Lending platform Ledn has responded to user demands by launching an Ether (ETH) yield offering. Ledn, which is rooted in Bitcoin lending, has added an ETH offering to its Growth Accounts products, giving users the opportunity to earn interest on their Ether deposits without the need for manual staking and management.
Ledn made the announcement following numerous requests from its users who were seeking an alternative to manually staking and managing their Ether through liquid staking pools. Ledn’s Growth Accounts, which already offer ring-fenced facilities for earning interest on Bitcoin and USD Coin (USDC) deposits, will now provide a similar service for ETH.
The company emphasized that its Growth Accounts are separate from its other products and services, ensuring that deposited ETH is only exposed to the counterparty generating yield from the staked amount. This means that if Ledn were to go bankrupt, user deposits would remain unaffected.
This development is particularly significant due to the recent failures of prominent crypto lending firms. Companies like Celsius, Voyager, and Three Arrows Capital have experienced high-profile collapses, shedding light on the risks associated with overextension and questionable lending practices in the industry.
Mauricio Di Bartolomeo, Ledn’s Chief Strategy Officer, expressed confidence in their new ETH offering, stating that it provides an easier alternative to native ETH staking. He mentioned that Ledn is planning to expand its support for ETH across its entire suite of products in the coming months.
In addition to the ETH yield offering, Ledn also announced the launch of a second stablecoin Growth Account, allowing users to deposit and earn interest on Tether (USDT) tokens starting from October 12th. However, these new offerings will not be available to users in the United States or Canada.
Ledn is not the only Bitcoin-focused company gradually incorporating support for other cryptocurrencies. Casa, a noncustodial wallet platform that initially focused on Bitcoin, introduced multisignature ETH self-storage in June 2023.
In August 2023, Ledn unveiled a partnership with Cayman Islands real estate company Parallel, enabling cryptocurrency users to invest in property and potentially attain residency in the country.
As Ledn responds to user demands and expands its offerings, the company aims to provide a more comprehensive suite of products and services tailored to the diverse needs of cryptocurrency investors.