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Ledn reviews

Average rating of 54% based on 156 reviews.

Founded 6 years ago in 2018.

Headquartered in Canada.

Reviewed by Yunis
7 April 2021 (Updated 25 February 2024)

Ledn Crypto Platform

DeFinda Score™

An impartial, objective analysis of Ledn's features to help you compare platforms. Read our full analysis.
Staking Yields
5
Loan Rates
4
Established
3
Reviews
6
Risk Management
8
Withdrawals
5
Coverage
2
Support
6

Ledn is a cryptocurrency platform that offers savings accounts, loans and some exchange services. Ledn offers up to 8% APY on assets that you HODL while you can access loans using your Bitcoin as collateral with no credit checks required. You can even borrow funds to purchase more bitcoin.

Ledn is a Canadian crypto financial services company that was founded in 2018 by Adam Reeds and Mauricio Di Bartolomeo. The company raised 30 million in series A financing. Alan Howard and Coinbase are among its investors.

What makes Ledn different is its simplicity and speed. Ledn provides services only in bitcoin and stablecoins. It also started an exchange service between Bitcoin and USDC stablecoin. Its exchange platform is very simple and quick. Ledn has active clients in 105 countries, and has exceeded $1 billion in assets on its platform.

Ledn claims to be first digital asset lending company that offers a Proof-of-Reserves attestation by Armanino LLP which is a top-25 public accounting firm. Users are provided a hashed ID and a link to Armanino LLP's TrustExplorer website. Visiting this link enables users to confirm their balance exists on the platform at the time of the attestation.

Ledn also has a partnership with Genesis Capital to ensures the efficiency of its saving account operations. Ledn stores your collateral Bitcoin offline in a cold storage wallet to maximize security.

Ledn is a boutique company compared to its competitors. Trust is established through their partnership with BitGo that provide cold wallet storage of funds and Armanino LLP who verify their reserves. The company has wide geographical coverage over North and South America. The Ledn platform and their customer service are available in Spanish and Portuguese as well as English.

Pros

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

Cons

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

Ledn Savings Accounts

1
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Columns
  Yield Tokens Term Yield Yield Trend
8%
USDC 8% APY
Instant Access
8%
USDC 8% APY
6%
Over 0 BTC
BTC 2% APY
Instant Access
6%
Over 0 BTC
BTC 2% APY
No matching yield products found

Ledn Loans

1 matching crypto loan found
Loyalty Level Setup Fee LTV Rate
Base
2%
2%
UP TO
50%
7.9%
APR

DeFinda Score™

Staking Yields

5

Ledn has some of the best instant access saving rates for Bitcoin (6%), and has market average instant access saving rates for USD Coin (8%)

Read more ...

Loan Rates

4

Ledn has some of the best loan rates secured against Bitcoin (7.9%).

Note that loans are complex products with rates varying by collateral and LTV. For a full comparison visit our loans page.

Read more ...

Established

3

Ledn was founded in 2018 which makes it 5 years old. That's still quite young as the oldest crypto platforms are 16 years old.

Ledn has approximately 40 employees. That makes it one of the smaller crypto platforms by number of employees.

Ledn has a total of approximately 1 billion USD of assets under management. Ledn is one of the smaller crypto platforms measured by assets held. The biggest crypto platforms are managing up to 21 billion USD of assets.

Read more ...

Reviews

6

Ledn has an average expert rating of 80%, and an average user rating of 56% based on 136 user reviews. Expert reviews include Benzinga (90%), DeFi Nerd (80%), Bit Compare (80%) and The College Investor (70%).

Read more ...

Risk Management

8

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.

Read more ...

Withdrawals

5

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.

Read more ...

Coverage

2

Ledn supports 2 different cryptocurrencies. Key supported cryptocurrencies include Bitcoin and USD Coin. The biggest crypto platforms offer support for over 33 different cryptocurrencies.

Support for a larger number of cryptocurrencies is helpful if you are looking for trading opportunities, but may be less important if your priority is long term investment in one of the major cryptos.

Read more ...

Support

6

Ledn offers support by email and online chat, however they do not offer support by phone and do not offer 24 hour support.

Read more ...

Ledn Reviews

Based on a total of 156 reviews across the web for Ledn we gave the platform an overall rating of 54%.

User Reviews
Overall User Rating
53%
152 reviews 152
Android App
46%
130 reviews 130
iphone App
98%
14 reviews 14
Trustpilot
94%
4 reviews 4
Featured Customers
100%
3 reviews 3
Source Forge
100%
1 review 1
Reddit
Loans Canada
Expert Reviews
Overall Expert Rating
80%
4 reviews 4
Benzinga
90%
DeFi Nerd
80%
Bit Compare
80%
The College Investor
70%
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Ledn YouTube Reviews

Ledn Promo Codes & Vouchers

$25 USDC Cashback

When you take out a loan

$10 Free USDC

When you deposit at least 75 USDC or 0.0015 BTC

Earn 10 USDC Referral Fee

Earn 10 USDC for every friend you refer to the LEDN platform

Ledn Fees

Fees
Exchange fees 0% exchange fees
Fiat deposit fee Fiat deposits not accepted
Fiat withdrawal fee Fiat deposits not accepted
Crypto deposit fee tick Free
Crypto withdrawal fee Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
Limits
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 No fiat savings withdrawls

Ledn Supported Currencies

Ledn supports over 2 currencies including Bitcoin.

Countries That Can Use Ledn

Ledn's services are available in all countries EXCEPT:

Iran
Libya
North Korea
Syrian Arab Republic

Ledn Languages

Ledn's supports the following languages: English, Portuguese-Portuguese and Spanish.

Ledn Key Data

Company
Legal name Ledn Inc
Year founded 2018
Country incorporated in Canada
Headquarters country Canada
Decentralised cross No
Number of employees 40
Total assets under management $1,000,000,000USD more ...$0USD
Withdrawal time in hours 30hours more ...0hours
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange cross No
Pro exchange marketplace cross No
Peer to peer exchange cross No
Corporate accounts cross No
Instantly buy crypto with fiat cross No
Integrated crypto wallet tick Yes
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Security
Insurance level $100,000,000USD more ...$0USD
Cold storage tick Yes
Cold storage custodian BitGo
Two factor authentication tick Yes
Know your customer tick Yes
Credit check cross No
Support
24/7 support cross No
Email support tick Yes
Phone support cross No
Chat support tick Yes
Fees
Exchange fees 0% exchange fees
Fiat deposit fee Fiat deposits not accepted
Fiat withdrawal fee Fiat deposits not accepted
Crypto deposit fee Free
Withdrawal process Withdrawals are processed manually, normally with 24 hours. They can take up to 7 days max.
Withdrawal time 30 hours more ...0 hours
Crypto withdrawal fee Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
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 No fiat savings withdrawls
Investment Strategy
Independent proof of reserves tick Yes
Proof of reserves You verify that your specific deposits do exist within Ledn assets via a web link to Armanino LLP
Key People
Mauricio Di Bartolomeo
Co-Founder & CSO
Adam Reeds
Co-Founder & CEO
Mina Botrous
CTO
Carlos Ng
Controller & CCO
Kenneth Ng
Legal Counsel
Anton Livaja
Lead Software Engineer
Ivan Arredondo
Software Engineer
Robert Valencia
Software Engineer
Qiao Wang
Advisor
Jean-Philippe Vergne
Advisor
Andrew Clark
Advisor
Basem Hanna
Advisor
Anuroop Duggal
Advisor
Colin Evran
Advisor

ALedn is incorporated in Canada, and also have their headquarters in this country.
ALooking at reviews from across the web, Ledn has an average review score of 54% based on 156 reviews.

Useful Links

Ledn Contact Details

https://ledn.io/
support@ledn.io
(416) 220-9454
LEDN Inc - 700-350 Bay Street Toronto, Ontario, M5H 2S6

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