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Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand

Ledn, based in the Cayman Islands, announced on Wednesday the addition of Ether-backed loans to its services, driven by substantial demand from its clientele.

These loans, secured by ETH, feature a starting loan-to-value ratio of 50% and an initial annual interest rate of 10.4% (12.4% APR), mirroring the terms of its BTC-backed loan program.

Mauricio Di Bartolomeo, Co-founder and Chief Strategy Officer of Ledn, revealed that many users are opting to use Ethereum as collateral rather than Bitcoin, citing a preference to store BTC more securely in cold storage. Additionally, the increasing regulatory acceptance of Ether serves as another incentive for offering these loans, according to the company.

The growing allure of Ether is further evidenced by heightened interest from institutional investors. Major players such as BlackRock and Fidelity are currently pursuing approval from the US SEC to launch their own Ethereum ETFs based on spot prices.

Navigating Ledn’s Ether-Backed Loan Process

Bartolomeo elaborated on the simplicity of the process, stating, “You do not need to learn how to interact with protocols to access a Ledn ETH-backed loan.”

Here’s a breakdown of how it operates: Clients complete an application on Ledn’s platform, a task that typically takes less than 2 minutes. Ledn then assesses the application, and upon approval, generates a collateral address for the client to transfer their Ethereum to.

Upon receiving the loan collateral, Ledn disburses the loan, which is denominated in USD but can be provided in USD stablecoins or the client’s preferred fiat currency. Typically, Ledn can approve and fund loans within 24-48 hours.

Since 2018, Ledn reports facilitating nearly $5 billion in Bitcoin-backed loans, without any instances of client asset loss.

Ledn Plans to Introduce E2X Loans

Ledn offers ETH-backed loans in both Custodied and Standard options, giving clients the freedom to choose their preferred collateral management approach. Additionally, customers can gain insight into how their collateral, interest rates, and loan funding are managed through Ledn’s monthly Open Book Report.

The platform extends global access to its ETH-backed dollar loans, featuring low minimums, no monthly payments, and flexible repayment options.

In the future, Ledn plans to expand its ETH loan offerings by introducing an E2X service, akin to its B2X loans, in suitable jurisdictions. B2X is a loan product that allows clients to double their BTC holdings.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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