Crypto

Bitcoin lender Ledn adds new cryptocurrency interest accounts

Bitcoin lender Ledn adds new cryptocurrency interest accounts

Users now have access to new Ether and USDT offerings

Cryptocurrency lending platform Ledn has announced the launch of an Ether yield offering after users requested a shielded option to stake Ether manually. The Cayman Islands-based company adds the ETH offering to its Growth Accounts products. It currently delivers ring-fenced facilities for users to accumulate interest on Bitcoin and USD Coin deposits.

Ledn also reports that its Growth Accounts are expressly ring-fenced from other Ledn products and services. Deposited ETH is only revealed to the counterparty generating interest from the staked amount, meaning user deposits won’t be affected if Ledn ever goes bankrupt.

This is particularly relevant after the failures of some of the most prominent firms in the crypto industry. Companies like Three Arrows Capital, Celsius and Voyager underscore the potential problems with questionable lending practices that have invaded the industry.

Ledn’s Chief Strategy Officer, Mauricio Di Bartolomeo, says Ledn users have repeatedly asked about an Ether offering while remaining confident that it would be a favorable option to self-managing ETH staking, commenting, 

"This yield option is significantly easier to set up than native ETH staking. Looking forward, we're working towards rolling out ETH support across the entire Ledn suite of products in the coming months."

Ledn also revealed a second stablecoin Growth Account will be launched, allowing users to deposit and earn interest on Tether tokens, starting on October 12. However, these offerings won’t be available to users in the United States or Canada.

The company also announced In August that it’s partnering with Cayman Islands real estate firm Parallel to allow crypto users to invest in property to obtain residency.

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