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Decentralized global lending network Cred now provides USD loans, collateralized by XRP. The company has secured over $300 million in total credit facilities available for lending.
XRP, an independent digital asset, native to the Ripple Consensus Ledger, has been gaining mass adoption and provifing competition for Ethereum, the second top cryptocurrency. The recents news from Cred, US based decentralized global lending network, will further enhance XRP growth and its adoption in the market. The leading provider of crypto-backed lending has announced that it provides USD loans, collateralized by XRP.
Now @Ripple customers have the opportunity to hold their #XRP long-term without the need to sell or incur tax. XRP hodlers can borrow as low as single-digit interest rates when they visit https://t.co/ya5n9glsuD and click “Get Early Access.” https://t.co/NpMlUjOiW7 pic.twitter.com/kigkwoNNqh
— CRED (@ihaveCred) November 8, 2018
According to a press release by Cred, users now have the possibility to save their XRP without without the need to sell or incur tax consequences. Over $300 million has been secured by the company in total credit facilities available for lending.
Dan Schatt, Co-founder of Cred, said:
“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”
XRP hodlers can gain access to flexible and revolving Crypto Lines of Credit (C-LOC) through the Cred platform. By clicking on “Get Early Access” on the Cred’s official website, holders of XRP token from all corners of the world can now take loan as low as single-digit interest rates.
Mike Arrington, Founder of Arrington XRP Capital and prominent Ripple investor, is excited about the initiative. He commented:
“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community…their recognition of XRP as an asset class is important.”
Cred’s New Partners
Cred is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain. Founded by former PayPal financial technology veterans, Cred is aimed at harnessing the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. The company has offices in San Francisco, Shanghai, Singapore, Sydney and Munich.
In October of this year, Cred announced its milestone partnership with Uphold, a major global digital money platform that has conducted transactions worth over $4.0 billion across 184 countries. As a result of the collaboration, two cutting edge blockchain-based consumer finance products will be launched: Uphold Earn and Uphold Borrow.
Both products are aimed at helping customers to earn interest from stablecoin holdings and borrow money against the cryptocurrencies they have. Moreover, Uphold users will be able to purchase Cred’s LBA with crypto, cash and via debit/credit cards, as well as obtain token-backed loans.
Cred will also be powering the earn and borrow products for the Universal Protocol Alliance.
Earlier, Cred secured $200,000,000 USD in crypto-backed lending facilities.