Ledn vs Unchained

Ledn4.1/5

VS

Unchained3.7/5

Feature	LednVisit	UnchainedVisit
Ratings
Our score	4.1/5	3.7/5
User rating	No reviews yet	No reviews yet
Rates	3.5	2.0
Security	4.5	4.5
Transparency	4.5	4.5
Flexibility	3.5	2.5
Support	4.0	4.0
Specs
KYC required	Yes	Yes
Products	Crypto-backed loans	Crypto-backed loans
Max loan-to-value	50%	Not disclosed
Loan APR from	9.25%	Not disclosed
Supported assets	5	1
Available in	Global, Canada, United States, Latin America, Europe (EEA), Asia-Pacific, Middle East, Africa	United States
Proof of reserves	Yes	Not disclosed
Licenses & registrations	Cayman Islands VASP registration (CIMA)	NMLS ID 1900773, NMLS ID 2656661, NMLS ID 2423070, California Financing Law License
Flexible (withdraw any time)	Yes	Not disclosed
Fixed terms	Yes	Yes
Auto-compounding	Not disclosed	No
Company
Founded	2018	2016
Headquarters	Canada	United States
Investors	Tether	Valor Equity Partners, NYDIG, Stone Ridge Holdings Group
Strengths and weaknesses
Pros	100% BTC collateral in custody as of September 1, 2026 Bitcoin-backed APRs advertised from 9.25% Early repayment has no penalty on standard loans Monthly reports disclose assets, liabilities and loan metrics	Collateral is never rehypothecated and can be audited on-chain at any time Borrowers retain one of three multisig keys on every loan Completed SOC 1 and SOC 2 audits in 2025 Holds established US state lending licenses and NMLS registrations
Cons	Centralized counterparty and insolvency exposure remains Bitcoin price declines can trigger top-ups or liquidation Product availability varies by jurisdiction Loan terms are fixed at 12 months	High minimum loan amount of $150,000 restricts smaller borrowers Loan interest rates are 14% to 16.21% APR Supports only Bitcoin, excluding all other crypto assets Requires complete identity verification and serves primarily US residents
Best for	Bitcoin holders borrowing cash, Long-term BTC collateral users, Borrowers needing USD liquidity	US long-term Bitcoin holders, Corporate treasuries borrowing against Bitcoin, Investors seeking verified non-rehypothecated loans

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