Crypto-backed loans compared: Nexo vs. Ledn
May 03•10 min read
Borrowing against your crypto instead of selling it is a core strategy for anyone who wants to access liquidity without giving up long-term exposure to digital assets. Rather than triggering a taxable event or losing your position, you pledge your holdings as collateral and receive funds in return — keeping your upside intact.
Both Nexo and Ledn offer this type of crypto-backed borrowing. But despite sharing a core premise, their products work quite differently. One offers a revolving credit line with broad collateral support; the other offers fixed-term Bitcoin loans with a focused feature set.
This comparison breaks down the key differences so you can decide which product matches how you actually want to borrow.
For a quick feature overview and current rates, visit our Nexo vs. Ledn comparison page
Overview of Nexo and Ledn
Rates and terms are subject to change. Visit the respective platforms for current details.
Nexo overview
Nexo offers a revolving crypto credit line. You add collateral, your borrowing limit is set automatically, and you can draw funds, repay, and borrow again — without reapplying each time. There's no fixed end date and no minimum monthly repayment. Interest accrues daily only on the amount you've actually withdrawn.
Rates start at 1.9% per year for Platinum-tier clients maintaining an LTV ratio at or below 20%. Your rate is determined by your Loyalty Tier, which depends on the share of NEXO Tokens you hold relative to your total portfolio.
Nexo also offers Zero-Interest Credit — a standalone product that lets you borrow against BTC or ETH at 0% interest and zero fees, with a fixed term and no liquidation risk during that term. Each position comes with predefined price-protection parameters, so the potential outcomes are transparent from the start.
Beyond borrowing, Nexo functions as an all-in-one platform: you can earn interest on assets through Flexible Savings or Fixed-term Savings, spend via the Nexo Card, and manage everything from a single account.
Ledn overview
Ledn offers fixed-term, 12-month crypto loans. You apply for a specific amount, receive the funds (typically same-day), and have 12 months to repay the principal plus accrued interest at maturity. Ledn does allow clients to roll over or renew loans at maturity, though borrowers are required to settle or restructure the balance depending on market LTV limits and ongoing product updates.
Ledn accepts Bitcoin only as collateral. The platform dropped Ethereum support in late 2025 and discontinued interest-earning products at the same time, narrowing its focus to BTC-backed lending.
Rates are tiered by loan size: 11.49% APR for loans under $250,000, scaling down to 9.99% for loans above $1 million. A 2% origination fee applies to borrowers outside the US and Canada at the time of drawdown.
Why borrowers choose Nexo
Nexo clients value having a credit line that stays open and adapts to their needs over time. Rather than applying for a single loan with a countdown to repayment, Nexo's revolving structure lets you draw when you need liquidity, repay when it suits you, and reuse the line without friction. For borrowers managing ongoing cash flow needs or those who want to borrow opportunistically, that flexibility is meaningful.
Rates and fees
Nexo rates and fees
Nexo's borrowing rates start at 1.9% per year for Platinum-tier clients who hold at least 10% of their portfolio value in NEXO Tokens and maintain an LTV ratio at or below 20%. Rates adjust based on your Loyalty Tier — Base, Silver, Gold, or Platinum — which is calculated daily based on your NEXO Token holdings.
There is no origination fee, no application fee, and no minimum repayment requirement. You can settle part or all of your balance at any time using crypto, FiatX, or stablecoins.
For borrowers who want rate certainty and no liquidation risk, Zero-Interest Credit is a separate product: 0% interest, zero fees, fixed term, and built-in price-protection parameters so you know your outcome before you borrow. It won Consumer Lending Product of the Year at the FinTech Breakthrough Awards 2026.
Ledn rates and fees
Ledn uses a tiered rate structure based on loan size:
Standard (under $250,000): 11.49% APR
Tier 1 ($250,000–$500,000): 10.99% APR
Tier 2 ($500,000–$1,000,000): 10.49% APR
Tier 3 ($1,000,000+): 9.99% APR
A 2% origination fee applies at drawdown for borrowers outside the US and Canada. Interest accrues daily and is settled when the loan is closed — either at maturity or upon early repayment.
Why borrowers choose Nexo
Nexo's rate structure rewards borrowers who are willing to optimize their portfolio — specifically, by holding a portion in NEXO Tokens. For borrowers who do this, the potential savings relative to fixed-rate lending platforms are significant, particularly over longer borrowing periods.
Nexo's Zero-Interest Credit also gives borrowers a route to 0% cost financing that isn't available on Ledn. And with no origination fee on any Nexo product, the cost of accessing a credit line is lower from day one.
Supported collateral
Nexo collateral
Nexo accepts over 100 digital assets as collateral, including Bitcoin, Ethereum, XRP, Solana, Polkadot, and a broad range of stablecoins. You can combine multiple assets to back a single credit line, swap between them as market conditions change, and adjust your position without closing your account.
Stablecoins on Nexo carry higher maximum LTV ratios — up to 90% — since their price stability reduces liquidation risk. For BTC and ETH, the maximum LTV is 50%.
Ledn collateral
Ledn accepts Bitcoin only. The platform dropped Ethereum support in late 2025 as part of a decision to focus exclusively on BTC-backed lending. The maximum LTV for all Ledn loans is 50%.
For borrowers who hold only Bitcoin, Ledn's focused approach isn't a limitation. But for anyone holding Ethereum, altcoins, or stablecoins, those assets cannot be used as collateral on Ledn.
Why borrowers choose Nexo
Nexo's collateral flexibility means your entire portfolio can work for you — not just the Bitcoin portion. If you hold a diversified set of assets across BTC, ETH, and stablecoins, Nexo lets you pledge them together, optimize your LTV across asset types, and adjust your mix as the market moves. That's particularly useful in volatile markets where you may want to shift collateral composition without closing a loan.
Repayment and flexibility
Nexo repayment
Nexo's credit line is open-ended. There's no maturity date, no fixed schedule, and no minimum installment. You decide when to repay and how much. Interest accrues daily only on the outstanding balance — so if you repay part of the balance, your daily interest cost drops immediately.
You can repay using crypto, FiatX, or stablecoins directly from your Nexo account. The credit line remains open after repayment, so you can draw again without any new application.
Ledn repayment
Ledn's loans carry a fixed 12-month term. Interest accrues daily throughout the term, with no monthly payment required, and the full balance is due at maturity.
Loans are denominated in USD and can be settled via USDC, USD wire transfer, or through a BTC-to-USD equivalent trade. Borrowers can also apply to refinance their loan for another term if they meet LTV requirements, or choose to repay early with no prepayment penalty.
If the loan is not settled or refinanced by the maturity date, Ledn's automated engine liquidates the necessary amount of collateral to cover the balance. There is no grace period at that point.
Why borrowers choose Nexo
The absence of a repayment deadline removes a significant source of pressure that comes with fixed-term loans. With Nexo, there's no looming maturity date that could coincide with a market downturn, a personal cash flow constraint, or a period when selling collateral would be unfavorable. Borrowers who want to stay flexible — drawing and repaying on their own terms — find Nexo's revolving structure better suited to how they actually manage their finances.
Spending with your credit line
Nexo card integration
The Nexo Card integrates directly with the Nexo Credit Line through Credit Mode. Every card purchase draws automatically from your credit line — meaning you can borrow against your crypto at the point of purchase, anywhere Mastercard is accepted worldwide. Purchases in Credit Mode also earn up to 2% crypto cashback.
This makes Nexo's Credit Line usable as an everyday spending tool, not just a mechanism for large one-time withdrawals.
Ledn spending
Ledn doesn't offer a card or any point-of-sale spending integration. Borrowed funds are paid out as USD, USDC, or local fiat, which you'd then move to a bank account or external platform to spend. The platform is focused purely on loan disbursement and repayment, with no consumer-facing spending layer.
Why borrowers choose Nexo
For borrowers who want their credit line to double as a spending tool, Nexo is the only option of the two. The ability to borrow at the point of purchase — earning cashback on those transactions — adds a practical, everyday use dimension that Ledn's product doesn't offer.
Earning interest on your holdings
Nexo earnings
Assets held on Nexo can earn interest, provided your overall portfolio balance meets the minimum $5,000 threshold. Flexible Savings offers daily compounding payouts with no lock-up period. Fixed-term Savings offers higher rates for terms up to 12 months.
Rates reach up to 15% per year, depending on the asset, your Loyalty Tier, and whether you want to receive payouts in NEXO Tokens. Nexo supports earnings on Bitcoin, Ethereum, stablecoins, and dozens of other assets.
Ledn earnings
Ledn discontinued its interest-earning products in late 2025. Assets held on Ledn no longer generate any yield. If your collateral isn't actively backing a loan, it sits idle.
Why borrowers choose Nexo
On Nexo, borrowing and earning can work in parallel. Assets you hold on the platform that aren't pledged as collateral can earn up to 15% per year through Flexible or Fixed-term Savings. That means a portion of your portfolio can keep generating yield while another portion backs your credit line.
Who each platform is best for
Nexo fits borrowers who:
Want a revolving credit line they can draw from, repay, and reuse without reapplying
Hold a diversified portfolio and want to use multiple assets as collateral
Want to earn interest on holdings while borrowing
Want integrated spending through the Nexo Card in Credit Mode
Need fast, flexible access to funds with no fixed repayment deadline
Ledn fits borrowers who:
Hold Bitcoin exclusively and prefer a platform built around BTC
Want a straightforward fixed-rate structure
Prefer a defined 12-month term and a clear repayment timeline
Compare Nexo and Ledn — see current rates and product details.
Frequently asked questions
1. What is the difference between Nexo and Ledn for crypto borrowing?
Nexo offers a revolving credit line with rates from 1.9% per year, support for 100+ collateral assets, integrated card spending, and no fixed repayment schedule. Ledn offers fixed 12-month Bitcoin-backed loans at 9.99%–11.49% APR with no card integration and BTC-only collateral.
2. Which platform has lower borrowing rates?
Nexo's rates start lower — from 1.9% per year for Platinum-tier clients — compared to Ledn's range of 9.99%–11.49% APR. Nexo's lowest rates require holding NEXO Tokens to qualify for the Platinum tier; Ledn's rates are tiered by loan size only.
3. Can I borrow against Ethereum on Ledn?
No. Ledn dropped ETH support in late 2025 and now accepts only Bitcoin as collateral. Nexo supports Ethereum, Bitcoin, and over 100 other digital assets.
4. Do I need to hold NEXO Tokens to borrow on Nexo?
No. Anyone can borrow on Nexo without holding NEXO Tokens. Holding them improves your Loyalty Tier, which reduces your borrowing rate and unlocks additional benefits — but it's not a requirement to access the credit line.
5. Is there a credit check on either platform?
Neither Nexo nor Ledn requires a credit check. Both use your digital assets as collateral to approve and secure borrowing.
6. What happens if my collateral drops in value?
On both platforms, a drop in collateral value raises your LTV ratio. Nexo provides real-time LTV monitoring and alerts, and will automatically use collateral to repay part of your balance if your LTV approaches the liquidation threshold of 83.33%. Note that if your collateral includes stablecoins, the liquidation threshold can fluctuate. Ledn sends email alerts at 70% and 75% LTV, and triggers automatic liquidation if LTV exceeds 80%.
7. Can I spend directly from my Nexo credit line?
Yes. The Nexo Card in Credit Mode lets you borrow against your crypto at the point of purchase, anywhere Mastercard is accepted. Ledn doesn't offer a card or any direct spending integration.
8. Can I earn interest on my crypto while borrowing on Nexo?
Yes. Assets held in your Nexo account that are not pledged as collateral can earn interest through Flexible or Fixed-term Savings. Ledn discontinued interest-earning products in late 2025.
9. What is Nexo's Zero-Interest Credit?
Zero-Interest Credit is a standalone Nexo product that lets you borrow against BTC or ETH at 0% interest and zero fees, with no liquidation risk during the fixed term. Each position includes predefined price-protection parameters so outcomes are visible from the start. It is a separate product from Nexo's standard Credit Line.
These materials are accessible globally, and the availability of this information does not constitute access to the services described, which services may not be available in certain jurisdictions. These materials are for general information purposes only and not intended as financial, legal, tax, or investment advice, offer, solicitation, recommendation, or endorsement to use any of the Nexo Services and are not personalized, or in any way tailored to reflect particular investment objectives, financial situation or needs. Digital assets are subject to a high degree of risk, including but not limited to volatile market price dynamics, regulatory changes, and technological advancements. The past performance of digital assets is not a reliable indicator of future results. Digital assets are not money or legal tender, are not backed by the government or by a central bank, and most do not have any underlying assets, revenue stream, or other source of value. Independent judgment based on personal circumstances should be exercised, and consultation with a qualified professional is recommended before making any decision.