Ledn is a financial services company that provides a custodial crypto wallet focused on BTC and USDC, an interest-earning account, and crypto-backed loans.

Earning

Stablecoin Tiers

Ledn has no tiers for USDC stablecoin deposits. You can hold unlimited USD with a consistent APY of 9.50%.

This is a big deal, as most other competing services have limits for the amount of stablecoin deposits you can hold with them before the interest rate drops.

Crypto Tiers

For BTC, there are two tiers as you can see in the official rates table:

Most users will probably want to maximize their earnings by holding <1 BTC at Ledn. For balances over the initial 1 BTC, you can find a higher interest rate than 2.25% by diversifying into other CeFi alternatives such as BlockFi or Celsius.

Security

How safe is Ledn’s crypto custody?

In terms of security, Ledn has a good track record. The address whitelisting feature is solid, and the UI doesn’t provide many fancy features that could open it up to vulnerabilities. It’s simple, and does just one thing well.

What does ProHashing say about Ledn?

ProHashing has an excellent and comprehensive review of crypto interest accounts. Here’s what they say about Ledn:

While initially viewed as unacceptable, we changed our opinion of Ledn in May 2021 to acceptable. There are compelling reasons to believe that Gemini is fading while Ledn is ascending, and Ledn could become the highest-rated company in a future update.

Unlike most other services, Ledn has no deposit limits. That strongly indicates that they are focused on lending and are not relying on other business practices to increase interest rates. The lack of deposit limits would make it simple for customers to use one place for all assets.

Ledn is one of the only institutions that publicly audits its customers' funds and discloses the results of those audits. Clearly, reading public audits is better than trusting state regulators to perform audits at unknown intervals. The major issue with the public audits is that they have only been published at six-month intervals. A lot can happen in six months; the price of ETH has risen by a factor of 5 in that period. If the company had, for example, sold customers' ETH and now had to buy it back, this debt would not be reflected in audit reports until it was too late. There is no evidence that Ledn has ever or would ever perform such an action, but the reports need to be more frequent for them to actually serve as the trust increaser that Ledn portrays them to be.

You’re not going to get complex services or a nice interface with Ledn. They offer just two coins. You give them money, and they pay interest on the money - that’s it. They have it right, too - there’s no need to create a flashy (and possibly insecure) app for their services. Aside from Genesis, Ledn has the smallest attack service of everyone because it isn’t involved in complex trading.

Pricing

How much do withdrawals cost?

Ledn’s latest withdrawal fees can be found here.

As of November 2021, the fees for each asset are listed below: