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Ledn vs. Unchained: Bitcoin-backed loans — international full custody vs. US multisig.

Last reviewed Common questionsMethodology

About Ledn

Loans

Ledn is a Canadian-founded bitcoin financial services company that has operated bitcoin-backed lending since 2018. It serves clients in 120+ countries and was the first bitcoin-backed loan originator to receive an investment-grade securitization rating from S&P (BBB- on the $160M senior tranche of its $188M ABS in February 2026). Ledn takes full custody of collateral during the loan term; clients transfer bitcoin to Ledn (with storage via BitGo) at loan inception.

Who each is for

Ledn is for

International holders, particularly outside the US, who need dollar liquidity against bitcoin collateral with low minimums and an institutional credibility track record.

Unchained is for

US business entities (LLCs, corporations) seeking dollar liquidity while keeping collateral in a multisig vault verifiable on-chain throughout the loan term.

Ledn
Unchained
Trading fee
Not applicable
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
Not applicable
$2,000
Recurring / DCA
Not applicable
Not offered
OTC / large trades
Not applicable
Primary buy channel for all vault clients.
Settlement
Not applicable
Into your multisig vault.
Custody model
Not applicable
Collaborative multisig
Key distribution
Not applicable
Client holds 2 keys, Unchained holds 1 key.
Default structure
Not applicable
2-of-3
Other configurations
Not applicable
Quorums up to 15-of-16 are supported on the Signature tier. Connections allow sharing keys with trusted parties.
Recovery if a key is lost
Not applicable
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Not applicable
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Not applicable
$250/year per vault
Default process
Not applicable
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Not applicable
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Not applicable
None
Executable without company involvement
Not applicable
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Not applicable
Included with Signature. Protocol materials are also available separately.
Account types
Not applicable
Traditional, Roth, SEP
Key control
Not applicable
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Not applicable
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
Not applicable
No minimum balance. $2,000 minimum per trade.
Trading fee
Not applicable
1.50% per trade
Annual fee
Not applicable
$250/year per IRA vault
Lender of record
Ledn (direct lender)
Unchained (direct lender)
Eligible borrowers
Individuals and businesses across 120+ countries.
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
$1,000
$150,000
Interest rate
From approximately 9.99% APR.
12.0%
LTV at origination
50% at origination. Varies by product.
50% at origination
Collateral custody during loan
Ledn and BitGo hold all keys. The borrower cannot independently verify specific collateral on-chain.
Unchained and Fortis Bank each hold one key, which prevents any party from moving bitcoin unilaterally.
RIA
✕
✓
DAF
✕
✓
Trust entity
Not applicable
Gannett Trust Company, LLC
Jurisdiction / charter
Not applicable
Wyoming (chartered May 2025)
Services offered
Not applicable
Personal trust administration, corporate bitcoin treasury, qualified custody, dynasty trusts, and inheritance and estate planning.
Key control
Not applicable
Client-directed. Supports both collaborative custody and qualified custodian configurations.
Minimum assets
Not applicable
Not disclosed
Tier name
Not applicable
Signature
Annual cost
Not applicable
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Not applicable
Dedicated relationship manager with same-day emergency support.
Included services
Not applicable
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2018
2016
Client funds lent
Lending business. Client bitcoin may be deployed in Ledn operations depending on product.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Attestation published. Specific borrower collateral is not independently verifiable on-chain.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 2 Type II
SOC 1 Type II and SOC 2 Type II
US availability
Most states
Most states (varies by product)
International availability
Yes. 120+ countries.
No

Common questions

If you are outside the United States, Ledn is the option; Unchained is US-only. If you need a small loan under $150,000 or you are borrowing as an individual rather than a business entity, Ledn fits and Unchained does not. If your priority is verifying collateral on-chain throughout the loan term, Unchained's multisig structure offers that and Ledn's structure does not.
Ledn: client transfers bitcoin to Ledn at loan inception. Ledn (with BitGo) holds all keys and the borrower cannot independently verify their specific collateral on-chain. Unchained: available to US business entities only (LLCs, corporations, single-member LLCs — not individuals). Bitcoin is placed in a 2-of-3 multisig vault where the borrower holds 1 key, Unchained holds 1, and Fortis Bank holds 1; the borrower can verify the multisig address on-chain at any time during the loan term.
Different loan structures and different markets. Unchained's 12.0% rate applies to US commercial loans to business entities with the multisig collateral structure. Ledn's rates are for individual or business borrowers globally, with full collateral custody and a more traditional credit-risk model. Verify current rates from all providers before borrowing; rates have moved rapidly through 2026.
A US-based business borrower can. The workflow: take out an Unchained loan against fresh bitcoin collateral in a new multisig vault, use the loan proceeds to pay off the Ledn loan, and Ledn releases the bitcoin collateral on-chain to a wallet of choice (typically an Unchained vault). The net effect is that the borrower's bitcoin moves from full-custody collateral at Ledn into multisig collateral the borrower can verify on-chain.

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About this guide

These comparisons are maintained by Unchained. We have tried to represent every service accurately and fairly, and where another service does something well that Unchained does not, we say so. Unchained appears as the reference point throughout because every page is built around a single question: how does this service differ from Unchained? That framing is why Unchained is more prominently featured, not because we consider it the default right answer for every reader.

Disclaimer: Unchained's product and service availability may vary by state. Nothing on this page is investment, tax, legal, or financial advice. Investment advisory services are offered only through Gannett Wealth Advisors. Consult your own advisors before making any financial decision. All financial products involve risk, including loss of principal. Bitcoin is volatile, and past performance does not guarantee future results.

This comparison is provided for informational purposes only and is current as of May 2026. Information about other companies is compiled from publicly available sources, including each company's documentation, regulatory filings, terms of service, and third-party reviews. Offerings, fees, terms, and state availability change frequently and may have changed since publication. Verify all information directly with each company before transacting.

References to other companies are for comparison purposes only and do not imply endorsement, partnership, sponsorship, or affiliation. All third-party names and marks are the property of their respective owners and are used for identification only. Reviewed quarterly; corrections will be addressed within five business days. If you represent a company listed here and/or believe information is inaccurate, fill out a feedback form.

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