Despite its roots embedded in Bitcoin (BTC) lending, lending platform Ledn has announced the launch of an Ethereum (ETH) yield offering following user requests for a protected alternative to manually staking Ether.
The Cayman Island company has added an ETH offering to its growth account products, which currently offer users a ring-fenced facility to earn interest on Bitcoin and USDC deposits.
An announcement shared with Cointelegraph highlighted users’ calls for a way to earn interest on Ethereum holdings without having to manually stake and manage Ethereum through liquid staking pools.
The lending company also points out that its growth accounts are specifically “walled” with Ledn’s other products and services. The deposited ETH is only offered to the counterparty that generates a return from the deposited amount, meaning that users’ deposits will not be affected if Ledn goes bankrupt.
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This is especially important given the high-profile failures of some of the most well-known cryptocurrency lending companies in the cryptocurrency industry. The likes of Celios, Voyager and Three Arrows Capital (3AC) highlight the potential risks of excessive and questionable lending practices that plague the industry.
Ledn users have consistently inquired about the Ethereum offering and remain confident that it will be a suitable alternative to self-managed ETH tokens, said Mauricio Di Bartolomeo, chief strategy officer at Ledn.
“This yield option is much easier to set up than native ETH. Looking to the future, we are working to roll out ETH support across the entire Ledn product suite in the coming months.
Ledn also announced that it will be launching a second stablecoin growth account, where users will be able to deposit and earn interest on USDT tokens starting October 12. These new offers will not be available to users in the United States or Canada.
Ledn is not the only company in the Bitcoin space that is gradually introducing support for cryptocurrencies other than BTC. Casa, a non-custodial wallet platform that started as a Bitcoin-only service, rolled out multi-signature self-storage for ETH in June 2023.
Ledn also announced a partnership in August 2023 with Cayman Islands real estate firm Parallel that will enable cryptocurrency users to invest in real estate as a means of obtaining ultimate residency.
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