Nexo & Ledn in 2026: A Comparative Look at Crypto Lending Models & Risks
Nexo’s April 2025 U.S. relaunch reopens access to multi-asset crypto lending, trading, and savings, while Ledn has doubled down on a bitcoin-only, proof-of-reserves model. For borrowers, the choice is between Nexo’s higher flexibility and Ledn’s conservative, security-first approach.
- Nexo (as of April 28, 2025): Back in the U.S., with product access varying by state. Supports BTC, ETH, and stablecoins with LTVs up to ~90% for stablecoins. APRs start at 2.9% for top-tier users. Custody through partners like Ledger Vault (insurance up to $150M at custodian level).
- Ledn: Operating steadily in eligible states with BTC-only collateral. Fixed 50% LTV, 12-month loans, and APRs between 10.4%–12.4%. Custody with BitGo, no rehypothecation, and transparent Proof-of-Reserves reporting.
- Risk: Nexo allows higher leverage but requires monitoring liquidation triggers at ~85% LTV. Ledn’s conservative cap reduces margin pressure but offers less borrowing power.
- Best fit: Nexo suits borrowers seeking multi-asset flexibility and ecosystem features; Ledn appeals to those prioritizing simplicity, transparency, and BTC-only security.
Nexo’s April 2025 return to the U.S. has reignited competition in the crypto lending market. After a two-year hiatus triggered by regulatory disputes, the platform is once again offering American clients savings, loans, and trading, while navigating varying state rules.
Meanwhile, Ledn has gone the opposite route, simplifying its services in 2025 by dropping Ethereum support and moving to a bitcoin-only, fully custodied loan model. This has narrowed its scope but sharpened its focus on security and transparency.
Nexo vs Ledn at a Glance
| Feature | Nexo | Ledn |
|---|---|---|
| U.S. Status (2025) | Returned April 28, 2025; product availability varies by state | Operates in select U.S. jurisdictions; availability confirmed via eligibility list |
| Collateral Supported | Multiple assets (BTC, ETH, stablecoins, others) | Bitcoin only |
| Max Loan-to-Value (LTV) | Up to ~90% (stablecoins); lower for BTC/ETH | 50% |
| APR Range (Example) | From 2.9% for top-tier users; varies by collateral, LTV, and loyalty tier | 10.4%–12.4% depending on loan product and region |
| Loan Term | Flexible, ongoing credit lines | 12-month term, no monthly payments |
| Liquidation Threshold | Margin alerts at 83.33% LTV; auto-liquidation around 85% | Conservative limits due to lower max LTV |
| Security & Custody | Partner custodians (e.g., Ledger Vault up to $150M insurance at custodian level) | BitGo custody; fully custodied BTC loans with Proof-of-Reserves |
| Ecosystem | Lending, savings, trading, credit card (Europe/UK) | Focused BTC lending and USDC/fiat disbursement |
Regulatory Position and Availability
Nexo’s U.S. comeback is framed as a “fully compliant” relaunch, with services now open to both retail and institutional clients. However, specific offerings still vary by state due to local licensing and securities rules.
Source: NEXO
Ledn, on the other hand, has kept steady operations across most eligible states but requires users to check its live eligibility list before applying.
Lending Terms and Collateral Options
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Nexo supports multiple assets as collateral, including BTC, ETH, and stablecoins. LTVs are asset-specific, stablecoins can reach ~90% LTV, while major cryptos have lower caps. APRs start at 2.9% for top-tier users but adjust upward depending on LTV, collateral, and loyalty tier status.
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Ledn offers a single, straightforward product: BTC-backed loans at a fixed 50% LTV. Rates range between 10.4% and 12.4% based on product and jurisdiction. Loans are 12-month term with no monthly payments and no prepayment penalties.
Risk Management and Liquidation
Nexo uses a tiered liquidation process, sending margin alerts when a borrower’s LTV reaches 83.33% and initiating partial liquidation around 85%. The higher possible leverage makes understanding these triggers essential.
Ledn’s conservative 50% LTV cap means margin pressure is less likely, but liquidations still occur if market moves push the position near that cap.
Security Practices
Nexo works with regulated custodians and maintains pooled insurance at the custodian level (e.g., Ledger Vault up to $150M). This is not a blanket platform-wide guarantee, so users should read policy details.
Ledn partners with BitGo for qualified custody, publishes regular Proof-of-Reserves reports, and in 2025 moved to a fully custodied loan model, removing rehypothecation risk.
Which Should You Choose in 2025?
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Go with Nexo if you want multiple collateral options, higher LTV potential, and an all-in-one ecosystem that includes trading, savings, and lending, and you’re comfortable with the complexity of variable APRs and jurisdictional rules.
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Go with Ledn if you prefer simplicity, conservative risk limits, and BTC-only lending backed by transparent Proof-of-Reserves.
Both platforms have moved in very different strategic directions this year, Nexo toward a full-service global bank-like model, and Ledn toward a niche, security-first lending approach. Your choice comes down to whether you value breadth or focus.
