Ledn Abandons Ethereum and Embraces Bitcoin: A Comedy of Financial Errors

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In a move that can only be described as the financial equivalent of switching from Bovril to bone marrow, the reputable (or perhaps notorious) digital asset lender Ledn has decided to cast aside Ethereum support in favour of a full-blown, no-nonsense, fully collateralized Bitcoin-only approach. Apparently, their aim is to bolster their Bitcoin empire and, dare one say, make their clients’ assets safer than a Victorian bank vault. Ah, the romance of prudence! 🧐

So, instead of playfully lending out client coins to harvest interest—oh, the dizzying heights of fractional reserve madness—Ledn will now keep Bitcoin collateral under lock and key, either in their own vaults or with trusted partners. Reeds, the company’s CEO, assures us that this change means their assets will no longer be rehypothecated or re-loaned to fuel the interest engine. Because, why not just put everything in a safe, stick a “Do Not Disturb” sign on it, and call it a day? 🤷‍♂️

“This means assets aren’t rehypothecated, reused, or loaned out to generate yield,” declared Mr. Reeds, sounding as enthusiastic as a Victorian gent defending his candlelit morals. He insists this brings Ledn back to its original, perhaps more virtuous, Bitcoin-centric roots and aligns more appropriately with the noble principles of the cryptocurrency’s founders. Ah, to be pure again! 💡

In words that only a true believer could utter amidst the chaos, Reeds stated: “Bitcoin was made as a direct protest against fractional reserve banking and the reckless disposal of client assets in the mad rush for interest.” Apparently, traditional finance is a never-ending carousel of leverage, inflation, and financial fun—just the sort of thing Bitcoiners despise. So, Ledn has decided to abandon that roller coaster entirely. 🎢

Meanwhile, crypto enthusiasts can thank Ledn for dropping Ethereum support as part of a “broader strategic shift,” focusing solely on Bitcoin, which accounts for over 99% of their activity—because who needs diversification when you have religious fervour? “We’re going all-in on Bitcoin to keep things simple and true to what our clients truly cherish,” boasts Reed, possibly with a hint of smugness.

Since its inception in 2018, Ledn has grown into a veritable titan of the digital lending domain, with a loan book valued at $9.9 billion—enough to make even the most hardened banker break out in a nervous sweat. The company offers Bitcoin holders a way to tap into liquidity without selling their precious coins or incurring taxes—an arrangement that sounds charmingly cavalier, if not downright scandalous.

This sort of financial sleight-of-hand has long been the modus operandi of the wealthy—leveraging stocks, real estate, and now, apparently, digital assets—because what could possibly go wrong? 🏦

Digital Assets Disrupt Sir Traditional Finance with a Smirk

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While banks are slowly opening their arms to Bitcoin, some lobbyists are reportedly in a frenzy—like cats in a bag—worried that blockchain innovations might cut into their old, comfy profits. Chief among their concerns are stablecoins offering higher yields—like financial jellybeans—to account holders while bank yields have withered to nothing. Professor Austin Campbell from NYU, who clearly enjoys stirring the pot, calls these banks “a cartel,” reliant on fractional reserves to milk their customers dry with minimal interest—whispering sweet nothings about inflation, all while clutching their cash close. Ah, the elegant dance of finance! 💃

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2025-05-23 16:12