Ledn Don Shift to Bitcoin Only Lending, Don End Ethereum Services Because of Regulatory Changes
Crypto lending platform Ledn don announce say dem wan turn am to Bitcoin-only platform, wey go mean say dem no go continue with Ethereum (ETH) backed loans and services wey dey generate yield again. Dem go start dis changes on 1st August 2024, and by 1st July 2025, dem go fully move to 1:1 Bitcoin custody and lending model. Customers no go fit open new ETH or yield accounts again and dem go close all di existing accounts. Ledn talk say di main reasons na increase demand for BTC-backed loans, strict regulatory supervision, plus di need to make financial matters clear. Di company want reduce how many wahala full ground and focus on secure, rule-following Bitcoin products. Dis move follow di bigger industry trend as other centralized lenders still dey rethink their multi-asset services to reduce risk and obey regulations. Ledn wan attract users wey sabi security wella and those wey believe in Bitcoin pass all as dem show say Bitcoin na di main crypto collateral asset for am.
Bullish
Ledn decide make dem stop do Ethereum service dem and focus only for Bitcoin-backed lending because demand for Bitcoin collateral don increase, regulatory people dey watch well, plus dem want make everything clear and reduce risk. This move fit make people want Bitcoin collateral more, fit help support BTC price short and long term, especially for traders and institutions wey like secure plus compliant lending platform dem. But to comot from ETH service fit reduce options for ETH holders and small small slow ETH lending activities, but the kain impact for ETH price no go strong. Overall, this move agree with bigger industry trend wey dey favor Bitcoin maximalism and regulatory compliance.