Ledn Focuses on Bitcoin Lending, Ends Ethereum Support

• Ledn ends ETH support to prioritize bitcoin
• Ledn’s lending model eliminates third-party risk
• Company bets on bitcoin as the safest digital asset

Cryptocurrency lending platform Ledn has announced that it will end support for Ethereum-backed loans and discontinue its crypto yield products. Starting July 1, the company’s entire offering will focus exclusively on bitcoin-backed loans, and it will also be abandoning its so-called “Growth Accounts,” which offered up to 4% annualized yield on BTC and ETH.

Office update: 24 slices down. 0 regrets. $1.1B worth of pizza later, we're still bullish.

Happy Bitcoin Pizza Day 🍕 pic.twitter.com/3FHQPZVBZV

— Ledn (@hodlwithLedn) May 22, 2025

The move aims to eliminate third-party credit risk by adopting a fully custodial lending structure, where assets remain under the custody of Ledn itself or trusted financial partners. CEO and co-founder Adam Reeds said the move reflects the original principles of bitcoin, reinforcing the company’s commitment to transparency and security of customer funds.

Ledn had added support for ether in February 2024, seeking to offer an alternative for users impacted by the Celsius bankruptcy in 2022. However, just over a year later, the platform chose to simplify its product line and centralize its services on BTC, considered by its executives to be the safest digital asset on the market.

The decision is also in line with a strategic shift in light of the growth of other platforms that offer loans with bitcoin as collateral, such as Strike, Xapo Bank, Unchained and Coinbase. These companies explore different risk models to meet the demand for credit without the need to sell cryptocurrencies, thus avoiding taxable events.

In a statement, Ledn highlighted that it is taking this measure to further protect users, claiming that many of the products recently launched in the sector follow opaque and risky structures, similar to those that contributed to the 2022 crises.

With over $9,5 billion in loans originated, Ledn is reinforcing its position as a leader in the Bitcoin-only CeFi segment. Since 2020, the company has adopted a third-party audited proof-of-reserve system, ensuring full custody of assets is verified — a practice that has helped it remain in the market while competitors have collapsed.

The exclusive focus on bitcoin comes as international regulators begin to adopt more favorable stances towards cryptocurrencies, which could facilitate the growth of safer and more transparent models of digital financial services.