Cred Secures $50 Million Global Credit Facility to Lend Against XRP
Ripple customers can now collateralize their XRP and receive USD loans
November 09, 2018 11:15 KST
SAN FRANCISCO--(Business Wire / Korea Newswire) November 09, 2018 -- Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced that it provides USD loans, collateralized by XRP. Ripple customers now have the opportunity to save their XRP long term without the need to sell or incur tax consequences. XRP holders in several countries can borrow as low as single-digit interest rates when they visit www.mycred.io and click “Get Early Access.”
“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,” said Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor. “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”
Cred has secured over $300 million in credit facilities available for lending, 3x more than the rest of the industry combined. Leading crypto wallets and crypto exchange platforms are integrating Cred’s Crypto Line of Credit (C-LOC) platform to retain and delight their customers. Recently, Cred announced it will be powering the earn and borrow products for the Universal Protocol Alliance and Uphold.
“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders,” said Dan Schatt, Co-founder of Cred. “We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred’s LBA token is available in more than 180+ countries including the US. For more information, visit mycred.io or follow us on Twitter, Facebook and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005269/en/
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