Ledn Review 2026
Ledn is a regulated digital asset lending platform offering Bitcoin-backed loans with competitive rates and transparent proof-of-reserves.
Last updated: 2026-02-27 · Independently reviewed
Key Details
Ledn Ratings Breakdown
What Is Ledn?
Ledn is a Bitcoin-focused lending platform founded in 2018 and based in the Cayman Islands. It has grown to become the largest retail Bitcoin-backed lender in the industry, surpassing $1 billion in loan originations in 2025 alone and over $10 billion since inception. Ledn was the first crypto lending platform to complete a Proof of Reserves attestation (January 2021) and maintains the industry's longest-running transparency program. In late 2025, Ledn doubled down on its Bitcoin-only strategy, dropping ETH support and discontinuing interest-earning products to eliminate third-party credit risk entirely. Tether also made a strategic investment in Ledn to help expand Bitcoin-backed credit access.
How Ledn Loans Work
Ledn offers Bitcoin-backed loans where you deposit BTC as collateral and receive a loan in USDC, USD, or local fiat currency. Unlike open-ended credit lines, Ledn uses fixed 12-month terms with monthly interest payments. The maximum LTV is 50%, and loans range from $1,000 to $1,000,000. Disbursement typically takes under 12 hours. All of Ledn's BTC-backed loans are fully custodied — your collateral may only be re-posted to a trusted institutional funding partner, and it's legally ring-fenced from the funding partner's assets. Neither Ledn nor the institutional partner can lend out your collateral to generate interest, which eliminates the rehypothecation risk that plagued many CeFi platforms during the 2022 crisis.
Ledn Interest Rates
Ledn's borrowing rates range from 12.4% to 13.9% APR. These rates are higher than some competitors like Nexo (from 2.9% with loyalty tiers), but they come with no hidden conditions — you don't need to hold platform tokens or qualify for loyalty tiers to get your rate. There are no origination fees, and early repayment carries zero penalties. For borrowers who value simplicity and predictability, paying a slightly higher rate without the complexity of loyalty programs can be a good trade-off.
Is Ledn Available in the US?
Ledn is available to US residents. The platform operates through regulated entities and has served US-based borrowers since its early days. US borrowers can receive loans in USD via bank transfer. Ledn requires full KYC verification including government-issued ID for all users.
Security & Safety
Security and transparency are Ledn's strongest selling points. The majority of BTC collateral is held in cold storage by Ledn or its institutional funding partners. Ledn publishes Proof of Reserves attestations every two quarters through The Network Firm LLP, and any client can verify their account balance was included via the Merkle Tree. The latest attestation (September 2025) confirmed assets in excess of 100% of client liabilities. In late 2025, Ledn launched its Open Book Report — disclosing the total size of its loan book and the collateral backing those loans for the first time. This sets a new transparency benchmark that few competitors can match. Ledn operates through regulated VASP entities and has maintained a perfect track record of protecting client assets through multiple market cycles, including the 2022 crypto winter.
Pros and Cons
Pros
- Proof-of-reserves attestation (Armanino)
- No early repayment penalties
- Competitive rates for BTC collateral
- Regulated entity with transparent operations
- B2X product lets you double BTC exposure
Cons
- BTC only — no altcoin collateral
- 12-month fixed terms only
- KYC required (no anonymous option)
- No mobile app
Who Is Ledn Best For?
Ledn is best suited for Bitcoin holders who prioritize transparency and security above all else. If you want verifiable proof that your collateral is safe, Ledn's industry-leading Proof of Reserves program and fully custodied model offer peace of mind that most competitors can't match. It's particularly good for borrowers who want simple, predictable terms without loyalty tiers or token-staking requirements. It's less ideal if you hold altcoins (Ledn only accepts BTC), want the absolute lowest rates, or need an open-ended credit line without fixed terms.
Ledn vs Alternatives
| Feature | Ledn | Nexo | YouHodler | Unchained Capital |
|---|---|---|---|---|
| Rate (APR) | 12.4% – 13.9% | 2.9% – 13.9% | 3% – 26% | 14% – 16% |
| Max LTV | 50% | 80% | 97% | 40% |
| KYC Required | Yes | Yes | Yes | Yes |
| Collateral Options | 1+ | 10+ | 10+ | 1+ |
| Disbursement | 24-48 hours | instant | instant | 3-5 business days |
| Our Rating | 8.2/10 | 8.5/10 | 7.8/10 | 7.5/10 |
Final Verdict
Ledn earns a 8.2/10 in our review. It stands out as the gold standard for transparency in CeFi lending — no other platform publishes as much verifiable data about its operations. The fully custodied model with no rehypothecation addresses the exact risk that caused several CeFi platforms to collapse in 2022. The main drawbacks are higher rates compared to loyalty-tier platforms like Nexo, BTC-only collateral, and fixed 12-month terms that don't offer the flexibility of open-ended credit lines. For Bitcoin holders who value knowing exactly where their collateral is at all times, Ledn is the safest CeFi choice in 2026.
Frequently Asked Questions
Is Ledn safe in 2026?
Ledn has one of the strongest safety records in crypto lending. It maintains the industry's longest-running Proof of Reserves program (since January 2021), uses a fully custodied model where collateral cannot be rehypothecated, and has never lost client assets. Ledn operates through regulated VASP entities and received a strategic investment from Tether in 2025.
What are Ledn's interest rates?
Ledn's borrowing rates range from 12.4% to 13.9% APR on Bitcoin-backed loans. These are fixed rates with no loyalty tiers or token-holding requirements — the rate you see is the rate you get. There are no origination fees and no early repayment penalties.
Does Ledn accept altcoins as collateral?
No. Ledn is a Bitcoin-only platform. It dropped Ethereum support in May 2025 to focus exclusively on BTC-backed lending. If you need to borrow against altcoins, consider Nexo (60+ assets) or CoinRabbit (70+ assets).
How does Ledn's Proof of Reserves work?
Ledn engages The Network Firm LLP to perform independent attestations every two quarters. The report confirms that Ledn holds assets equal to or exceeding 100% of client liabilities. Any Ledn client can verify their account balance was included in the attestation using a Merkle Tree verification tool.
Is Ledn available in the US?
Yes, Ledn serves US residents. The platform operates through regulated entities and requires full KYC verification for all users.