Ledn's Open Book Report
Protecting your bitcoin and building a resilient business is our top priority. Ledn now publishes key health metrics, reported by a third-party, so you can see for yourself how Ledn protects your assets.
It’s one more way we demonstrate reliability and our commitment to you, our clients.
Ledn has over $10 billion in loan originations since 2018 and counting!
Key Health Metrics
Loan Book Metrics
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100%
of BTC Collateral in Custody
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Proof of Reserves
We have engaged The Network Firm LLP to provide a Proof of Reserves attestation report every two quarters. Here’s what the latest Proof of Reserves attestation reports:
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Verify your individual balances
How Ledn Protects Your Assets
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Bitcoin is held in custody
100% of loan collateral is held in custody.
Legally Ring-Fenced
Ledn retains beneficial ownership of loan collateral assets at all times so that even in the unlikely event of a funding partner's bankruptcy, your assets are legally protected.
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Not Used to Generate Interest
No client assets are lent out to third parties to generate interest.
Ledn’s Track Record
Ledn Securitized Bond
Setting the Standard
Ledn defines what institutional grade bitcoin lending looks like.The rating for our Asset-Backed Security provides ultimate proof of security, stability, and transparency into funding costs.
Historic First
The first time a major global rating agency has provided independent, institutional validation of a digital asset lending portfolio.
Operational Excellence
Ledn’s operations were subjected to an intensive and extended evaluation that scrutinized every pillar of our business to ensure it met the standards of global institutional finance.
FAQs
100% of Ledn’s BTC-backed loans are Custodied loans, including B2X loans. In all cases, the collateral you post to secure your loan may only be re-posted by Ledn to a trusted institutional USD funding partner, such as a bank, credit fund or other corporate funding partner.
Collateral is held securely in on-chain addresses and/or custodial accounts, ensuring that the collateral is legally ring-fenced from a funding partner’s assets and protected even in the unlikely bankruptcy of our funding partner.
Collateral is held securely in custody throughout the loan. Neither Ledn nor the institutional partner has the right to lend out the collateral to generate interest.
Following an intensive 11-month evaluation to thoroughly analyze the integrity of our operations, an investment grade rating (BBB-) was assigned to our inaugural $188M securitized bond, backed by our portfolio of bitcoin-collateralized loans.
This rating provides a framework for evaluating risks and pricing of different lenders. Previously, there has not been a clear, rated benchmark for what a sustainable Bitcoin-backed loan looks like. But now you can have a clear understanding of the institutional cost of capital, you are better equipped to evaluate the market and have more confidence about how to properly price risk.
No, 100% of Ledn’s BTC-backed loans are Custodied loans. Neither Ledn nor our partners have the right to lend the BTC collateral for yield, so suchcollateral is never exposed to institutional credit risk.
Yes. The majority of BTC collateral is held in cold storage (offline wallets) by us or our funding partners for enhanced security. A certain amount may be held in hot wallets for operational purposes like returning loan collateral to clients.
Ledn has team members across the world from a variety of backgrounds, including many bitcoiners and financial experts. We have team members in North and South America, Europe and Africa serving clients in 100+ countries globally.
You can learn more about the Ledn founding team here.
Read what real users say about their experience taking out a bitcoin-backed loan with Ledn
Heard about us on a podcast or listened to an Influencer talk about Ledn? Did you know that the hosts invariably are users of Ledn and have personally taken out loans with us? They are genuine fans!