Ledn Review: How to earn interest on stablecoins

Would you like to earn $10 USD just for registering and depositing into a Ledn account?

Ledn Review Introduction

The Ledn review highlights the disruption of the digital asset space by Ledn teaming up with Genesis Capital. This partnership allows you to be able to borrow Bitcoin (BTC) and USDC stable coins. Trading, transferring and earning interest with crypto and stable coins has never been easier with new platforms being released. Ledn differentiates itself through its ability to offer investors lending back by the crypto that they have deposited. This provides flexibility to lending where some investors may not receive lending through traditional methods. Lend also offers a competitive interest rate on Bitcoin and USDC stablecoin through its interest account. I have outlined the following pros and cons of the Ledn platform:

Pros

• Earn up to 6.25% APY on Bitcoin
• Earn up to 9.5% APY on USDC
• No minimum investment amount
• No lock in term
• Start earning interest immediately
• Protection against local currency inflation

Cons

• Interest payments are made monthly
• Limited stablecoins USDC to earn interest
• Need to transfer Bitcoin and USDC from another broker or crypto wallet
• $10 USD fee on the withdrawal of USDC coins

You can start earning interest on your Bitcoin by heading to the Ledn signup page. There are a number of steps required to be able to start earning interest and I will discuss these throughout the article. Firstly, you will first be required to complete the Know Your Client process upon accessing the Ledn website. This is a list of identity and verification checks such as submitting your passport or drivers licence information to ensure that you are verified with the platform.

1. Download the Ledn QR Code

Once you have completed the verification process it is recommended that you set up 2-factor authentication. Downloading the QR code on your phone completes the additional security. From there you can deposit funds into your account. One way to do this is to purchase USDC on an online broker such as Coinbase. I note that there is a 3% fee to purchase the stablecoin on the broker. From there you will need to transfer across the funds that also incurs a $4 USDC network fee to allow the blockchain transaction to be processed.

2. Earn Interest on your USDC stablecoins

Once you have the funds stored in the account you can commence earning interest on your investment. This is a 4.5% APY for Bitcoin and 9.5% for USDC. If you want to withdraw the funds there is a 10 USD withdrawal fee that you need to be made aware of. Therefore, it is important that you are not transacting regularly with USDC, as it can be expensive in fees. The Bitcoin interest account does not charge the same fee on withdrawal making it a cheaper option.

3. Depositing funds to the Interest Account

You may wish to purchase approximately $120 AUD (or $81 USDC) in Coinbase this will allow you to account for any conversion costs when transferring funds between networks. Now that you have acquired USDC in Coinbase you can then open your Ledn account and copy across your wallet address. This will be required when sending funds between the broker platforms. The process can take about 10 minutes to confirm the transaction. You should therefore be left with 77 USDC (fluctuations depending on the rate and fees). I note that this is above the minimum of $75 USDC held in the account. This is required to be held in the account for 15 days to receive the bonus. Once you have deposited the funds for 15 days you will then earn $10 USD on the funds! There is also a 9.5% Annual Percentage Yield earned on the USDC that you have deposited to provide a passive income.

Ledn Review Summary

Although this process is more complex than other sign-on bonuses it can be another way to boost your crypto balance and make the most of the return on investment. For more great sign-on rewards with crypto see the latest e-commerce Social Good App to earn up to $200 in SG crypto. There are plenty of other cryptocurrency platforms that offer lower fees to transactions. Therefore, if you are interested in learning more about Ledn’s competition, have a read of the Top 10 crypto platforms. For more crypto news head to the Wage Investor home page and sign up for the weekly newsletter.