5% - 8.5% APY
7.5% - 8.5% APY
USDP Pax Dollar
4% - 7% APY
4% - 7% APY
USDT Tether
8% - 8.75% APY
8% - 8.75% APY
Crypto Currencies
3% APY
3% APY
AAVE Aave
3% APY
3% APY
ADA Cardano
10% APY
10% APY
ALGO Algorand
2.5% APY
2.5% APY
ATOM Cosmos
7% APY
7% APY
AVAX Avalanche
5% APY
5% APY
3% APY
3% APY
0.1% - 1% APY
0.1% - 1% APY
3% APY
3% APY
BNB BNB
3% APY
3% APY
BTC Bitcoin
2.5% - 3.5% APY
2.5% - 3.5% APY
7% - 7.5% APY
7% - 7.5% APY
CHZ Chiliz
3% APY
3% APY
COMP Compound
3% APY
3% APY
3% APY
3% APY
DOGE Dogecoin
2% APY
2% APY
DOT Polkadot
15% APY
15% APY
3% APY
3% APY
EOS EOS
3% APY
3% APY
ETH Ethereum
2% - 3.5% APY
2% - 3.5% APY
FIL Filecoin
2% APY
2% APY
FTM Fantom
3% APY
3% APY
FTT FTX Token
3% APY
3% APY
GALA Gala
3% APY
3% APY
GRT The Graph
5% APY
5% APY
LINK Chainlink
0.1% - 1% APY
0.1% - 1% APY
LTC Litecoin
0.1% - 2% APY
0.1% - 2% APY
6% APY
6% APY
3% APY
3% APY
MATIC Polygon
5% APY
5% APY
MKR Maker
3% APY
3% APY
7% APY
7% APY
PAXG PAX Gold
0.1% - 1% APY
0.1% - 1% APY
RUNE THORChain
3% APY
3% APY
3% APY
3% APY
SOL Solana
5% APY
5% APY
SRM Serum
3% APY
3% APY
SUSHI SushiSwap
3% APY
3% APY
TRX TRON
6% APY
6% APY
UNI Uniswap
2% - 3% APY
2% - 3% APY
3% APY
3% APY
Loading rates ...
Stable Coins
USDC USD Coin
7.5% APY
7.5% APY
Crypto Currencies
BTC Bitcoin
2% - 5.25% APY
2% - 5.25% APY
Loading rates ...
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Loans Rates

The table below compares the loan rates for BlockFi and Ledn. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
USD US Dollars
4.5% - 9.75% APR
50% LTV 4.5% - 9.75% APR
Stable Coins
Loading rates ...
Fiat Currencies
USD US Dollars
7.9% APR
50% LTV 7.9% APR
Stable Coins
USDC USD Coin
7.9% APR
50% LTV 7.9% APR
Loading rates ...
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Company

Legal name
BlockFi Lending LLC
Legal name
Ledn Inc
Year founded
2017
Year founded
2018
Country incorporated in
2
Country incorporated in
47
Headquarters country
2
Headquarters country
47
Centralised
tick Yes
Centralised
tick Yes
Number of employees
505700
Number of employees
40
Number of users
225,000
Number of users
Total assets under management
$15,000,000,000USD
Total assets under management
$1,000,000,000USD
Withdrawal time in hours
24hours
Withdrawal time in hours
30hours
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Products

Savings accounts
tick Yes
Savings accounts
tick Yes
Loans
tick Yes
Loans
tick Yes
Crypto to crypto exchange
tick Yes
Crypto to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Fiat to crypto exchange
cross No
Pro exchange marketplace
cross No
Pro exchange marketplace
cross No
Peer to peer exchange
cross No
Peer to peer exchange
cross No
Corporate accounts
tick Yes
Corporate accounts
cross No
Instantly buy crypto with fiat
tick Yes
Instantly buy crypto with fiat
cross No
Integrated crypto wallet
tick Yes
Integrated crypto wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Fast account verification
tick Yes
Fast account verification
tick Yes
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Security

Insurance level
Insurance level
$100,000,000USD
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
Gemini
Cold storage custodian
BitGo
Two factor authentication
tick Yes
Two factor authentication
tick Yes
Credit check
cross No
Credit check
cross No
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Support

24/7 support
tick Yes
24/7 support
cross No
Email support
tick Yes
Email support
tick Yes
Phone support
tick Yes
Phone support
cross No
Chat support
tick Yes
Chat support
tick Yes
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Fees

Exchange fees
0% exchange fees
Exchange fees
0% exchange fees
Fiat deposit fee
tick Free
Fiat deposit fee
Fiat deposits not accepted
Fiat withdrawal fee
tick Free
Fiat withdrawal fee
Fiat deposits not accepted
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
You must first withdraw from your savings account to your BlockFi crypto wallet. You can then submit a withdrawal request to remove funds from the platform altogether. Withdrawals are processed next working day
Withdrawal process
Withdrawals are processed manually, normally with 24 hours. They can take up to 7 days max.
Withdrawal time
24 hours
Withdrawal time
30 hours
Crypto withdrawal fee
Varies by currency - approx $10 USD per withdrawl
Crypto withdrawal fee
Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
Savings crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Savings crypto account withdrawal limit
Up to 1,000,000 USDC every 7 days and up to 100 BTC every 7 days
Loan crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Loan crypto account withdrawal limit
Savings fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Savings fiat account withdrawal limit
No fiat savings withdrawls
Loan fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Loan fiat account withdrawal limit
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Investment Strategy

DeFi products
cross No
DeFi products
Unsecured loans
tick Yes
Unsecured loans
Independent proof of reserves
cross No
Independent proof of reserves
tick Yes
Proof of reserves
Proof of reserves
You verify that your specific deposits do exist within Ledn assets via a web link to Armanino LLP
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Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulated in the USA
Regulators
Alabama - Consumer Credit License
tick Yes
Alabama - Consumer Credit License
Alabama - Money Transmitter License
tick Yes
Alabama - Money Transmitter License
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
tick Yes
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
Colarado - Supervised Lender’s License
tick Yes
Colarado - Supervised Lender’s License
Connecticut - Money Transmitter License
tick Yes
Connecticut - Money Transmitter License
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
tick Yes
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
Florida - Money Services Business License
tick Yes
Florida - Money Services Business License
Georgia - Seller of Payment Instructions
tick Yes
Georgia - Seller of Payment Instructions
Idaho - Department of Finance - Money Transmitter License
tick Yes
Idaho - Department of Finance - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
tick Yes
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
tick Yes
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
Kansas - Office of the State Bank Commissioner - Supervised Loan License
tick Yes
Kansas - Office of the State Bank Commissioner - Supervised Loan License
Kansas - Office of the State Bank Commissioner - Money Transmitter License
tick Yes
Kansas - Office of the State Bank Commissioner - Money Transmitter License
Maryland - Consumer Loan Authorization
tick Yes
Maryland - Consumer Loan Authorization
Maryland - Money Transmitter License
tick Yes
Maryland - Money Transmitter License
Michigan - Regulated Loan Act License
tick Yes
Michigan - Regulated Loan Act License
Minnesota - Department of Commerce - Regulated Loan License
tick Yes
Minnesota - Department of Commerce - Regulated Loan License
Minnesota - Department of Commerce - Money Transmitter License
tick Yes
Minnesota - Department of Commerce - Money Transmitter License
Missouri - Division of Finance - Small Loan License
tick Yes
Missouri - Division of Finance - Small Loan License
North Carolina - Money Transmitter License
tick Yes
North Carolina - Money Transmitter License
North Dakota - Money Broker License
tick Yes
North Dakota - Money Broker License
Nebraska - Money Transmitter License
tick Yes
Nebraska - Money Transmitter License
New Hampshire - Banking Department - Money Transmitter License
tick Yes
New Hampshire - Banking Department - Money Transmitter License
New Jersey - Money Transmitter License
tick Yes
New Jersey - Money Transmitter License
Ohio - Consumer Installment Loan Act License
tick Yes
Ohio - Consumer Installment Loan Act License
Ohio - Money Transmitter License
tick Yes
Ohio - Money Transmitter License
Oklahoma - License of Authority
tick Yes
Oklahoma - License of Authority
Oregon - Division of Financial Regulation - Money Transmitter License
tick Yes
Oregon - Division of Financial Regulation - Money Transmitter License
Pennsylvania - Consumer Discount Company License
tick Yes
Pennsylvania - Consumer Discount Company License
Puerto Rico - Money Transmitter License
tick Yes
Puerto Rico - Money Transmitter License
Rhode Island - Currency Transmitter License
tick Yes
Rhode Island - Currency Transmitter License
Rhode Island - Lender License
tick Yes
Rhode Island - Lender License
South Carolina - Money Transmitter License
tick Yes
South Carolina - Money Transmitter License
Tennessee - Industrial Loan and Thrift Certificate of Registration
tick Yes
Tennessee - Industrial Loan and Thrift Certificate of Registration
Tennessee - Money Transmitter License
tick Yes
Tennessee - Money Transmitter License
Texas - Money Services Business License
tick Yes
Texas - Money Services Business License
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
tick Yes
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
Washington - Money Transmitter License
tick Yes
Washington - Money Transmitter License
Washington - Consumer Loan License
tick Yes
Washington - Consumer Loan License
Bermuda Monetary Authority - Class F Digital Assets Business License
tick Yes
Bermuda Monetary Authority - Class F Digital Assets Business License
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Other Platform Comparisons

Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

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