Bitcoin‑Backed Loan Risk Scores, Rankings & Reviews

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CeFi10

DeFi

APR	LTV	Risk score	Custody	Collateral	Rehypothecation	Currency	KYC	Duration
15.2% Fixed	50% Liq. 83%	29 Low	DeFi 2-of-3 multisig	BTC	No	USD	Yes	12m
14-21.5% Fixed	70% Liq. 90%	36 Medium	DeFi 3-of-4 multisig	BTC	No	USDC, USDT, USD, Others	Varies	1-12m
12.4% Fixed	50% Liq. 80%	49 Medium	CeFi BitGo	BTC	Limited	USDC, USD	Yes	12m
12.5% Fixed	60% Liq. 80%	49 Medium	CeFi Anchorage	BTC, Others	No	USDC, USD	Yes	1-24m
6.1% Variable	73% Liq. 78%	62 High	CeDeFi BitGo	wBTC, Others	No	USDC, USDT, ETH, Others	No	Flexible
10.5-14% Fixed	50% Liq. 85%	66 High	CeFi In-house	BTC	Limited	USD	Yes	12m
18.9% Variable	50% Liq. 83%	70 High	CeFi Ledger Vault, Fireblocks	BTC, Others	Yes	USDC, USDT, USD, Others	Yes	12m
8.95-14.45% Fixed	70% Liq. 90%	71 High	CeFi BitGo, Fireblocks	BTC, Others	Yes	USDC, USDT, USD	Yes	12m
17.4-19.4% Variable	90% Liq. LTV + 5%	76 High	CeFi In-house	BTC, Others	No	USDC, USDT, BTC, ETH	Varies	Flexible
13.5-28.5% Fixed	70% Liq. 90%	90 Critical	DeFi 2-of-3 multisig	BTC	No	USDC, USDT, USDP, Others	No	1-12m
11.99% Fixed	50% Liq. 95%	90 Critical	DeFi DLC	BTC	No	USDC, LavaUSD	No	1-12m
6.5-16.5% Fixed	50% Liq. 95%	90 Critical	DeFi Pre-signed txns	BTC	No	USDC, EUR, CHF, CZK	Yes	3-24m
7.4% Variable	75% Liq. 86%	90 Critical	CeDeFi Coinbase Custody	cbBTC	No	USDC	Yes	Flexible
4% Variable	78% Liq. 91%	90 Critical	CeFi In-house	BTC, Others	Yes	USDC, USDT, ETH, Others	Yes	Flexible
3-20% Fixed	50% Liq. 80%	90 Critical	CeDeFi MPC-TSS	BTC	No	USDT	No	1-6m
11.5-26.5% Fixed	70% Liq. 90%	Beta Not rated	DeFi 2-of-3 multisig	BTC	No	USDC, USDT, USD	No	1-12m

Risk score

29Low

APR

15.2%Fixed

LTV

50%Liq. 83%

Collateral: BTC

Currency: USD

DeFi, 2-of-3 multisig

KYC: Yes

Rehypothecation: No

12m

Risk score

36Medium

APR

14-21.5%Fixed

LTV

70%Liq. 90%

Collateral: BTC

Currency: USDC, USDT, Others

DeFi, 3-of-4 multisig

KYC: Varies

Rehypothecation: No

1-12m

Risk score

49Medium

APR

12.4%Fixed

LTV

50%Liq. 80%

Collateral: BTC

Currency: USDC, USD

CeFi, BitGo

KYC: Yes

Rehypothecation: Limited

12m

Risk score

49Medium

APR

12.5%Fixed

LTV

60%Liq. 80%

Collateral: BTC, Others

Currency: USDC, USD

CeFi, Anchorage

KYC: Yes

Rehypothecation: No

1-24m

Risk score

62High

APR

6.1%Variable

LTV

73%Liq. 78%

Collateral: wBTC, Others

Currency: USDC, USDT, Others

CeDeFi, BitGo

KYC: No

Rehypothecation: No

Flexible

Risk score

66High

APR

10.5-14%Fixed

LTV

50%Liq. 85%

Collateral: BTC

Currency: USD

CeFi, In-house

KYC: Yes

Rehypothecation: Limited

12m

Risk score

70High

APR

18.9%Variable

LTV

50%Liq. 83%

Collateral: BTC, Others

Currency: USDC, USDT, Others

CeFi, Ledger Vault, Fireblocks

KYC: Yes

Rehypothecation: Yes

12m

Risk score

71High

APR

8.95-14.45%Fixed

LTV

70%Liq. 90%

Collateral: BTC, Others

Currency: USDC, USDT, USD

CeFi, BitGo, Fireblocks

KYC: Yes

Rehypothecation: Yes

12m

Risk score

76High

APR

17.4-19.4%Fixed

LTV

90%Liq. LTV + 5%

Collateral: BTC, Others

Currency: USDC, USDT, Others

CeFi, In-house

KYC: Varies

Rehypothecation: No

Flexible

Risk score

90Critical

APR

13.5-28.5%Fixed

LTV

70%Liq. 90%

Collateral: BTC

Currency: USDC, USDT, Others

DeFi, 2-of-3 multisig

KYC: No

Rehypothecation: No

1-12m

Risk score

90Critical

APR

11.99%Fixed

LTV

50%Liq. 95%

Collateral: BTC

Currency: USDC, LavaUSD

DeFi, DLC

KYC: No

Rehypothecation: No

1-12m

Risk score

90Critical

APR

6.5-16.5%Fixed

LTV

50%Liq. 95%

Collateral: BTC

Currency: USDC, EUR, Others

DeFi, Pre-signed txns

KYC: Yes

Rehypothecation: No

3-24m

Risk score

90Critical

APR

7.4%Variable

LTV

75%Liq. 86%

Collateral: cbBTC

Currency: USDC

CeDeFi, Coinbase Custody

KYC: Yes

Rehypothecation: No

Flexible

Risk score

90Critical

APR

4%Variable

LTV

78%Liq. 91%

Collateral: BTC, Others

Currency: USDC, USDT, Others

CeFi, In-house

KYC: Yes

Rehypothecation: Yes

Flexible

Risk score

90Critical

APR

3-20%Fixed

LTV

50%Liq. 80%

Collateral: BTC

Currency: USDT

CeDeFi, MPC-TSS

KYC: No

Rehypothecation: No

1-6m

Beta

APR

11.5-26.5%Fixed

LTV

70%Liq. 90%

Collateral: BTC

Currency: USDC, USDT, USD

DeFi, 2-of-3 multisig

KYC: No

Rehypothecation: No

1-12m

APR: Annual percentage rate, inclusive of interest and all fees.

Classified as CeDeFi because real BTC is held by a centralized custodian or a small quorum (token-vote or corporate admin) can unilaterally change protocol rules or halt withdrawals.

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Zone21 Risk Model

Imagine you could peek under the hood of every Bitcoin-backed loan and instantly know how risky it is. That's the goal of our Risk Model. It's a comprehensive scoring system, built by Bitcoiners, for Bitcoiners, that helps you understand the behind-the-scenes risks of Bitcoin-backed lending products.

Our model analyzes 13 distinct risk factors, from the security of the custodied Bitcoin to the transparency of the lender's operations. Each factor is scored, weighted, and then combined to generate a single, easy-to-understand risk score for every loan product.

Bitcoin-Backed Lending 2025

The Bitcoin-collateralized loan market has swelled to an estimated US $14 billion in mid-2025 [1], showing remarkable resilience and growth since the lender wipeouts of 2022. The market is now being pulled in two distinct directions. On one side, institutional adoption, driven by spot Bitcoin ETFs and clearer accounting guidance, is fueling a resurgence in custodial (CeFi) lending [2]. On the other side, innovations in self-custody—like multisig escrows, DLCs, and new Layer 2 protocols like ArkadeOS—are giving borrowers unprecedented control and privacy, albeit at a higher price.