Platform Comparison
Unchained vs Ledn: Keys vs Scale
Unchained vs Ledn comparison — multi-sig vs custodial custody, safety scores, APR, LTV, fees, and which BTC loan structure fits your collateral priorities.
Unchained and Ledn are two BTC lending platforms borrowers often compare side by side. Unchained offers the clearest collaborative multi-sig custody model in our tracked dataset — you hold 2 of 3 keys. Ledn offers one of the largest dedicated BTC lending track records we track ($10B+ funded) with transparent tiered pricing. The trade-off is between custody model and rate competitiveness.
Unchained is the custody-first route: you hold 2 of 3 keys, the tracked product has no rehypothecation language, and it carries the top safety score (9.0/10) in our tracked dataset. It fits borrowers who make custody model the priority.
Ledn is the rate-and-reach route: the checked public table shows tiered pricing down to 9.99% at $1M+, the widest regulated footprint in our dataset (90+ countries), and a $10B+ track record. It fits borrowers who prioritize cost and scale.
Head-to-Head Comparison
Key Differences
- Unchained uses multi-sig collaborative custody while Ledn uses custodial (platform holds keys)
- Unchained has no rehypothecation vs Ledn's partial rehypothecation
- Ledn offers a lower starting APR (9.25% vs 14.18%)
- Unchained scores higher on safety (9.0 vs 7.4)
The Verdict
Which platform is right for you?
→ Pick Unchained if:
- • Custody model is your top priority
- • You want to hold 2 of 3 keys to your BTC
- • You're in New York (Ledn excludes NY)
- • You want one of the longest track records in BTC lending we track (since 2016)
- • You're borrowing $150K+ long-term
→ Pick Ledn if:
- • You want Ledn's checked table rate at scale (9.99% for $1M+)
- • You need the widest regulated footprint in our dataset (90+ countries)
- • You want Open Book reporting
- • You prefer a simpler onboarding process
- • You want loans starting from $500 (Unchained minimum is $150K)
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