Leading lending platform Ledn has responded to user requests by launching an Ether (ETH) yield offering, expanding its Growth Accounts products beyond Bitcoin and USD Coin (USDC) deposits. The move comes as users sought an alternative to manually staking Ether and managing it through liquid staking pools. By introducing an ETH offering, Ledn aims to provide a shielded option for users to earn interest from their ETH holdings.
Ledn’s Growth Accounts are designed to ring-fence user deposits and offer facilities for earning interest on Bitcoin and USDC holdings. With the addition of the ETH offering, users can now diversify their investment portfolio and earn passive income from multiple cryptocurrencies without the need for manual staking.
One of the key advantages of Ledn’s Growth Accounts is that they are separate from the company’s other services. This means that users’ deposited ETH is exposed only to the counterparty that generates yield from staking, ensuring that their investments remain secure even if Ledn were to face financial difficulties.
Ledn’s decision to introduce an ETH offering is timely, given the recent failures of some prominent crypto lending firms. Celsius, Voyager, and Three Arrows Capital have all experienced high-profile setbacks due to over-extended and questionable lending practices. By offering a secure and reliable alternative for earning interest on ETH, Ledn aims to address these concerns and provide a trustworthy platform for users to maximize the potential of their investments.
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Mauricio Di Bartolomeo, Chief Strategy Officer at Ledn, expressed confidence in the new ETH offering, stating that it is significantly easier to set up compared to native ETH staking. He also mentioned Ledn’s plans to expand ETH support across its entire suite of products in the coming months, signaling the company’s commitment to catering to the needs of its users and providing them with a comprehensive range of investment options.
In addition to the ETH offering, Ledn also announced the upcoming launch of a second stablecoin Growth Account, allowing users to deposit and earn interest on Tether (USDT) tokens starting from October 12th. However, it’s important to note that these new offerings will not be available to users in the United States and Canada.
Ledn’s decision to expand its supported cryptocurrencies is part of a broader trend in the industry. Bitcoin-first companies are gradually recognizing the growing demand for alternative cryptocurrencies and are adapting their platforms accordingly. Casa, a noncustodial wallet platform that initially focused solely on Bitcoin, recently introduced multisignature ETH self-storage, demonstrating the industry’s recognition of the importance of diversification.
Beyond expanding its cryptocurrency offerings, Ledn has been exploring partnerships to provide innovative services to its users. In August 2023, the company announced a partnership with Parallel, a real estate company based in the Cayman Islands. This partnership allows cryptocurrency users to invest in property with the goal of attaining eventual residency, showcasing Ledn’s commitment to offering unique opportunities and solutions to its customer base.
As the cryptocurrency market continues to evolve, platforms like Ledn play a crucial role in providing secure and reliable avenues for investors to maximize their holdings. Ledn’s addition of an ETH yield offering expands its product range and allows users to earn passive income from their ETH holdings without the complexity of manual staking. With plans to further enhance its ETH support and explore new partnerships, Ledn is well-positioned to meet the evolving needs of cryptocurrency investors and provide them with a robust platform for their financial endeavors.
