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Home Platforms Hodlnaut vs Ledn

Compare Hodlnaut 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
2
Established
2.8
Reviews
9.5
Risk Management
1
Withdrawals
1
Coverage
2.3
Support
6
Savings Rates
6.2
Loan Rates
4.7
Established
3.1
Reviews
8.9
Risk Management
8
Withdrawals
5
Coverage
2
Support
6
Savings Rates
7.3
Savings Rates
6.2
Loan Rates
2
Loan Rates
4.7
Established
2.8
Established
3.1
Reviews
9.5
Reviews
8.9
Risk Management
1
Risk Management
8
Withdrawals
1
Withdrawals
5
Coverage
2.3
Coverage
2
Support
6
Support
6

Pros & Cons

tick Very simple easy to understand interface
tick Interest accrued daily and paid out weekly
tick Enhanced interest rates available for big depositors (over 100 BTC)
tick Excellent reviews
tick Regulated in Singapore
tick Option to insure your deposits
tick Higher average review rating than Ledn (95% vs 89%)
tick More reviews than Ledn (941 vs 689 reviews)
tick Higher rating for android phone app than Ledn (4.6 vs 2.5 stars)
tick Higher rating on Trustpilot than Ledn (4.8 vs 4.7 stars)
tick Quicker time to withdraw crypto than than Ledn (1 hour vs 30 hours)
tick Offers corporate accounts but Ledn doesn't
tick Has a slower withdrawal time than Ledn (1 hour 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 Been in business longer than Hodlnaut (Founded 2018 vs 2019)
tick Has less assets under management than Hodlnaut
tick Has a lower level of insurance than Hodlnaut
tick Has independent proof of reserves but Hodlnaut doesn't
tick Interface supports Portuguese-Portuguese and Spanish whereas Hodlnaut doesn't
Savings Rates
tick Hodlnaut will pay interest on 2 stable coin deposits not offered by Ledn:
tick Hodlnaut will pay interest on 3 crypto currency deposits not offered by Ledn:
1 more savings rates pro ...
Savings Rates
tick Ledn has a higher base saving rate for USD Coin (USDC) (7.5% vs 0.5%)
tick Ledn has a higher base saving rate for Bitcoin (BTC) (2% vs 1.6%)
1 more savings rates pro ...
Loan Rates
tick Ledn offers loans in US Dollars (USD) fiat currency deposits whereas Hodlnaut does not
tick Ledn offers loans in USD Coin (USDC) stable coin deposits whereas Hodlnaut does not
1 more loan rates pro ...
cross Limited number of coins supported
cross Loans not available for regular users.
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
1 hour
Withdrawal Time
30 hours
Withdrawal Score
1
Withdrawal Score
5
Withdrawals Experience

ON 8 AUGUST 2022, HODLNAUT FROZE ALL DEPOSITS AND WITHDRAWALS. Hodlnaut should be avoid until this situation is resolved.

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
1
Risk Management Score
8
Risk Management

Hodlnaut make strong claims about sensible risk management policies they have adopted, including being very selective about who they lend to. They even state that should an unrecoverable loss occur, then investors will be reimbursed out of shareholder equity. They also engaged Crowe Singapore to audit and attest that Hodlnaut holds the tokens that it says it does, although the last audit that we could find was carried out in May 2021.

Unfortunately, it has since transpired that risk management was not as robust as they claimed it to be. In August 2022, liquidity issues forced the platform halt all withdrawals and deposits. We have to hope that the platform is able to successfully restructure.

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

95% based on 941 reviews
89% based on 689 reviews
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Savings Rates

The table below compares the savings rates for Hodlnaut and Ledn. Enter the amount you intend to deposit to get a more detailed comparison.
Stable Coins
DAI Dai
0.25% - 5.75% APR
0.25% - 5.75% APR
USDC USD Coin
0.5% - 7% APR
0.5% - 7% APR
USDT Tether
0.5% - 7% APR
0.5% - 7% APR
Crypto Currencies
BTC Bitcoin
1.6% - 4% APR
1.6% - 4% APR
ETH Ethereum
2% - 4.5% APR
2% - 4.5% APR
PAXG PAX Gold
1.2% APR
1.2% APR
1.6% - 4% APR
1.6% - 4% APR
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 Hodlnaut and Ledn. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
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
Hodlnaut Pte. Ltd
Legal name
Ledn Inc
Year founded
2019
Year founded
2018
Country incorporated in
206
Country incorporated in
47
Headquarters country
206
Headquarters country
47
Centralised
tick Yes
Centralised
tick Yes
Number of employees
11-50
Number of employees
40
Number of users
10,000
Number of users
Total assets under management
$500,000,000USD
Total assets under management
$1,000,000,000USD
Withdrawal time in hours
1hours
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
cross No
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
cross No
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
$44,000,000USD
Insurance level
$100,000,000USD
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
BitGo, Fireblocks
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
cross No
24/7 support
cross No
Email support
tick Yes
Email support
tick Yes
Phone support
cross No
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
Fiat deposits not accepted
Fiat deposit fee
Fiat deposits not accepted
Fiat withdrawal fee
Fiat withdrawls not accepted
Fiat withdrawal fee
Fiat deposits not accepted
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
On 8 August 2022 Hodlnaut froze all withdrawals.
Withdrawal process
Withdrawals are processed manually, normally with 24 hours. They can take up to 7 days max.
Withdrawal time
1 hours
Withdrawal time
30 hours
Crypto withdrawal fee
1 free crypto withdrawl per month, Bitcoin 0.0004BTC, DAI 10 DAI, Ethereum 0.0036 ETH, USD Coin 10 USDC, Tether 10 USDT
Crypto withdrawal fee
Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
Crypto wallet withdrawal limit
100BTC per day
Crypto wallet withdrawal limit
Savings crypto account withdrawal limit
100 BTC per 24 hours
Savings crypto account withdrawal limit
Up to 1,000,000 USDC every 7 days and up to 100 BTC every 7 days
Savings fiat account withdrawal limit
Savings fiat account withdrawal limit
No fiat savings withdrawls
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Investment Strategy

DeFi products
tick Yes
DeFi products
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
Hodlnaut is in the process of applying for approval under the Payment Services Act in Singapore
Regulators
Singapore Fintech Association
tick Yes
Singapore Fintech Association
Payment Services Act 2020
tick Yes
Payment Services Act 2020
Major Payment Institution License - Monetary Authority of Singapore (MAS) under the Payment Services
tick Yes
Major Payment Institution License - Monetary Authority of Singapore (MAS) under the Payment Services
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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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