By
Chimamanda U. Martha
April 18th, 2024
Binance has joined forces with Cred, the leading platform for crypto lending and borrowing, to expand its ecosystem and support the decentralization of finance.
The world’s largest crypto exchange Binance is further expanding its ecosystem. The platform has entered in a partnership with Cred, the leading platform for crypto lending and borrowing. This collaboration is aimed at boosting the decentralization of the financial system.
Under the agreement signed, Cred is going to migrate a portion of its ERC-20 LBA tokens to Binance’s proprietary blockchain, Binance Chain. As a result, the official lending and borrowing platform will become an official services provider within the decentralized financial world.
Binance is not only a partner of Cred but also its investor. It is also interested in the development and growth of Cred’s activities within the Binance ecosystem.
Welcome to #Binance Chain @ihaveCred 🤝 https://t.co/wnIQMlzdfi
— Binance (@binance) May 30, 2019
Ted Lin, Chief Growth Officer of Binance, expressed his excitement about the new opportunities for their ecosystem. He said:
“We are delighted to be working 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.”
What Cred Offers
With the help of Cred, crypto wallet providers, custodians, exchanges as well as other crypto related firms have an opportunity to offer to their clients some of the most competitive lending and borrowing rates in the industry.
It is expected that holders of the company’s native LBA tokens will able to commit their crypto assets for a fixed term and get better interest rates provided they stake the token.
Dan Schatt, Co-Founder of Cred, also considers this partnership to be very promising for them. He stated:
“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way. We look forward to continuing the Cred-Binance partnership.”
Cred is supported by the most prominent investors including Binance Labs and Arrington XRP Capital. It has already managed to secure over $300 million in lending capital. Among its partners, there is a row of influential organizations in the crypto community.
Earlier this year, Cred has entered in a partnership with cryptocurrency exchange Bittrex and four other blockchain firms with a view to launching a euro-pegged stablecoin.
Binance Growth
As for the Binance, it’s actively growing at the current moment. Just recently, it’s CEO has confirmed that they are really planning to launch a margin trading service in the near future. Now the team is actively preparing for this event. This event is just going to follow the recent launch of Binance DEX.
The company is also expanding its geographical presence. Earlier this year, it has unveiled its new platform dubbed Binance Lite Australia. It is built to provide Australian residents with an extremely easy way to purchase cryptocurrency using cash. And a little bit later, it has introduced a fiat-to-crypto exchange in Singapore.