Ledn vs Firefish. Look at the whole loan.

The advertised rate excludes an important charge

Firefish advertises rates from 5%; its FAQ specifies a 1.5% annualized origination fee deducted from Bitcoin during collateral locking. Include that cost and network fees when comparing with a published APR. The accepted offer determines the actual interest rate.

Marketplace matching differs from a lender quote

Standard loans are matched with investors; Firefish also describes an Instant option. For a time-sensitive expense, establish whether funding is committed, in which currency and on what schedule. The FAQ lists EUR, CZK, CHF, PLN and USDC, rather than promising every fiat currency.

Collateral-health rules require careful reading

Firefish’s collateral FAQ says liquidation occurs at 95% LTV and partial repayment alone does not change collateral health or release collateral. Top-ups or full repayment are the stated routes to improve the position. Do not assume the mechanics of another lender apply to this escrow contract.

How we weigh the evidence

Ledn’s operating record and published reports provide due-diligence material, not guarantees. Its reported investment-grade rating applies to senior notes of a specific securitization, not to customer collateral or every Ledn obligation.

Compare dated evidence for the exact product: collateral permissions, funding arrangements, performance during market stress and the borrower’s contractual rights. Different custody and funding models deserve specific analysis rather than a blanket safe-or-unsafe label.