All offers / Crypto / Ledn
Examined Jul 27, 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 centre 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 centre, 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 |
|---|---|
| The person whose link you used | Not published |
| Anyone who already has a Ledn account | Not eligible |
| The "$10", "25 USDC" and "$50" figures on coupon sites | Stale, 2021 to 2022 |
| The one referral terms page on ledn.io (a partner offer) | Expired Mar 11, 2025 |
That last row deserves a sentence. ledn.io/legal/referral-terms is not the general refer-a-friend program: it is the terms for a partnership with Casa, offering a 0.25% interest rate discount on the first five Ledn loans, last updated March 7, 2024, with a promotion end date of March 11, 2025. Ledn also hosts partner-specific referral terms for other names, and its sitemap contains no general referral terms page. The program's 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's referral link is generated inside the app at platform.ledn.io after you log in, and that is also where the current terms sit. Nothing on the public site or the help centre states an amount.
- Check whether Ledn's lending even reaches you. Loan renewal alone is unavailable in Quebec, New Brunswick, Nova Scotia, Saskatchewan, California, Germany, France and Italy, and Ledn keeps a separate list of ineligible jurisdictions that its partner terms point to. Check yours before you move any bitcoin.
- Expect a brand-new-account rule and an identity check. The one terms document Ledn does publish required that you had never held a Ledn account, and that you completed identity verification within 45 days. That document is 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. 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.
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. It appears only in the app, after login.
What the referrer gets. Also unpublished. The expired Casa partner terms put a figure on Casa's arrangement, not on you and a friend.
How long it lasts, whether it is capped, whether it can be clawed back. The expired partner offer 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. Everything that makes this decision matter, the collateral you pledge, the liquidation risk, the jurisdictions, sits far above the size of a rate discount nobody will quote you.
