Arch Lending

8.49%

60%

BTC, ETH, SOL

Anchorage Digital

$250M

Yes (NMLS, 40 states)

Overall value and security

Strike

9.5%

50%

BTC

Undisclosed

Not disclosed

Yes (select states)

Simple BTC-only loans

Ledn

12.4% effective

50%

BTC, ETH

BitGo

Not disclosed

Yes (limited states)

Established track record

Unchained

15.2%+

~40-50%

BTC

Client multisig

Not disclosed

Yes

Self-custody advocates

APX Lending

Undisclosed

60%

BTC, ETH+

Not specified

Not disclosed

FINTRAC/FinCEN

Flexible loan terms

Figure

Undisclosed

Varies

Multiple

Not specified

Not disclosed

Yes

Broader fintech needs

Lava

Varies (DeFi)

Varies

BTC

Non-custodial

N/A

N/A (DeFi)

DeFi-native borrowers1. Arch Lending

Website: archlending.com

Arch Lending is a US-regulated crypto-backed lending platform that stands out for combining competitive rates with institutional-grade security infrastructure. Founded in 2022, Arch has built its model around a simple premise: borrowers should never have to worry about what happens to their collateral.

Arch holds customer collateral with Anchorage Digital, the only federally chartered crypto bank in the United States. The platform carries a $250 million insurance policy -- the largest publicly disclosed coverage in the crypto lending industry. And Arch has a strict no-rehypothecation policy, meaning your collateral is never lent out, traded, or used for any purpose other than securing your loan.

Arch accepts Bitcoin, Ethereum, and Solana as collateral -- more asset options than most competitors. Rates start at 8.49% APR with no origination fee, and the platform offers up to 60% loan-to-value ratios. No credit check is required. Loan proceeds are disbursed in USD via wire transfer or ACH.

Every borrower is assigned a dedicated account representative, which Arch calls its white-glove service model. The platform is registered with the NMLS (#2637200) and is licensed to operate in 40 US states.

Key Stats

Pros

• Lowest effective APR among major CeFi platforms (8.49%, no origination fee)

• $250M insurance coverage -- highest disclosed in the industry

• No rehypothecation policy (collateral never lent out)

• Anchorage Digital custody (only federally chartered crypto bank)

• Three collateral types including SOL (uncommon among competitors)

• 60% LTV (higher than most competitors)

• Dedicated account representative for every borrower

• No credit check required

• Regulated in 40 US states

Cons

• Maximum loan term of 12 months (shorter than some competitors)

• Newer platform (founded 2022) with a shorter operating history than Ledn or Unchained

• Not available in all 50 states

Best For

Borrowers who want the combination of competitive rates and institutional-grade security. Particularly well-suited for holders of mixed portfolios (BTC + ETH + SOL) who want a single platform, and for those who prioritize insurance coverage and transparent custody above all else.

2. Strike

Website: strike.me/lending

Strike, the payments company founded by Jack Mallers in 2017, expanded into crypto-backed lending with a BTC-only loan product. Strike has strong brand recognition in the Bitcoin community thanks to its Lightning Network payments app, and its lending product benefits from that existing trust.

Strike offers a 9.5% starting APR with up to 50% LTV on Bitcoin collateral. The application process is streamlined through its existing app, making it one of the more frictionless onboarding experiences available. No credit check is required.

Where Strike falls short is transparency. The platform has not publicly disclosed its custodian, insurance coverage, or rehypothecation policy for the lending product. For borrowers who prioritize knowing exactly where their collateral sits and how it is protected, this lack of detail is notable.

Key Stats

Pros

• Competitive 9.5% starting rate

• Strong brand recognition and existing user base

• Streamlined application through the Strike app

• No credit check required

Cons

• BTC only -- no support for ETH, SOL, or other assets

• Custody provider not publicly disclosed

• No published insurance coverage details

• Rehypothecation policy unclear

• Lower LTV (50%) than some competitors

• Available in select US states only

Best For

Existing Strike users who hold Bitcoin exclusively and want a quick, app-based borrowing experience without switching platforms.3. Ledn

Website: ledn.io

Ledn is one of the most established names in crypto-backed lending, having processed over $6.5 billion in loans since its founding in 2018. The Canadian company has built a strong reputation in the space and offers lending services to US borrowers in limited states.

Ledn's published rate starts at 10.4% APR, but the platform charges a 2% origination fee, bringing the effective annual cost to approximately 12.4% for a one-year loan. Collateral options include BTC and ETH, with custody provided by BitGo. The maximum LTV is 50%.

Ledn has invested heavily in content marketing and SEO, maintaining a robust comparison hub and educational resources. The platform publishes regular proof-of-reserves attestations, which adds a layer of transparency that borrowers appreciate.

Key Stats

Pros

• Longest track record in the current market ($6.5B+ processed)

• Proof-of-reserves attestations published regularly

• No rehypothecation policy

• BitGo custody (established institutional custodian)

• No credit check required

Cons

• 2% origination fee raises effective cost significantly (12.4% effective vs. 10.4% advertised)

• Only two collateral types (BTC and ETH)

• 50% LTV (lower than some competitors)

• Insurance coverage not publicly disclosed

• Available in limited US states

• Canada-headquartered (may concern US-focused borrowers)

Best For

Borrowers who prioritize a long operating history and proof-of-reserves transparency, and who are comfortable paying a higher effective rate for the assurance of an established platform.

4. Unchained

Website: unchained.com

Unchained, founded in Austin, Texas in 2016, takes a fundamentally different approach to custody. Rather than holding your Bitcoin in a traditional custodial arrangement, Unchained uses a 2-of-3 multisig model where the borrower holds one key, Unchained holds one key, and a third-party key agent holds the final key. No single party can move the collateral unilaterally.

This self-custody model is Unchained's primary selling point and resonates strongly with Bitcoin maximalists who want sovereign control over their keys. The trade-off is cost: Unchained's rates start at 15.2% or higher, making it the most expensive option on this list by a significant margin.

Unchained focuses heavily on business and commercial lending. The platform supports BTC only and offers loans up to $1 million. White-glove service is available for business clients, but individual borrowers may receive a more standard experience.

Key Stats

Pros

• Client-held multisig custody (strongest self-custody model available)

• No single point of failure for collateral

• Established brand in Bitcoin community (founded 2016)

• No rehypothecation (inherent to the multisig model)

• Business and commercial lending expertise

Cons

• Highest rates on this list (15.2%+ starting APR)

• BTC only -- no support for ETH, SOL, or other assets

• Lower LTV than most competitors

• Insurance coverage not publicly disclosed

• White-glove service primarily for business clients

• Multisig setup adds complexity for less technical borrowers

Best For

Bitcoin-only holders who value self-custody above all else and are willing to pay a significant rate premium for the security of holding their own keys. Particularly suited for business borrowers and those with strong technical familiarity with multisig wallets.5. APX Lending

Website: apxlending.com

APX Lending is a Canadian platform that distinguishes itself with the broadest range of loan terms in the crypto-backed lending market. While most platforms cap terms at 12 months, APX offers terms from 3 to 60 months, giving borrowers significantly more flexibility in structuring their debt.

APX is the only crypto lender approved by the Canadian Securities Administrators (CSA), which adds a layer of regulatory credibility. The platform is also registered with FINTRAC and FinCEN and has achieved SOC 2 compliance.

APX accepts BTC, ETH, and additional crypto assets as collateral with up to 60% LTV. The platform does not publicly disclose its interest rates, requiring borrowers to apply or contact the team for a quote. This lack of upfront pricing transparency is a drawback for comparison shoppers.

Key Stats

Pros

• Widest range of loan terms (3-60 months)

• Only CSA-approved crypto lender

• Multiple regulatory registrations (FINTRAC, FinCEN, SOC 2)

• 60% LTV matches the highest in the market

• Multiple collateral types accepted

• No rehypothecation policy

Cons

• Interest rates not publicly disclosed

• Custodian not publicly identified

• Insurance coverage not disclosed

• Newer brand with less established track record

• Canada-headquartered

Best For

Borrowers who need longer-term loans (2-5 years) and value regulatory breadth across multiple jurisdictions. Also suitable for those who hold assets beyond BTC and ETH and want term flexibility.

6. Figure

Website: figure.com

Figure is a broader financial technology company that offers crypto-backed loans alongside its primary products: home equity lines of credit (HELOCs), personal loans, and mortgage refinancing. Founded in 2018, Figure has raised significant venture capital and has processed billions in traditional lending products.

Figure's crypto lending product is less specialized than the pure-play platforms on this list. The company does not publicly disclose its crypto loan rates, LTV ratios, or custody arrangements on its website, directing borrowers to apply for personalized terms.

The advantage of Figure is its breadth. Borrowers who need both crypto-backed liquidity and traditional financial products (like a HELOC) may find value in a single-platform relationship. Figure also supports multiple cryptocurrencies as collateral.

Key Stats

Pros

• Established fintech brand with significant funding

• Multiple financial products beyond crypto lending

• Supports multiple cryptocurrencies

• US-regulated

Cons

• Crypto lending is not the primary business focus

• Rates, LTV, and custody not publicly disclosed

• Rehypothecation policy unclear

• Less specialized crypto lending expertise than pure-play competitors

• Limited public information available for comparison

Best For

Borrowers who already use Figure for other financial products (HELOC, personal loans) and want the convenience of adding crypto-backed borrowing to an existing relationship. Less ideal for those who want a crypto-specialist lender.

7. Lava

Website: lava.xyz

Lava represents the DeFi approach to Bitcoin-backed lending. Rather than depositing your BTC with a centralized custodian, Lava uses Bitcoin-native smart contracts (DLCs -- Discreet Log Contracts) to enable non-custodial lending directly on the Bitcoin blockchain.

This is a fundamentally different model from the six CeFi platforms above. There is no company holding your collateral. There is no insurance policy because there is no custodian to insure. The loan is enforced by code, not by a corporate counterparty.

Lava is BTC-only and targets technically sophisticated Bitcoin users who are philosophically committed to trustless, permissionless finance. The user experience is more complex than CeFi alternatives, and the rates and terms depend on market conditions and available liquidity rather than a fixed schedule.

Key Stats

Pros

• Fully non-custodial (no counterparty risk from a custodian)

• Bitcoin-native technology (DLCs, not wrapped BTC)

• No rehypothecation risk (inherent to non-custodial design)

• Permissionless -- no KYC requirements

• Aligns with Bitcoin's decentralization principles

Cons

• BTC only

• Rates depend on market liquidity (less predictable)

• Significantly more complex user experience than CeFi

• No customer support, insurance, or dispute resolution

• Not regulated (may be a pro or con depending on your perspective)

• Still relatively early-stage technology

• No fiat off-ramp built in -- borrower must handle stablecoin-to-fiat conversion

Best For

Technically proficient Bitcoin holders who prioritize trustlessness and non-custodial architecture above convenience, customer support, and predictable pricing. Not recommended for borrowers who want a straightforward, supported lending experience.How We Evaluated These Platforms

We assessed each platform across eight criteria that matter most to crypto-backed loan borrowers:

1. Interest Rates and Total Cost

We looked beyond the headline APR to calculate total borrowing cost, including origination fees, processing fees, and any other charges. A platform advertising 10.4% APR with a 2% origination fee has a higher effective cost than one charging 8.49% with no origination fee.

2. Loan-to-Value Ratio (LTV)

Higher LTV means you can borrow more against the same amount of collateral. We compared maximum LTV ratios across platforms. A 60% LTV on $100,000 of Bitcoin yields a $60,000 loan; a 50% LTV yields $50,000. That difference matters.

3. Collateral Options

We evaluated which digital assets each platform accepts. Borrowers with diversified crypto portfolios need platforms that support multiple assets. Platforms limited to BTC-only exclude a large segment of the market.

4. Custody and Security

Where does your collateral sit? We examined each platform's custodial arrangements, looking for named custodians with institutional credentials. Custody with a federally chartered bank carries different risk characteristics than custody with an unnamed third party.

5. Insurance Coverage

Does the platform carry insurance on custodied assets, and if so, how much? We compared disclosed insurance policies. In a market where platform failures have cost borrowers billions, insurance coverage is not optional -- it is essential.

6. Rehypothecation Policy

Does the platform lend out, trade, or otherwise encumber your collateral while it secures your loan? Rehypothecation was a primary factor in the Celsius and BlockFi collapses. We prioritized platforms with explicit no-rehypothecation policies.

7. Regulatory Standing

We evaluated each platform's regulatory registrations, licenses, and compliance infrastructure. In the United States, state-level lending licenses (NMLS), FinCEN registration, and other compliance markers indicate a platform's commitment to operating within legal frameworks.

8. Service and Experience

We considered the borrower experience: application complexity, time to funding, customer support quality, and whether dedicated account management is available. For loans of significant size, the quality of support matters.

A Note on Weighting

No single factor should dominate your decision. A borrower who holds only Bitcoin and believes deeply in self-custody will weight Unchained's multisig model heavily despite its higher rates. A borrower optimizing for cost efficiency will focus on effective APR and LTV. A borrower who lived through the 2022 CeFi collapses may weight insurance and custody above everything else.

We present the data transparently so you can apply your own priorities.Frequently Asked Questions

What is a crypto-backed loan?

A crypto-backed loan allows you to deposit cryptocurrency as collateral and borrow fiat currency (USD) against it. You retain ownership of your crypto -- it is held as collateral for the duration of the loan. When you repay the loan, your crypto is returned. Because you are not selling your crypto, you do not trigger a taxable event.

What happens if my crypto drops in value during the loan?

If the value of your collateral falls below a certain threshold (the maintenance margin), the platform will issue a margin call requiring you to either add more collateral or partially repay the loan. If you do not respond, the platform may liquidate a portion of your collateral to bring the loan back within acceptable LTV limits. Each platform handles this differently, so review the margin call and liquidation policies before borrowing.

Do I need a credit check to get a crypto-backed loan?

Most crypto-backed lending platforms, including all seven reviewed here, do not require a credit check. Your crypto collateral secures the loan, so your credit score is not a factor in approval. This makes crypto-backed loans accessible to borrowers who may not qualify for traditional unsecured loans.

Is it better to use a CeFi or DeFi lending platform?

CeFi platforms (like Arch, Strike, Ledn, Unchained, APX, and Figure) offer customer support, insurance, regulatory compliance, and a more familiar borrowing experience. DeFi platforms (like Lava) offer non-custodial, trustless lending with no counterparty risk from a custodian -- but also no customer support, insurance, or regulatory protections. Your choice depends on whether you prioritize convenience and protection or trustlessness and self-sovereignty.

How fast can I get funds from a crypto-backed loan?

Timelines vary by platform, but most CeFi lenders can fund loans within 1-3 business days after collateral is deposited and the loan is approved. Some platforms offer same-day or next-day funding for returning borrowers or smaller loan amounts.

Are crypto-backed loans taxable?

In the United States, borrowing against your crypto is generally not a taxable event because you are taking on debt, not disposing of an asset. However, if your collateral is liquidated during a margin call, that liquidation may be a taxable event. Consult a tax professional for guidance specific to your situation.

What is rehypothecation and why does it matter?

Rehypothecation is the practice of a lending platform re-using your deposited collateral for its own purposes -- lending it out, trading it, or pledging it as collateral for its own borrowing. This was a major factor in the collapse of Celsius and BlockFi, where customer assets were used to fund risky positions. Platforms with no-rehypothecation policies keep your collateral segregated and untouched.

How to Choose the Right Platform for You

Selecting a crypto lending platform comes down to understanding your own priorities. Here is a simple framework:

If you prioritize the lowest total cost: Compare effective APR (including origination fees). As of February 2026, Arch Lending offers the lowest effective rate among major CeFi platforms at 8.49% with no origination fee.

If you prioritize self-custody: Unchained's multisig model is the only option that lets you hold your own keys. Lava's DeFi model is fully non-custodial. Both come with trade-offs in cost or complexity.

If you prioritize a proven track record: Ledn has processed $6.5B+ since 2018, giving it the longest and largest operating history in the current market.

If you need long-term financing: APX Lending offers terms up to 60 months -- far longer than the 12-month maximum at most competitors.

If you hold assets beyond BTC: Arch Lending (BTC, ETH, SOL), APX Lending (BTC, ETH, and others), and Figure (multiple crypto) support diversified portfolios. Strike, Unchained, and Lava are BTC-only.

If you want the highest borrowing power: Arch Lending and APX Lending both offer 60% LTV, meaning you can borrow up to $60,000 against $100,000 in collateral. Most other platforms cap at 50% or lower.

The Bottom Line

The crypto-backed lending market in 2026 is healthier, more transparent, and more regulated than it was before the CeFi collapses of 2022. Borrowers have real choices across a spectrum from fully custodial CeFi to fully non-custodial DeFi, with meaningful differences in cost, security, and flexibility.

The data speaks for itself. Compare the rates, custody models, insurance coverage, and regulatory standing of each platform against your own priorities. The right platform is the one that aligns with what you value most.

Disclosure: Arch Lending operates this website. We have made every effort to present competitor data accurately and fairly based on publicly available information as of February 2026. Rates, terms, and availability are subject to change. This content is for informational purposes only and does not constitute financial advice. Always verify current terms directly with each platform before making a borrowing decision.

Related reading:

• What Is a Crypto Loan?

• Crypto Loan Calculator

• How Do Crypto Loans Work?

• Is It Safe to Borrow Against Crypto?