Ledn is one of the two most searched lenders on this site, and the questions are comparative rather than biographical. People want to know how it stacks up against APX, against Arch, against the cheaper options.
This page answers those directly. Every figure is the effective APR inclusive of origination fees, verified daily.
Where Ledn sits
| Lender | Effective APR (incl. origination) | Max LTV | Lender page |
|---|---|---|---|
| APX Lending | 9.99% to 11.49% | 60.00% | Learn More |
| Arch (Deferred) | 9.49% to 10.99% | 60.00% | Learn More |
| Arch (Standard) | 8.99% to 10.49% | 60.00% | Learn More |
| CoinRabbit | 11.95% to 16.80% | 90.00% | Learn More |
| Figure | 9.76% to 12.35% | 75.00% | Learn More |
| Ledn | 9.99% to 11.49% | 50.00% | Learn More |
| Nexo | 15.90% | 50.00% | Learn More |
| SALT | 7.49% to 10.50% | 70.00% | Learn More |
| Strike | 7.75% to 10.47% | 50.00% | Learn More |
| Unchained | 14.18% | 50.00% | Learn More |
Lender facts on this page render live from our comparison database, last verified August 4, 2026. Figures refresh weekly; for the current set and your own loan size, see the comparison tool.
Ledn starts at 9.25% effective APR with no origination fee, caps at 50% LTV, places collateral with qualified custodians including BitGo, Anchorage Digital and Fidelity Digital Assets, does not rehypothecate, and has operated since 2018.
Two characteristics shape every comparison below. It is conservative on leverage, and it is the most independently verifiable lender in the set.
Ledn vs APX Lending
The closest structural match in the category, which is why the query exists.
Both use qualified custodians, both charge no origination fee, and both are aimed at borrowers who want custody they can name. APX uses BitGo Trust in segregated insured cold storage.
The differences are narrow but real. Ledn starts at 9.25% against APX's 9.99%. APX allows 60% LTV against Ledn's 50%. APX lends in Canada as well as the US, disbursing US loans in USDC with a $25,000 minimum. Ledn brings a longer operating history and the attestation record below.
Full breakdown: Ledn vs APX.
Ledn vs Arch
Two points of rate against a fee and a liquidation structure.
Arch starts at 7.25% against Ledn's 9.25%, but charges 1.49% origination and 2% on liquidation where Ledn charges neither. Both use qualified custodians, so custody is not the deciding factor.
The structural difference is liquidation. Arch liquidates partially, taking only what is needed to restore the ratio. Ledn liquidates in full. In a sharp drawdown that is the difference between a damaged position and a closed one, and it is a bigger deal than the two point rate gap for a large borrower.
Full breakdown: Arch vs Ledn.
Ledn vs Strike
Strike starts at 7.75%, a point and a half below Ledn, with no origination fee and a 72-hour cure window, the longest in our set.
The trade is custody. Strike holds collateral in its own pool rather than with an independent custodian, though it publishes a quarterly third-party attestation on it. Ledn places collateral with qualified custodians and has published attestations since 2021.
Both are unusually transparent by category standards, and they are the two lenders in the set that publish recurring reserves attestations. The comparison in full is which lenders publish proof of reserves.
Full breakdown: Strike vs Ledn.
Ledn vs the rest
Ledn vs SALT. SALT starts at 7.49% with no origination fee, a 48-hour cure window and 70% LTV, but holds collateral in its own pool. SALT is the cheaper, higher-leverage option; Ledn is the more verifiable one.
Ledn vs Figure. Figure allows 75% LTV against Ledn's 50% and starts at 9.76%. Figure operates its own Fireblocks MPC infrastructure rather than placing collateral with an independent custodian.
Ledn vs Nexo. The starkest contrast in the set. Ledn uses qualified custody and does not rehypothecate; Nexo holds collateral in its own pool and its standard terms permit rehypothecation. On rate, 9.25% against 15.9% for a borrower holding no NEXO tokens.
Ledn vs Unchained. Qualified custody against collaborative multisig, roughly five points apart. Unchained is the only lender where you hold a key, at 14.18%, business entities only, $150,000 minimum.
Ledn vs CoinRabbit. CoinRabbit offers 90% LTV and does not disclose its custodian, and its terms bar US residents.
What Ledn is actually best at
Verifiability. Ledn completed the first Bitcoin-backed lending reserves attestation in January 2021 and has published on a recurring basis since, currently through The Network Firm LLP, with a Merkle tree so each client can confirm their own balance was counted. No other lender in the set matches that history, and most publish nothing.
Conservatism. The 50% LTV cap reads as a limitation next to Figure's 75%, but the distance between your starting LTV and your liquidation point is the only thing standing between you and a forced sale. A low cap is a structurally safer product, not a worse one.
Custody breadth. Collateral is spread across several qualified custodians rather than concentrated with one.
What it is not
It is not the cheapest. Arch at 7.25%, SALT at 7.49% and Strike at 7.75% all start below it. It is not the highest leverage, at half of Figure's ceiling. It does not liquidate partially. And it does not let you hold a key.
Compare directly
Build any pairing on the head-to-head tool, see every lender at once on the comparison tool, or read the full Ledn review. For how a low LTV cap protects you in practice, see what happens to a Bitcoin loan when the price drops.
This is not financial advice
borrow/on/bitcoin is a comparison publisher, not a lender, broker, or financial advisor. We may receive compensation from some lenders featured on this page, including Ledn, which does not influence our default ordering or the data we publish. Rates, fees, LTV limits, custody arrangements and attestation programmes change without notice, so verify current terms directly with each lender before applying. Borrowing against Bitcoin carries real risk including the loss of your collateral.