What Ledn does

Ledn is a Toronto-headquartered digital asset financial platform founded in 2018 by Adam Reeds and Mauricio Di Bartolomeo, operating through legal entities in the Cayman Islands (Ledn Cayman SEZC Inc., VASP #1976951) and Spain (Ledn EEC, S.L., VASP #E189), with parent 21 Technologies Inc. The company builds Bitcoin-native lending and savings products on top of the Bitcoin blockchain and major stablecoin rails (USDC, USD₮, USA₮), most recently expanding to Tether Gold (XAU₮) as collateral. Its core product is Bitcoin-backed loans at 9.25–11.49% APR with 50% LTV and no credit checks, supported by automated liquidation buffers and qualified independent custody (Fidelity). Adjacent products include B2X loans that combine a BTC-backed loan with an equal BTC purchase, USDC and USD₮ Growth Accounts paying 6.5–8.5% APY, a fee-less Trade feature across 10 asset pairs, Dual Cryptocurrency Notes, and a Private Wealth service for high-net-worth clients.

The business earns a net interest spread between loan APRs (9.25–11.49%) and savings APYs (6.5–8.5%), supplemented by securitization economics from its $188M inaugural Bitcoin-backed ABS issuance rated BBB- by S&P and structured by Jefferies. Distribution is dual-channel: a self-serve global platform (platform.ledn.io) reaching 100+ countries and 120,000+ active users, plus an institutional securitization channel. The platform differentiates on transparency (bi-annual Proof of Reserves, monthly Open Book Reports), strict non-rehypothecation of collateral, SOC 2 Type 2 certification, and survival through the 2022 crypto credit crisis that took down Celsius, BlockFi, and Genesis.

Since inception, Ledn has originated more than $10 billion in Bitcoin-backed loans, including $2.8 billion in Bitcoin mortgages. Strategic backers include Kingsway Capital (Series A lead), Coinbase Ventures, Alexis Ohanian, Fidelity (custody), Sygnum ($50M syndicated loan), and Tether (strategic investment, 2025). The company employs 50+ people and reported $100 million in annual revenue in 2025, making it one of a small number of crypto-native lenders to achieve both regulatory standing and an investment-grade credit rating.

Name

Ledn

Legal name

21 Technologies Inc.

Website

https://ledn.io

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Ledn is a Toronto-based digital asset financial platform founded in 2018 that offers Bitcoin-backed loans, stablecoin savings accounts, and trading to retail and high-net-worth clients in 100+ countries, generating $100M in annual revenue through interest spreads and institutional securitization.

Ownership category

akta.pro rank

Product category

Digital Asset Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Asset-Backed Securities (6189)

akta.pro primary industry

Crypto-Backed Consumer Loans (Secured) (FSADAFAG)

akta.pro secondary industries

On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG)

Keywords

• Bitcoin-backed loans
• Crypto lending platform
• Digital asset lending
• Stablecoin savings accounts
• Cryptocurrency trading

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Interest on Bitcoin-backed Loans: Primary revenue stream from interest charged on loans extended against Bitcoin collateral. Loan APR ranges from 9.25% to 11.49% depending on loan size tier.
2. Interest on Savings Accounts: Interest earned on USDC/USDT savings accounts, paying 6.5-8.5% APY to customers while earning spread on deposits
3. ABS Securitization: Securitization of loans into Asset-Backed Securities markets for institutional investors, with Jefferies as structuring agent

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels6 records

Core offering

Ledn provides Bitcoin-backed loans that allow users to borrow USD or stablecoins (USDC, USDT, USAt) against their BTC collateral at 9.25%-11.49% APR with 50% LTV, no credit checks, and flexible repayment. The platform complements these loans with stablecoin growth accounts paying 6.5%-8.5% APY, the B2X product that doubles BTC exposure via a loan-plus-purchase structure, an integrated multi-asset trading feature, Tether Gold (XAUt) custody, dual cryptocurrency notes, and a Private Wealth service for high-net-worth clients.

Product overview

Ledn is a digital asset-backed lending platform offering a unified product suite centered on Bitcoin-backed loans. The core offering consists of Bitcoin-Backed Loans (9.25%-11.49% APR, 50% LTV) and B2X Loans (which combine a BTC-backed loan with an equal BTC purchase to double holdings). Supporting products include USDT and USDC Growth Accounts (earning 6.5%-8.5% APY), a Trade feature supporting 10 trading pairs between BTC, Gold/XAU₮, USD₮, USA₮, and USDC, Dual Cryptocurrency Notes for future-priced transactions, and Private Wealth services. The platform differentiates through transparency tools including Proof of Reserves attestations and monthly Open Book Reports. Loans can be disbursed and repaid in USD, USDC, USD₮, USA₮, or local currency. The company has originated over $10 billion in loans since 2018 and operates in 100+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• B2X: Bitcoin-backed loan product that allows users to borrow against their Bitcoin to purchase an equal amount of Bitcoin, effectively doubling their BTC exposure.

Products and services

• Bitcoin-Backed Loans Flagship product allowing users to borrow USD, USDC, USDT, USAt, or local currency against Bitcoin collateral at 50% loan-to-value, APRs of 9.25%-11.49% based on loan size, no credit checks, and flexible repayment terms. Available globally with collateral held 1:1 by qualified independent custodians and not rehypothecated.
• B2X Loans Ledn-exclusive product that combines a Bitcoin-backed loan with the purchase of an equal amount of Bitcoin, allowing users to double their BTC exposure without deploying their own fiat. Features 50% LTV, 9.25%-11.49% APR, instant execution, no monthly interest payments, and the ability to repay at any time without penalties.
• USDT Growth Account Savings account paying up to 8.5% APY on USDT holdings with no minimum balance and no locked term. Interest rates are 6.5% APY for deposits below 100,000 USDT and 8.5% APY for deposits over 100,000 USDT, with interest generated by lending into Ledn's BTC-collateralized loan book.
• USDC Growth Account Savings account paying up to 6.5% APY on USDC holdings with no minimum balance and no locked term. Interest is generated by lending USDC into Ledn's BTC-collateralized retail loan book, providing yield within a regulated digital asset lender environment.
• Trade Integrated multi-asset trading feature on the Ledn platform allowing users to instantly trade between BTC, Tether Gold (XAUt), USDT, USAt, and USDC across 10 integrated pairs with no trading fees and quoted-price execution at confirmation.
• Gold (XAUt) Holdings Digital gold holding feature on the Ledn platform where each token represents one fine troy ounce of physical gold held in Swiss vaults, allowing users to hold tokenized gold alongside BTC and stablecoins and (as of June 2026) borrow against XAUt collateral on a one-to-one, non-rehypothecated basis.
• Dual Cryptocurrency Notes (DCN) Structured product allowing users to purchase or sell a cryptocurrency at a desired target price on a specific future date, used for forward-priced crypto exposure within the Ledn platform.
• Private Wealth White-glove service for high-net-worth individuals and seven-figure clients offering personalized digital asset lending, bespoke loan structuring, and wealth management solutions built on Ledn's Bitcoin-backed lending platform.
• Bitcoin-Backed Asset-Backed Securities (ABS) Institutional securitization product that packages originated Bitcoin-collateralized consumer loans into asset-backed securities for sale to institutional fixed-income investors, with a 2026 inaugural issuance of $188 million and an S&P BBB- investment-grade rating on the Class A tranche, structured by Jefferies.

Quantifiable outcome

• $10B+ in loans originated since 2018
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• JefferiescoreImplementation/ SI/ Consulting PartnerStructuring agent for Ledn's ABS (Asset-Backed Securities) deal, enabling institutional financing of loan portfolios
• Arxnovum InvestmentsminorStrategic or Co-development PartnerPlanned acquisition target for expansion of services into Canadian market
• FidelitycoreTechnology or IntegrationCustody provider for Bitcoin bonds, providing institutional-grade custody for crypto assets

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Nexo: One of the largest remaining centralized crypto lenders offering crypto-backed loans, yield-bearing savings accounts, and an exchange — directly comparable to Ledn's core product set and target market of crypto holders seeking liquidity.
• Matrixport: Asia-headquartered crypto financial services platform offering institutional and retail crypto lending, structured products, and yield accounts — comparable business model and institutional focus to Ledn's Private Wealth and ABS channels.
• YouHodler: Swiss-based centralized crypto lender offering crypto-backed loans, stablecoin savings accounts, and multi-asset yield products — directly comparable target customer (crypto holders) and product mix to Ledn.
• Bitcoin Suisse: Swiss-regulated crypto financial services provider offering crypto lending, staking, and trading to private and institutional clients — comparable institutional positioning, regulated approach, and lending products.
• CoinLoan: Centralized crypto lending and borrowing platform offering crypto-backed loans and interest accounts — directly comparable to Ledn's core BTC-backed loan and stablecoin growth accounts.
• Abra: Crypto wealth management platform offering crypto-backed lending, yield, and trading for retail and institutional clients — comparable crypto-collateralized lending model and target customer base.
• Cake DeFi: Singapore-headquartered centralized crypto finance platform offering lending, staking, and yield products to retail and institutional crypto holders — comparable DeFi/CeFi hybrid lending model.

Broad incumbents

• Galaxy Digital: Diversified crypto financial services firm with institutional lending, trading, and asset management — comparable institutional credit orientation and broad crypto financial services scope to Ledn's ABS-institutional strategy.
• Coinbase: Largest US-regulated crypto exchange, which has offered crypto-backed lending and yield products — comparable in targeting crypto holders seeking liquidity, with a much broader product portfolio than Ledn.

Emerging players

• Aave: Leading decentralized lending protocol for crypto-collateralized loans — same underlying product (crypto-backed lending) but delivered permissionlessly vs. Ledn's centralized, regulated approach; competes for the same borrower capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hodlwithLedn
• Facebookfacebook.com/Ledn.io
• LinkedInlinkedin.com/company/ledn-inc
• Instagraminstagram.com/ledn.io

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds9 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ledn