Bitcoin lending platform Ledn is expanding its services by launching Ethereum (ETH) and Tether (USDT) interest accounts, driven by user demand for an alternative to manually staking ETH.
ETH Yield Offering
Ledn, based in the Cayman Islands, has introduced an ETH offering to its existing Growth Accounts products, providing users with ring-fenced opportunities to earn interest on their Bitcoin and USD Coin deposits. Users sought a more straightforward way to earn interest on ETH holdings without managing Ether through liquid staking pools.
Ledn emphasizes that its Growth Accounts are distinct from its other products and services. Deposited ETH is exposed solely to the counterparty responsible for generating yield from the staked amount. Therefore, user deposits remain secure even in the event of Ledn’s bankruptcy, addressing concerns that have arisen due to failures in the crypto lending sector.
Mauricio Di Bartolomeo, Chief Strategy Officer at Ledn, highlighted the convenience of the ETH yield option compared to native ETH staking. Ledn plans to extend ETH support across its entire suite of products in the coming months.
Additional Stablecoin Growth Account
Ledn has also announced the launch of a second stablecoin Growth Account, allowing users to deposit and earn interest on Tether (USDT) tokens starting from October 12. However, these offerings will not be available to users in the United States or Canada.
Ledn follows the trend of Bitcoin-focused companies expanding their support for cryptocurrencies beyond BTC. For example, Casa, a noncustodial wallet platform initially focused on Bitcoin, introduced multisignature ETH self-storage in June 2023.
In August 2023, Ledn entered into a partnership with Cayman Islands real estate company Parallel, enabling cryptocurrency users to invest in property as a pathway to eventual residency.
Ledn’s response to user requests for Ethereum and stablecoin interest accounts reflects its commitment to providing a broader range of crypto financial services.
