How the Ledn Savings Accounts Work

• What are the Ledn Savings accounts?

  The Ledn Savings accounts allow clients to earn interest on their BTC and USDC holdings.
  
  Effective April 4, 2022, U.S. clients will no longer be able to earn interest on any newly deposited funds in their BTC and/or USDC Savings Accounts, where available. Existing U.S. clients will continue to earn interest on their pre-existing balances in their BTC and/or USDC Legacy Savings Accounts but will no longer be able to transfer additional BTC and/or USDC into their Legacy Savings Accounts.

• 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 $130.6 Billion in digital assets loans processed during 2021, 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?

  Where applicable, Ledn generates the interest paid on Ledn Savings Accounts in several different ways.
  
  Ledn rehypothecates bitcoin and USDC. Our primary institutional borrower, Genesis, is one of the largest and most established institutions in digital asset lending.

• 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 35 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 35 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 are usually processed within the first 48 business hours after their request; however, please note that it may take us up to seven (7) days to fully process any withdrawal transfer request.

• Are the Ledn Savings Accounts available worldwide?

  The Ledn Savings accounts are available to Bitcoin and USDC holders worldwide with the exception of a few locations.
  
  Restricted Countries: Afghanistan, Albania, Armenia, Azerbaijan, Bangladesh, Belarus, Botswana, Burkina Faso, Burundi, Cambodia, China, Democratic Republic of the Congo, Cuba, Eswatini/Swaziland, Ghana, Haiti, Iran, Iraq, Jamaica, Kazakhstan, Kyrgyzstan, Lebanon, Liberia, Libya, Mali, Mauritania, Mauritius, Mongolia, Morocco, Myanmar [Burma], Nepal, Nicaragua, North Korea, Pakistan, Palestinian Territories, Republic of the Congo, Réunion, Rwanda, Senegal, Sierra Leone, Somalia, Sri Lanka, South Sudan, Sudan, Syria, Tajikistan, Timor-Leste, Turkmenistan, Uganda, Uzbekistan, Western Sahara, Yemen, Zambia, Zimbabwe.
  
  Interest may not be offered in all jurisdictions and may vary from one jurisdiction to another.

• Are the Ledn Savings accounts available for U.S. clients?

  BTC or/and USDC Savings accounts are available in selected U.S. states.
  
  Effective April 4, 2022, U.S. clients will no longer be able to earn interest on any newly deposited funds in their BTC and/or USDC Savings accounts. Existing U.S. clients will continue to earn interest on their pre-existing balances in their BTC and/or USDC Legacy Savings accounts but will no longer be able to transfer additional BTC and/or USDC into their Legacy Savings Accounts.

• Can I trade assets once they are in the Savings accounts?

  Subject to availability in your jurisdiction, Ledn supports BTC and USDC for its Trade and Savings Accounts products. Ledn clients can trade between their Bitcoin and USDC Savings accounts seamlessly.
  
  Existing U.S. clients with a balance in their BTC or USDC Legacy Savings Account will need to move their funds to the BTC or USDC Savings Account to be able to trade.

• Where is my bitcoin and/or USDC stored?

  When the bitcoin and/or USDC in your Savings Accounts are not on-lent by Ledn to borrowers, BTC and/or USDC are stored at BitGo.

• Is the balance in my Savings Accounts insured?

  Ledn has a very thorough protocol for on-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 are not covered by Canada Deposit Insurance Corporation, or Securities Investor Protection Corporation, or any kind of deposit protection or insurance policy against losses anywhere in the world.