How the Ledn Savings Accounts Work

• What are the Ledn Savings Accounts?

  The Ledn Savings Accounts allow clients to earn interest on their Bitcoin and USDC holdings. To generate this interest, Ledn works with its primary institutional borrower, Genesis, one of the largest and most established institutions in digital asset lending.

• What is USDC?

  USD Coin (USDC) is a type of cryptocurrency referred to as a stablecoin. Each USDC is backed by one US dollar, giving it a stable price. USDC is issued by regulated and licensed financial institutions that maintain full reserves that are attested monthly by an independent accounting firm . You can learn more about USDC on their official website here and view their monthly 3rd party reports here.

• Who is Genesis?

  Genesis offers institutions the ability to borrow digital currencies like BTC and stable coins like USDC in large sizes over flexible terms. With over $3.1 Billion in digital assets loans processed during 2019, Genesis is renowned for dealing with an elite group of limited institutions, and uses best-in-class standards for its lending processes and reporting. You can learn more about Genesis here and access their latest quarterly reports here.

• How does Ledn generate the interest that it pays?

  Ledn generates the interest by lending the bitcoin and USDC to its primary institutional borrower, Genesis. Additionally, Ledn can generate interest on USDC through Ledn’s bitcoin-backed loans which are backed 2:1 with bitcoin held in Ledn’s custody.

• How long do incoming bitcoin transfers take to get posted to my account?

  Transactions sent to your Bitcoin Savings Account will be posted after 1 confirmation on the Bitcoin blockchain. This process typically takes about 10 minutes depending on the transaction fee selected by the sender and the Bitcoin network traffic. When possible, it is best to use the QR code to obtain the bitcoin address directly from the Ledn platform to reduce the risk of errors while copying and pasting, or manually typing the address.

• How long do incoming USDC transfers take to get posted?

  Transactions sent to your USDC Savings Account will be posted after 15 confirmations on the Ethereum blockchain. This process typically takes about 4 minutes depending on the transaction fee selected by the sender and the Ethereum network traffic.

Interest and Withdrawal Fees

• Is there a minimum balance to earn interest?

  No, there is no minimum balance necessary to start earning interest.

• Are there any fees to use the USDC Savings Account?

  The only fees associated with the USDC Savings Account is a 10 USDC fee per each withdrawal. This fee covers the transaction or miners fee paid to process the transaction on the Ethereum Blockchain.

• Are there withdrawal fees or any other fees to use the Bitcoin Savings Account?

  No, Ledn does not charge any fees to use the Bitcoin Savings Account.The only withdrawal fee associated with the account are those paid to process transactions (miners fees) on the Bitcoin Blockchain.

• Can I withdraw my Bitcoin and/or USDC at any time?

  Yes, you can request a withdrawal at any time, 24 hours a day, 7 days a week - directly on the Ledn platform, subject to Ledn’s withdrawal processing times. In order to be able to withdraw any interest paid to your Ledn Savings account, KYC must be completed.

• Is there a fee to withdraw USDC from my account?

  Yes, there is a 10 USDC withdrawal fee to process each withdrawal request. This fee includes the ethereum network fees to process the transaction (miners fees).

Operations, Security and Insurance

• Are there any limits on my withdrawals?

  Clients can withdraw up to 1,000,000 USDC every 7 days and up to 100 BTC every 7 days.

• How long does a withdrawal take to get processed?

  Withdrawals for both Bitcoin and USDC are typically processed within 1 business day of being submitted, but may take up to 7 business days. Withdrawals are subject to processing times from our qualified and insured custodian, BitGo.

• Are the Ledn Savings Accounts available worldwide?

  Yes, the Ledn Savings Accounts are available to Bitcoin and USDC holders worldwide with the exception of a few locations. Excepted Countries: Afghanistan, Albania, Armenia, Azerbaijan, Bangladesh, Belarus, Botswana, Burkina Faso, Burundi, Cambodia, China [PRC], Congo [DRC], Congo [Republic], Cuba. Gaza Strip, Ghana, Haiti, Iran, Iraq, Jamaica, Kazakhstan, Kyrgyzstan, Lebanon, Liberia, Libya, Mali, Mauritania, Mauritius, Mongolia, Morocco, Myanmar [Burma], Nepal, Nicaragua, North Korea, Pakistan, Palestinian Territories, Réunion, Rwanda, Senegal, Sierra Leone, Somalia, Sri Lanka, South Sudan, Sudan, Swaziland, Syria, Tajikistan, Timor-Leste, Turkmenistan, Uganda, Western Sahara, Yemen, Zambia, Zimbabwe. Excepted U.S. states: Alabama, Connecticut, Hawaii, Kentucky, Louisiana, New Jersey, New York, Texas, Washington, Washington D.C.

• Can I buy bitcoin with my USDC once it is in the USDC Savings Account?

  You can find a list of places to buy or sell Bitcoin and USDC in your country here.

• Can I sell bitcoin for USDC once it is in the Bitcoin Savings Account?

  You can find a list of places to buy or sell Bitcoin and USDC in your country here.

• Where is my Bitcoin stored?

  When the bitcoin in your Savings Account are not lent out to generate interest, bitcoin is stored within our custodian, BitGo. BitGo is a qualified custody provider registered in the U.S.

• Where is my USDC stored?

  When the USDC in your Savings Account is not lent out to generate interest, USDC is stored within our custodian, BitGo. BitGo is a qualified custody provider registered in the U.S.

• Is the balance in my Savings Accounts insured?

  Ledn has a very thorough protocol for lending Bitcoin and USDC, and works with best-in-class industry partners to minimize the risk of its operations. However, Bitcoin and USDC held within the Savings Accounts is not covered by CDIC or any kind of deposit protection insurance policy.