Cryptocurrency lender Ledn has announced it will stop supporting Ethereum and focus solely on Bitcoin loans starting from July 1. This strategic shift aims to simplify its services and realign its focus primarily around Bitcoin. By doing this, Ledn is appealing to sectors of the crypto community that believe Bitcoin is the only necessary cryptocurrency, commonly referred to as “Bitcoin Maxis”.

“It’s a return to the foundational principles that inspired the creation of Bitcoin,” said co-founder Adam Reeds in a press release. Ledn will halt the practice of lending out client assets to generate yield, emphasizing the security of holding Bitcoin as collateral within their custody or that of associated partners.

Reeds further explained, “Traditional finance depends on reusing client resources to establish leverage, which in turn leads to inflation. Bitcoin enthusiasts intrinsically oppose this system.”

Previously, the cryptocurrency lending space suffered during the crypto winter of 2022, with notable companies like BlockFi and Celsius collapsing. However, Ledn has managed to endure and is now implementing a revitalized, Bitcoin-centered lending model, aided by increasingly favorable regulatory attitudes towards cryptocurrency in the U.S., according to co-founder Mauricio Di Bartolomeo.