Bitcoin-backed lending platform operating since 2018, with $11.5B in lifetime loans funded
Ledn is a Bitcoin-backed lending and digital-asset platform that has operated since 2018. It provides USD liquidity against Bitcoin collateral, with loans funded in USD, USDC or a borrower's local currency. Ledn says it has funded $11.5B in lifetime loans and holds 100% of client Bitcoin collateral in custody.
Ledn is a Toronto-founded company with its headquarters in Canada. It was co-founded by Adam and Mauricio Di Bartolomeo. Adam helped build the company as a Bitcoin-focused lending platform, while Mauricio Di Bartolomeo is co-founder and Chief Strategy Officer; he describes currency instability in Caracas as part of the reason he started Ledn. The company says its team has more than 50 employees. Tether has backed Ledn, and the platform has also issued asset-backed securities rated BBB- by S&P Global in February 2026.
A standard Bitcoin-backed loan starts at 50% of the value of the posted BTC. Ledn holds collateral with a qualified independent custodian in segregated on-chain addresses. Custodied loan collateral is not lent out to generate interest, although Ledn may repost it to an institutional USD funding partner. Loan terms are 12 months, with repayment allowed before maturity without a penalty. Borrowers can add collateral or repay when the Bitcoin price changes. Automatic top-ups are also available.
B2X loans use existing Bitcoin holdings as collateral to create additional Bitcoin exposure. Ledn also lets customers hold Bitcoin, XAU₮ tokenized gold and the stablecoins USD₮, USA₮ and USDC. Its trading product covers 10 integrated pairs across those five assets.
Advertised Bitcoin-backed loan APRs range from 9.25% to 11.49%, depending on loan size. The platform says rates are set on day one and held for the term. Trading has no added trading fee, while the Bitcoin-to-gold service uses a 0.5% spread built into the quoted price. From January 1, 2027, accrued interest and applicable fees on existing B2X loans must be paid at maturity or when refinancing.
Loans are available in 100+ countries, although product availability varies by jurisdiction. Ledn holds a Cayman Islands VASP registration with CIMA. Its monthly Open Book Report listed $757M in loans outstanding, a 46% average LTV and $200M funded in the previous 90 days as of September 1, 2026. The report also recorded 100% BTC collateral in custody. The platform's lending model still carries centralized counterparty and insolvency risk. Bitcoin price declines can trigger top-up or liquidation pressure. Rates and product access can change by jurisdiction. The company depends on custodians and institutional funding partners, even though it says custodied collateral is segregated and not lent out to earn interest.
Co-founded Ledn in Toronto after working in renewable energy development.
Co-founded Ledn to provide bitcoin-backed liquidity following hyperinflation experiences in Caracas.
Ledn provides transparent, custodied Bitcoin-backed loans with published monthly attestations, but requires 50% initial LTV collateral and charges starting interest rates of up to 11.49% APR.
Operating since 2018, Toronto-founded Ledn specializes in Bitcoin-backed lending without selling underlying crypto assets. Borrowers post Bitcoin collateral to access liquidity in USD, USDC, or local currencies at an initial loan-to-value ratio of 50%. Annual percentage rates range from 9.25% on balances exceeding $2,000,000 up to 11.49% for standard retail loans. The platform also offers B2X loans, which execute collateralized borrowing instantly to double a user's Bitcoin exposure.
Ledn uses a custody structure and regular reporting for its lending products. Collateral posted for custodied loans is held with an independent custodian and is legally ring-fenced from institutional funding partners rather than being lent out to yield-generating counterparties. The company issues a monthly Open Book Report verified by The Network Firm LLP alongside bi-annual proof of reserves, accounting for 100% of Bitcoin collateral. In September 2026, Ledn reported $757M in outstanding loans against an average loan-to-value ratio of 46%.
The service carries distinct trade-offs. Collateral exposure remains concentrated in Bitcoin, alongside support for gold token XAU₮ and stablecoins such as USD₮ and USDC. Borrowing carries fixed 12-month terms with no intermediate monthly payments, but market drawdowns require borrowers to post extra margin or face automated liquidation. Users also face counterparty exposure to Ledn's institutional partners, despite segregated on-chain accounts.
Ledn suits long-term Bitcoin holders needing liquidity for real estate or business expenses without liquidating their stack. It does not suit multi-asset altcoin holders or traders seeking flexible, undercollateralized lines of credit.
| KYC required ⓘ | Yes · unverified |
|---|---|
| Products | Crypto-backed loans |
| Max loan-to-value | 50% |
| Loan APR from | 9.25% · unverified |
| Supported assets | 5 · unverified |
| Available in | Global, Canada, United States, Latin America, Europe (EEA), Asia-Pacific, Middle East, Africa · unverified |
| Proof of reserves | Yes · unverified |
| Licenses & registrations | Cayman Islands VASP registration (CIMA) |
| Flexible (withdraw any time) | Yes · unverified |
| Fixed terms | Yes · unverified |
Not disclosed by the provider: Highest advertised APY, Insurance, Auto-compounding.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Borrow USD, USDC or local currency against Bitcoin, starting at 50% of collateral value.
A qualified independent custodian holds the Bitcoin in segregated on-chain addresses, and Ledn says it is not lent out to generate interest.
Increase Bitcoin exposure using existing BTC as collateral. The loan executes instantly and has no monthly payments.
Standard loan terms are 12 months, with early repayment allowed without a penalty.
Automatic top-ups and buffer thresholds help manage loan-to-value when Bitcoin prices fall.
Hold Bitcoin, XAU₮ tokenized gold, USD₮, USA₮ and USDC on the platform.
Trade across 10 integrated pairs with quoted-price execution and no trading fees.
Monthly reports include loans outstanding, average LTV and BTC collateral held in custody.
Lets users borrow USD, USDC, or local currency against Bitcoin collateral at a 50% initial LTV with no monthly installment payments.
Executes an instant Bitcoin purchase matched with an equivalent Bitcoin-backed loan to double a borrower's market exposure.
Holds Bitcoin collateral in segregated custody accounts with qualified custodians, ensuring assets are not lent out for yield.
Provides trading across 10 integrated pairs covering BTC, physical gold token XAU₮, USD₮, USA₮, and USDC with quoted-price execution.
Offers storage accounts for Bitcoin, vaulted gold tokens, and dollar stablecoins with balance accounting tracked in monthly reports.
Ledn provides crypto-backed loans with fast processing, no collateral re-hypothecation, and reserves reported by an independent CPA firm. User feedback centers on regional service restrictions in Canada and the United States, along with a reported three-hour delay in a USDC deposit confirmation.
“I lent some BTC on ledn.io back when they allowed Americans to do so, and liked it. I accepted the "trusted third party" risk, in part because of how hard Ledn worked to demonstrate they had suitable reserves.”
“Ledn and Nexo both unscathed. I fully trust Ledn’s business model, as it’s focused on bitcoin and USDC, and has proper audits, etc. Nexo has more vulnerabilities with exposure to many shi*coins and also incentivizes users to buy their Nexo token. There is something about Nexo that feels scammy.”
“Are there any plans to work with Canadian Regulators to re-enable both Bitcoin and USDC transaction accounts? As a Canadian, its very concerning since we cannot make use of auto top off or partial re-payments of our loan via USDC.”
“No Support, Can’t Log in. Can’t reset password, support bots sending me in circles I was an early Ledn user from 2020. I left some BTCs on the platform since that time (since they do give you a tiny bit of interest monthly) and each month, I’ve received an email about a statement.”
Based on 50 Reddit posts and comments from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
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Ledn was co-founded in 2018 by Adam and Mauricio Di Bartolomeo, who serves as Chief Strategy Officer.
Ledn charges fixed interest rates between 9.25% and 11.49% APR. The lowest rates apply to loan amounts of $2,000,000 or more.
No, collateral posted for custodied loans is held with an independent custodian and is not lent out to earn yield. Collateral can only be re-posted to institutional funding partners in ring-fenced, verifiable on-chain addresses.
Ledn supports Bitcoin (BTC), Tether Gold (XAU₮), and stablecoins including USD₮, USA₮, and USDC across 10 trading pairs.
Borrowers need at least $1,000 worth of Bitcoin collateral to qualify for a loan.
Yes, borrowers can repay their loan balance at any point during the 12-month term without incurring prepayment penalties.
Recent public posts from @hodlwithLedn, shown as published. Not reviewed or endorsed by CryptoReview.
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