Crypto lending platform Cred now secures $50 million global credit with XRP as collateral
Despite growing adoption of digital assets, something as simple as getting access to credit still remains a challenge for many borrowers. Getting a line of credit is especially harder for startup founders and cryptocurrency investors. The problem is further compounded with traditional lending institutions’ heavy reliance on outdated credit rating methods, directly dismissing the legitimacy of digital assets. Even with breakthrough technologies like blockchain, traditional financing is still channel, product and geographic specific with onerous processes that result in long cycle times and increased cost of capital. These issues not only limit efficient flow of assets, but also ignore a large segment of the market that is under-served by banks.
XRP cryptocurrency holder can now rejoice. Thanks to Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities! All XRP holders looking for a line of credit of up to $50 million can now get credit using their XRP as a collateral. Cred announced that it provides USD loans, collateralized by XRP. XRP holders 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.”
According to the statement, 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.” Tech Crunch founder and ghe founder of Arrington XRP Capital, Mike Arrington, cheered after the announcement. “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.”
Founded in 2017 by Dan Schatt and Lu Hua, the San Francisco-based 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.
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.”