Examined Sep 25, 2026 Bitcoin-backed lending No figure published Ledn's referral is a discount on your loan rate, and Ledn will not say how big it is.
One sentence in a current Ledn help center article, the one on its tiered loan rates, is the whole of what Ledn says in public: “Your referral discounts are applied on top of your tier rate.” We went looking for a number the way you would, through the site, the help center, the legal pages and the sitemap, and found nothing more. A bitcoin-backed loan means you pledge bitcoin as collateral, which is security the lender can sell if the loan goes wrong, and borrow dollars or a dollar-pegged crypto coin against it. The referral touches the price of that loan, so it is worth exactly nothing to you unless you were going to borrow in the first place.
What pays what
| New borrower, signing up through a referral link | A rate discount, size unstated |
|---|---|
| Anyone who has ever had a Ledn account (the rule in every partner offer) | Not eligible |
| The “$10”, “25 USDC” and “$50” figures on coupon sites | Stale, 2021 to 2022 |
| The three partner referral terms on ledn.io, each 0.25% off the first five loans | Expired Mar 11, Jul 10 and Aug 1, 2025 |
That last row deserves a paragraph, because it is the nearest thing to a number Ledn has ever printed. None of the three is the general refer-a-friend program. The Casa terms offer “an 0.25% interest rate discount” on the first 5 Ledn loans, were last updated March 7, 2024, and ended March 11, 2025. The terms for Mr Obnoxious (the terms name What Bitcoin Did Ltd.) and for Prospera offer the identical 0.25% on the first 5 loans and ended July 10 and August 1, 2025. So every time Ledn has put a referral discount in writing it has been a quarter of a percentage point, and every one of those documents has lapsed. When we read them again on September 25, 2026, the Casa page was still at the new address it had moved to by September 18, and none of the three was linked from Ledn’s legal menu; its sitemap still contains no general referral terms page. The program's current rules are not published for the public at all.
Do this, in this order
- Decide about the loan first, and the referral last. If you are not already sure you want a loan against your bitcoin, there is no offer on this page for you, because the discount only applies to interest you would otherwise be paying.
- Accept that you cannot know the number in advance. Ledn publishes no terms for its general program: its legal menu and sitemap carry only the three expired partner offers, and nothing on the public site or in the help center states an amount. Whatever the current rules are, they are not public.
- Check whether Ledn's lending even reaches you. Ledn's help center says Dollar Loans are not supported in California, Connecticut, Hawaii, Nevada, North Dakota, South Dakota, Tennessee, Washington and Washington D.C., or in New Brunswick, Nova Scotia, Saskatchewan and Quebec, a list it says is “not limited to” those. In France, Germany and Italy, “New loan applications, including B2X, will no longer be available.” Ledn also keeps a list of ineligible countries that its partner terms point to. Check yours before you move any bitcoin.
- Expect a brand-new-account rule and an identity check. All three partner documents required that you had never held a Ledn account, and that you completed identity verification within 45 days. They are expired, so treat those as the shape of the rules rather than the current letter of them.
- Price the liquidation risk, not the discount. A loan against crypto is sized as a share of what your pledged coins are worth. If bitcoin falls far enough, the lender can sell your collateral to protect itself, which is called liquidation. Ledn's renewal article adds another route: where its loans are restricted, a loan you have not repaid “will be liquidated on its maturity date”. And from January 1, 2027, if interest and fees are unpaid at maturity, Ledn uses your stablecoins and then sells BTC to cover them before a loan renews. Any interest rate discount, published or not, is small change against losing the coins.
- If you want the number on the record, get it in writing. Ask Ledn's support what the current referral discount is and what conditions attach to it, before you apply. You now have a benchmark to hold the answer against: 0.25% on the first five loans is what it was each time Ledn wrote it down.
What Ledn does not publish at all
On most offers this section lists the traps hiding in the terms. Here the trap is the absence of terms.
The size of the discount. Published nowhere on Ledn's public site, legal pages or help center.
How long it lasts, whether it is capped, whether it can be clawed back. The expired partner offers each covered the first five loans. Today's program states no duration, no cap, no payout timing and no end date.
Which law governs it. The expired partner terms are governed by Cayman Islands law. For the general program, unknown.
Is it worth your time?
Only if you had already decided to borrow against bitcoin, in which case a cheaper rate is a cheaper rate and you should absolutely use someone's link. As a reason to open an account, no. What makes this decision matter is the collateral you pledge, the liquidation risk and the jurisdictions, not the size of a rate discount nobody will quote you.
