Home Cryptocurrency Bitcoin lender Ledn to roll out ETH, USDT interest accounts

Bitcoin lender Ledn to roll out ETH, USDT interest accounts

by Harry Garcia

Ledn, a lending platform with its roots in Bitcoin lending, has announced the launch of an Ether yield offering in response to user demand. The company, based in the Cayman Islands, has added an ETH offering to its Growth Accounts products, which currently allow users to earn interest on Bitcoin and USD Coin deposits.

Ledn stated that the addition of an ETH offering came as a result of user requests for an alternative to manually staking Ether. Many users wanted a way to earn interest from their ETH holdings without having to manage them through liquid staking pools.

The lending platform emphasized that its Growth Accounts are separate from its other products and services. This means that user deposits remain unaffected if Ledn were to go bankrupt, as deposited ETH is only exposed to the counterparty generating yield from the staked amount.

The announcement by Ledn comes at a time when the failures of several prominent crypto lending firms have raised concerns about the industry’s lending practices. Companies like Celsius, Voyager, and Three Arrows Capital have experienced significant setbacks due to over-extension and questionable lending practices.

Ledn’s chief strategy officer, Mauricio Di Bartolomeo, expressed confidence that an ETH offering would be a favorable alternative to self-managing ETH staking. He noted that this yield option is much easier to set up compared to native ETH staking.

In addition to the ETH offering, Ledn also revealed its plan to launch a second stablecoin Growth Account. Starting from October 12, users will be able to deposit and earn interest on Tether tokens. However, these new offerings will not be available to users in the United States or Canada.

Ledn is not the only Bitcoin-first company expanding its services to include cryptocurrencies other than BTC. Casa, a noncustodial wallet platform that started as a Bitcoin-only service, introduced multisignature ETH self-storage in June 2023.

In August 2023, Ledn announced a partnership with Cayman Islands real estate company Parallel to allow cryptocurrency users to invest in property and eventually gain residency.

As the cryptocurrency industry continues to evolve, lending platforms like Ledn are adapting to meet the demands of their users. By offering alternative ways to earn interest on different cryptocurrencies, these platforms provide more options and flexibility for investors.

You may also like

@2023 – All Right Reserved. Developed by Crypto Explorers