Ken Chigbo
Independent Analyst
- Binance has announced a new partnership with Cred to offering crypto lending and borrowing.
- The users will be able to borrow fiat currencies with cryptocurrencies as collateral.
The world’s largest exchange by traded volume, Binance has announced a new partnership, which will see the company offering a crypto lending and borrowing service.
Cred, a California-based company, will migrate a portion of its native “LBA” token to Binance’s blockchain network, Binance Chain, and become its official lending and borrowing platform,
Binance chief growth officer Ted Lin commented on the announcement:
Binance Chain has a one-second block time, it will help Cred scale its operations to more markets and users, and ensure transactions are fast, efficient and effortless.
According to the Cred website information, it offers two services: “Borrow” and “Earn,” Facilitation user users to borrow fiat currencies with cryptocurrencies as collateral, while the latter offers interest rates on deposited cryptocurrencies and fiat currencies.
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