Binance partners with crypto borrowing and lending platform Cred
- Cred claims over $300 million in credit facilities.
- Cred users are paid interest in stablecoins every three months.
Binance, one of the world’s largest cryptocurrency exchanges, has come into collaboration with Cred, a crypto borrowing and lending company. Cred claims over $300 million in credit facilities. It is a decentralized lending platform that enables its customers of stablecoin issuers, exchanges and wallets to earn up to 10 percent interest on their crypto-shares.
Some features of Cred are as follows:
- Users are paid interest in stablecoins every three months for committing to six months of default commitments.
- If needed, the term can be expanded and the users will have the option to rollover assets for additional periods.
- Staking LBA tokens (native Cred tokens) will give users the best rates.
- The principal will be paid back in the crypto amounts that were initially received.
Ted Lin, Chief Growth Officer of Binance said they have partnered with Cred “to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless”.
Dan Schatt, president of Cred, is excited to work with Binance. He said:
” We are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
