Ledn to Discontinue Ethereum Support and Fully Transition to Bitcoin-Backed Lending Model
PANews, May 23—According to The Block, crypto lending platform Ledn has announced it will discontinue support for Ethereum and its interest-bearing products, shifting entirely to a Bitcoin-collateralized loan model. Starting July 1, the platform will only offer “custodied Bitcoin loans,” with clients’ collateral fully held by Ledn or its partner institutions. Ledn had only introduced Ethereum-collateralized loans in February 2024, and this adjustment means both BTC and ETH “Growth Accounts” will be closed. Company CEO Adam Reeds stated that this move marks a return to Bitcoin’s original intent of countering the fractional reserve banking system and eliminating third-party credit risk.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Ethereum-Compatible Sidechain for XRP Ledger Is Now Live on Mainnet
Bitget to Launch Memecore (M) Spot Trading
Trending news
MoreData: Last week, publicly listed companies worldwide made net purchases of $863 million in BTC, Strategy increased holdings for 13 consecutive weeks, GameStop issued an additional $450 million in convertible bonds
US SEC Confirms Grayscale Digital Large Cap Fund’s Amended Application for ETF Conversion
Crypto prices
More
