8 hours ago
Cryptocurrency lender Ledn is removing enactment for ether ETH and volition statesman offering a bitcoin-only indebtedness exemplary starting July 1 arsenic it looks to simplify its merchandise and sharpen its absorption astir bitcoin BTC.
The Cayman Islands-registered institution whitethorn beryllium attempting to broaden its entreaty among the corners of the crypto assemblage that accidental BTC is the lone cryptocurrency that is needed. Such BTC advocates are often referred to arsenic "Bitcoin Maxis."
“With our caller hyper-focus connected Bitcoin-only lending, we’re going backmost to our roots and principles that inspired Bitcoin to statesman with,” co-founder Adam Reeds said successful an emailed announcement connected Friday.
Ledn volition besides halt lending lawsuit assets to make output arsenic it seeks to region hazard from its concern model. Bitcoin offered to Ledn arsenic collateral for loans volition stay afloat successful its custody oregon that of its partners, Ledn said.
"Traditional concern relies connected perpetually reusing lawsuit assets to make leverage and, ultimately, inflation," Reeds said. "Bitcoiners instinctively cull that model."
Cryptocurrency lending was a large casualty of crypto wintertime successful 2022, with the companies including BlockFi, Voyager, Celsius and Genesis going to the wall.
Ledn managed to past and is present attempting to resurrect the BTC-backed lending sector, with its simplified merchandise offering and helped by the friendlier regulatory attack to crypto successful the U.S, co-founder Mauricio Di Bartolomeo told CoinDesk successful a caller interview.
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