Home » BlockFi vs Ledn – Which Crypto Lending Platform Is Better?

BlockFi vs Ledn – Which Crypto Lending Platform Is Better?

blockfi vs ledn crypto interest rates

If you’re looking for more information on BlockFi vs Ledn, we’ve got you covered. Both companies are known as CeFi (centralized finance) platforms that offer savings accounts for your crypto and USD stablecoins.

BlockFi started in the US and primarily targets the US market. Ledn started in Canada and initially targeted Canada and Latin America, but does provide its services worldwide as well.

Both companies are legit, and I’ve used both to hold six-figure+ amounts on with no issues withdrawing. Ledn is a smaller, younger company but as a result offers higher interest rates compared to BlockFi to compete.

I generally recommend using Ledn to hold BTC and USDC to take advantage of their higher rates, especially for larger holding amounts. BlockFi is good for holding your ETH, LTC, LINK as Ledn currently does not offer those coins.

If you want to play it safe, you can also split your capital across both platforms to mitigate risk.

BlockFi Pros & Cons


  • One of the biggest crypto lending platforms
  • Backed by top tier VCs, recently raised $350M in Series D
  • Lets you buy and sell crypto directly on platform
  • Clean UI and UX


  • Withdrawal times can be slow (3-7 biz days)
  • Rates are very low for larger holdings
  • Has been a target of regulatory scrutiny recently

Ledn Pros & Cons


  • Higher interest rates than BlockFi, especially for BTC
  • Recently raised $30M Series A
  • Good customer support


  • Smaller, earlier company compared to BlockFi
  • No exchange functionality currently

BlockFi vs Ledn Interest Rates

Ledn’s interest rates have consistently been higher than BlockFi’s, despite having raised much less funding and being the smaller platform. But, this also makes sense because Ledn has to compete against BlockFi and other more established platforms, and the best way to do so is by offering better interest rates. BlockFi has had a history of lowering their rates, especially for customers holding larger amounts of coins.

As of August 1, 2021, Ledn provides a flat 9% APY interest rate on your total USDC stablecoin balance. On bitcoin, Ledn provides 6.1% APY on up to 2 btc, and 2.25% APY past 2 btc.

In comparison, BlockFi offers 7.5% APY on USD stablecoins up to $50,000, and 5% APY after $50,000. On bitcoin, BlockFi provides 4.5% APY on btc up to 0.1, 1% on 0.1 – 0.35 btc, and 0.1% past 0.35 btc. This essentially deems BlockFi unusable for bitcoin loans.

USDC7% – 8.25%9%
BTC0.1% – 4.5%2.25% – 6.1%
ETH0.25% – 5%N/A currently

Ledn’s interest rates are currently much higher than BlockFi’s, especially if you have any substantial bitcoin holdings.

Right now, though, Ledn only offers interest on USDC and BTC. BlockFi offers interest on many more cryptos, such as ETH, LINK, LTC, PAXG, GUSD, and USDT.

BlockFi vs Ledn Signup Bonus

Both BlockFi and Ledn have signup bonuses, but BlockFi’s is easier to qualify for.

For BlockFi, if you sign up through our BlockFi affiliate link or use promotional code 0ff2594c and fund your account with a minimum of $100, you can earn $10 in free BTC.

Ledn offers $25 USDC if you signup and take a bitcoin-backed loan out with them.

BlockFi vs Ledn Trustworthiness

BlockFi is arguably the most trustworthy CeFi platform out there right now. They recently closed on a $350 million Series D round, bringing their total capital raised to about $450 million to date. They’re also close to finalizing their Series E, raising an additional $500 million, with plans to IPO in 12 to 18 months thereafter.

Some of the biggest venture capital and institutional management firms are backing BlockFi. Names include Coinbase Ventures, Tiger Global, Bain Capital, Third Point LLC, and Hedosophia. These firms have all done their due diligence and invested their capital into the BlockFi, so it should be clear the company is legitimate with real credibility behind it.

Ledn, on the other hand, is a smaller, younger player. They recently closed their Series A round in May 2021 for $30 million at a $230 million valuation. Investors included Kingsway Capital, Alexis Ohanian, Susquehanna, Alan Howard, and more. Ledn stated their assets – bitcoin and USD balances, and bitcoin-backed loans – have exceeded $1 billion.

So BlockFi is clearly the bigger, more mature company, but both companies are legitimate with real institutional backing. Customers should feel safe using either platform, but BlockFi has more of the risk mitigated through its size and maturity.

BlockFi vs Ledn Fees – Which Are Lower?

BlockFi has one free crypto and one free stablecoin withdrawal each month. After that, BlockFi charges the following withdrawal fees:

blockfi withdrawal fees

If you’re trying to buy and sell crypto on BlockFi, the platform charges an exchange fee, so we recommend not buying and selling crypto through BlockFi unless you’re really in a hurry. The platform quotes you a higher than nominal price when buying crypto, and quotes you a lower than nominal price when selling crypto.

Take a look at the images below to see what we mean. In the first picture, the current bitcoin price is $37,772 but if you try to buy bitcoin the quoted rate is 1 btc = $38,311. That’s about a 1.5% fee.

Similarly, when you want to sell bitcoin the platform quotes you a price less than the actual price. In this case, you’d receive 1 btc = $37,343 while the price is $37,767. That’s about a 1% fee.

If you want to avoid paying the exchange fees and aren’t in a hurry to buy/sell, you can withdraw your coins off BlockFi to another crypto exchange like Voyager or Binance which have lower exchange fees.

Ledn charges a $10 USDC fee per each USDC Savings Account withdrawal and a miner transaction fee on Bitcoin withdrawals. There are no fees to actually use the savings accounts, and withdrawals can be made at any time.

BlockFi vs Ledn Loans

Both BlockFi and Ledn allow you to take out loans using your crypto holdings as collateral. You can then use this loan however you wish, withdrawing the USD into your bank to purchase other assets, or to buy more crypto.

If you’re bullish on crypto prices continuing to go up, this can be a way to use leverage and magnify your returns.

Of course, you have to keep in mind the downside which is that if price goes down, your loan to value ratio will also decrease. If your LTV ratio is too low, you’ll have to put up more collateral.

Note that you won’t be able to earn interest on any crypto used as collateral.

BlockFi’s loan rates are below. They charge 9.75% interest with a 50% LTV, 7.9% interest on 35% LTV, and 4.5% interest on 20% LTV.

Ledn’s loan rate is a simple 9.5% annual interest with a 50% LTV.

I’ve taken out loans on both platforms and prefer Ledn’s functionality. The annoying part of BlockFi loans is there isn’t a way to automatically repay the loan online. You have to contact their support, ask them you want to repay the loan, and then wait for a response to initiate the process. If you’re trying to time the repayment, you’ll know that waiting several days can mean big fluctuations in price.

BlockFi vs Ledn Withdrawals

For large withdrawals from BlockFi, you’ll have to go through an automated KYC process where you upload pics of your driver’s license or other ID, along with a picture of yourself to confirm it’s you.

Large withdrawals from Ledn can require a manual KYC process, where a Ledn team member will video chat you while you confirm your identification matches that of your profile. Small withdrawals on Ledn do not require a KYC process.

On both platforms, “small” and “large” are variable but expect some sort of KYC for any transaction mid-5 figures or higher.


In summary, both BlockFi and Ledn are legitimate places to park your crypto or stablecoins and earn yield. BlockFi has been around longer and is much bigger in terms of customers and funding, while Ledn is the younger company but offers higher rates.

Personally, I use both platforms but shifted my btc and USDC holdings to Ledn due to their higher rates. BlockFi’s bitcoin interest rates are basically nil at this point for bigger accounts. That said, I do keep some ETH and LINK on BlockFi.

If you’re interested in either platform to start earning interest on your crypto, sign up for BlockFi and get $10 for free, and sign up for Ledn to get $25.

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