Bitcoin credit platform Lend announced today that it will expand its services. According to the announcement, the company will roll up its sleeves for an alternative service for Ethereum staking operations following user demands. The Cayman Islands-based firm currently offers a staking service for Bitcoin and USD Coin deposits and plans to add ETH to its services.
According to a statement by the company, users can use their Ethereum assets to generate income through staking pools. The most significant advantage of this system is that customers can benefit from this service by simply depositing their assets without having to make any adjustments.
The credit company also emphasizes that the staking pools are kept separate from Lend’s other products and services. As a result, the deposited amount of Ethereum is evaluated in customer accounts, so users’ deposits are not affected in the event of Lend’s bankruptcy.
This model is of great importance due to the unfortunate events that have befallen some of the leading crypto credit companies in the crypto sector. Companies such as Celsius, Voyager, and Three Arrows Capital highlight potential bankruptcy scenarios due to inflated and questionable lending policies that disturb market players.
Mauricio Di Bartolomeo, the Chief Strategy Officer of Ledn, said that Ledn customers constantly consult company officials about an Ethereum offering and they are confident that it will be an alternative suitable for self-staking ETH:
“Setting up this yield option and staking ETH is much easier. We are working to extend ETH support to the entire Ledn product suite in the coming months.”
Ledn also announced that it will launch a second stablecoin service on October 12, where users can deposit USDT and earn staking income. Customers from the United States or Canada will not be able to benefit from these new products.
Lend is not the only Bitcoin-first company gradually offering support for crypto assets other than Bitcoin. Casa, a wallet platform that started as a Bitcoin-only service, introduced the multi-sign ETH self-storage feature in June 2023.