Bitcoin lender Ledn to roll out ETH, USDT interest accounts

Despite its roots embedded successful Bitcoin (BTC) lending, lending level Ledn has announced the motorboat of an Ethereum (ETH) output offering pursuing idiosyncratic requests for a shielded alternate to manually staking Ether.

The Cayman Island’s steadfast has added an ETH offering to its Growth Accounts products, which presently offers users ring-fenced facilities to gain involvement connected Bitcoin and USD Coin (USDC) deposits.

An announcement shared with Cointelegraph highlighted idiosyncratic calls for a means to gain involvement from ETH holdings without having to manually involvement and negociate Ether done liquid staking pools.

The lending steadfast besides notes that its Growth Accounts are specifically “ring-fenced” from Ledn’s different products and services. Deposited ETH is lone exposed to the counterparty that generates output disconnected the staked amount, which means that users deposits volition stay unaffected if Ledn was to spell bankrupt.

Related: Coinbase launches crypto lending level for US institutions

This is peculiarly pertinent fixed precocious illustration failures of immoderate of the cryptocurrency manufacture astir salient crypto lending firms. The likes Celsius, Voyager and Three Arrows Capital (3AC) item the imaginable pitfalls of over-extended and questionable lending practices that person plagued the industry.

Ledn main strategy serviceman Mauricio Di Bartolomeo said that Ledn users person continually inquired astir an Ether offering and remained assured that it would beryllium a favourable alternate to self-managing ETH staking:

“This output enactment is importantly easier to acceptable up than autochthonal ETH staking. Looking forward, we’re moving towards rolling retired ETH enactment crossed the full Ledn suite of products successful the coming months.”

Ledn besides announced that it volition beryllium launching a 2nd stablecoin Growth Account, with users acceptable to beryllium capable to deposit and gain involvement connected USDT tokens from Oct. 12. These caller offerings volition not beryllium disposable to United States oregon Canadian users.

Ledn is not the lone Bitcoin-first institution to person gradually rolled retired enactment for cryptocurrencies different than BTC. Casa, a non-custodial wallet level which began arsenic a Bitcoin-only service, rolled retired multi-signature ETH self-storage successful June 2023.

Ledn besides announced a concern successful Aug. 2023 with Cayman Islands' existent property company Parallel that would alteration cryptocurrency users to put successful spot arsenic a means to attain eventual residency. 

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