
Why lending platform Ledn will always be Bitcoin first
Ledn's transparency and Bitcoin-first philosophy drive remarkable growth despite industry challenges.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The following is a guest post from Christina Comben.
If youโve been following the crypto space for any length of time, you may be familiar with the name Ledn, pretty much the only centralized Bitcoin lending platform that didnโt crash and burn in the aftermath of Terra/LUNA, FTX, et al in 2022. Lednโs more conservative approach to spending, scaling, and risk management enabled it to weather one of cryptoโs largest sh*tstorms with notable aplomb.
That didnโt stop the industry from tarring the company with the same brush as its shady counterparts.
โEvery crypto business was on fire in 2021,โ recalls Ledn co-founder and CEO Adam Reeds, โthen we went through this very tough period and had to work really, really hard to tell clients what we were doing differently and how things were working.โ
One of the main contributors to Lednโs staying power is a deep commitment to transparency with users. Ledn was the first digital asset lending company to complete a Proof-of-Reserves attestation, a process repeated every six months. This diligence has not only seen the company recover from the depths of the grueling bear but substantially grow its business.
โWe became profitable at the beginning of 2024,โ Adam smiles. โIt’s been great to see. We have a better and bigger business today than we did in 2021.โ
A Bitcoin-First Ethos
โLedn is focused on ensuring that there are financial products for Bitcoin first,โ Adam explains.
However, the company does support stablecoins Tether and USDC and recently conceded to broader demand for loans collateralized by alternative digital assets by adding Ethereum.
โOur premier product is Bitcoin and the core offer is our Bitcoin-backed loan. We allow clients to deposit Bitcoin with us and offer them liquidity so they don’t have to sell it.โ
Are there additional benefits of using Ledn beyond maintaining your diamond hands?
โThere are tax planning advantages to loans in most jurisdictions,โ Adam says, โbut the most important thing is not selling an asset that you think is going to go up in value and you want to maintain for a long time.โ
Adam prides himself on Lednโs simple business model.
โWe’re not trying to be everything to everyone. We’re trying to keep our core lending products and bring them to more people.โ Ledn is a big proponent of quality over quantity. โOne of the favorite sayings in the company is the best restaurants have the smallest menu. You don’t have to do too many things, you just do a few things right. I think that’s the best client experience.โ
What excites Adam most about working in Bitcoin every day?
โI love traveling, meeting people, and learning about new cultures,โ he enthuses. โTo me, the way people use money is not for money, right? It’s like, how do they think about their future? What excites them? What are their goals? You get to learn about what people are working toward when you talk about financial services, and I get to have those conversations.โ
He tells the story of a client in Latin America, where his co-founder Mauricio Di Bartolomeo is from and much of the Ledn team is based. The client was operating a tourism business and Lednโs products helped him survive the COVID-19 pandemic as he could borrow against his Bitcoin when no bank would offer him a loan. โNow he’s expanding,โ Adam says. โIt’s really a sense of joy to learn about how people are successful in their financial journeys.โ
The โUltimate Equalizerโ
Ledn originated in the co-founders’ Canadian home of Toronto and recently relocated to the Cayman Islands and expanded across North America to South America and Europe. Meeting Adam in the heaving conference hall at Bitcoin MENA in Abu Dhabi, I wonder if theyโre looking to set up a foothold in the Middle East as well.
โWeโre open to other regions, and weโre here because weโre looking to expand into the Middle East and Asia,โ he affirms.ย
Adam says there are different use cases of Bitcoin geographically and itโs important to learn the nuances of every region. โIn the US, tax is a big deal, because there’s capital gains tax on Bitcoin, but a lot of jurisdictions in Asia don’t have capital gains tax.โ In these parts of the world, HODLers are more likely to flock to Ledn to avoid reducing their stash.
While Lednโs main product is loans, the platform also offers limited trading pairs and a yield-bearing product for Bitcoiners without PTSD who want to earn interest on their coins. Do they plan to add other cryptocurrencies to their range? โNothing [beyond Ethereum] in the long term and no immediate plans but we’re always considering it,โ he replies.
Adam is speaking on a panel about the future of collateral and why Bitcoin is a pristine asset.
โProperty rights are a big deal,โ he says. โEven gold, because itโs physical, is very important where itโs held. If I want to finance gold, is it in the Bank of England or the Bank of Venezuela? Itโs a very different risk profile and because Bitcoin is virtual, you don’t have the same challenges with how it’s stored.โ
โFor us, Bitcoin is the ultimate equalizer. It’s the ultimate financial fairness, and I love that because we can build the same financial products for everyone globally. It doesn’t care who you are, where you’re from, or what you do. It’s just Bitcoin.โ
Riding the Bull Market Wave
Since the onset of the bull market, Ledn has seen a 2.5x increase in daily lending and reported $1.67 billion in loans from Q1 to Q3 last year.
โIt’s been phenomenal,โ Adam says. โThe individuals always got it but I think what’s nice about this market is this time itโs the businesses, the institutions are getting it because they really see a for-profit model in it.โ
He says the reputational risk of being in an institution four years ago during the last bull cycle was far higher than today. With the stigma of holding Bitcoin removed, institutions are pouring inโand bringing their institutional capital with them.ย
โThe space is still incredibly short dollars,โ Adam says. โIf you think about Bitcoin as a $2 trillion market cap today, the amount of retail loans on Bitcoin is probably around $1 to $2 billion, so it’s still so small. We need more dollars in the space to allow more people to take mortgages on Bitcoin, and we need that by institutions being able to lend those dollars to companies like Ledn to offer loans to retail.โ
โInstitutional FOMOโ for Bitcoin
Ledn moved its official headquarters from Canada to the Cayman Islands for its forward-thinking legislation and friendlier regulatory pastures, after โpushing a round peg into a square holeโ with policy in their home country and the US. But what about the step change on the horizon with the incoming Trump 2.0?
โI mean, it’s great, right?โ he lights up. โBitcoin became so polarized and it was brilliant of the Trump administration to really grab that voter base and move on. I think now a lot of businesses that wanted to be in the space but couldnโt risk taking it on until they had legal clarity are going to be able to come in.โ
What does that mean for Bitcoin in the months and years ahead?
โI think we’re going to see institutional FOMO where several big banks are going to adopt it and everyone else will have to follow.โ