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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.
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6%
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Instant Access
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6%
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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.
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.
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%).
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.
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.
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.
Ledn offers support by email and online chat, however they do not offer support by phone and do not offer 24 hour support.
Based on a total of 148 reviews across the web for Ledn we gave the platform an overall rating of 55%.
Overall User Rating |
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144 reviews 144 |
Android App |
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122 reviews 122 |
iphone App |
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14 reviews 14 |
Trustpilot |
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4 reviews 4 |
Featured Customers |
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3 reviews 3 |
Source Forge |
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1 review 1 |
Show 3 more user reviews ... |
Overall Expert Rating |
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4 reviews 4 |
Benzinga |
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DeFi Nerd |
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Bit Compare |
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The College Investor |
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Exchange fees | 0% exchange fees |
Fiat deposit fee | Fiat deposits not accepted |
Fiat withdrawal fee | Fiat deposits not accepted |
Crypto deposit fee |
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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 |
Ledn supports over 2 currencies including Bitcoin.
Ledn's services are available in all countries EXCEPT:
Ledn's supports the following languages: English, Portuguese-Portuguese and Spanish.
Legal name | Ledn Inc |
Year founded | 2018 |
Country incorporated in | Canada |
Headquarters country | Canada |
Decentralised |
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Number of employees | 40 |
Total assets under management | $1,000,000,000USD more ...$0USD |
Withdrawal time in hours | 30hours more ...0hours |
Savings accounts |
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Loans |
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Crypto to crypto exchange |
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Fiat to crypto exchange |
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Pro exchange marketplace |
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Peer to peer exchange |
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Corporate accounts |
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Instantly buy crypto with fiat |
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Integrated crypto wallet |
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Crypto withdrawals to private wallet |
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Fast account verification |
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Insurance level | $100,000,000USD more ...$0USD |
Cold storage |
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Cold storage custodian | BitGo |
Two factor authentication |
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Know your customer |
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Credit check |
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24/7 support |
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Email support |
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Phone support |
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Chat support |
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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 |
Independent proof of reserves |
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Proof of reserves | You verify that your specific deposits do exist within Ledn assets via a web link to Armanino LLP |
https://ledn.io/ | |
support@ledn.io | |
(416) 220-9454 | |
LEDN Inc - 700-350 Bay Street Toronto, Ontario, M5H 2S6 |
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We never sell or disclose your data to anyone.