Ledn on collateral & liquidation
7.8/ 35% of the score
Loan-to-value and margin-call terms are published, and collateral is held with named custodians.
Best Crypto Lending Platforms · Rank 07 of 8
Ledn review
Bitcoin-backed loans with open-book reporting
Last verified August 16, 20264 scored axes
Score7.6
Self-reported only
The short answer
Ledn scores 7.6 out of 10 and ranks #7 of 8 in the best crypto lending platforms table, strongest on collateral & liquidation (7.8) and weakest on counterparty clarity (7.2).
A focused Bitcoin lender that publishes proof-of-reserves and, unusually for the custodial category, discloses how its book is structured. The narrow product is the point: fewer assets, fewer ways to be surprised.
Key facts on record
- Founded
- 2018
- Model
- Custodial, Bitcoin-focused
- Disclosure
- Proof of reserves, book structure published
What the record shows
4 axes, weighted as published in the table’s methodology. Each score below is read from the fact printed under it.
Ledn on security record
7.6/ 25% of the score
Operating since 2018 with semi-annual proof-of-reserves attestations by a named firm — the most recent completed 31 March 2026 — and more than $10bn of loans funded without a client asset loss on record.
Ledn on rate transparency
7.8/ 20% of the score
Rates are published as a rate card rather than negotiated per customer.
Ledn on counterparty clarity
7.2/ 20% of the score
Publishes the structure of its book, including the share lent to institutional counterparties — unusual disclosure for a custodial lender, though individual borrowers are not named.
Quick answers
- What is Ledn best for?
- Bitcoin-backed loans with open-book reporting. A focused Bitcoin lender that publishes proof-of-reserves and, unusually for the custodial category, discloses how its book is structured.
- Where does Ledn rank among best crypto lending platforms?
- #7 of 8, scoring 7.6 out of 10 — self-reported only on our band scale.
- What is the weakest part of Ledn?
- Counterparty clarity at 7.2. Publishes the structure of its book, including the share lent to institutional counterparties — unusual disclosure for a custodial lender, though individual borrowers are not named.
Strengths and weaknesses
In its favour
- Regular proof-of-reserves with third-party verification
- Unusually open reporting for a custodial lender
- Focused Bitcoin-backed product with clear terms
Against it
- Narrow asset support compared with rivals
- Still a custodial credit relationship with counterparty risk
Unusual disclosure for a custodial lender
Ledn publishes semi-annual proof-of-reserves attestations by a named firm — the most recent completed on 31 March 2026 — and, rarely for this category, the structure of its book including the share lent to institutional counterparties. Individual borrowers are not named, but a depositor here can see far more about where their assets go than at any competitor in this table.
The record
Operating since 2018 with more than $10bn of loans funded and no client asset loss on record, through the same 2022 crisis that removed most of its peers. Loan-to-value and margin-call terms are published and collateral sits with named custodians.
Deliberately narrow
Bitcoin-focused, with a short product list. That is a risk-management choice rather than a gap: fewer assets means fewer ways for the book to surprise its own operators.
What it still is
A custodial credit relationship. You are lending to a company, and disclosure — however good — is not the same as a legal claim on segregated assets.
Who it is for
Bitcoin holders who want liquidity without selling and prefer a lender that publishes what it does with the collateral. Its narrow focus is the reason its record is clean.
What to check
The current loan-to-value and margin-call terms before drawing, and the latest proof-of-reserves report — both are published, which is the point of choosing this lender over an opaque one.
Frequently asked questions
Is Ledn safe?+
It has operated since 2018 with more than $10bn lent and no client asset loss on record, publishes semi-annual proof of reserves by a named firm and discloses the structure of its book. It remains a custodial lender, so you are a creditor of the company.
Does Ledn publish proof of reserves?+
Yes, semi-annually and verified by a named firm, with the most recent completed on 31 March 2026 — alongside an open-book report on how the loan book is structured.
What can I borrow against at Ledn?+
It is Bitcoin-focused with a deliberately narrow product list, with loan-to-value and margin-call terms published up front.
How Ledn compares
8 services in best crypto lending platforms
- 01MorphoIsolated markets with curator-defined risk9.1
- 02CompoundConservative, single-borrow-asset markets9.0
- 03AaveThe default on-chain money market8.8
- 04SparkBorrowing against blue-chip collateral at predictable rates8.8
- 05EulerPermissionless markets with modular risk parameters8.4
- 06Maple FinanceInstitutional credit with named pool delegates7.8
- 07Lednyou are hereBitcoin-backed loans with open-book reporting7.6
- 08NexoCustodial borrowing with a consumer interface7.0