Cred Secures $50 Million Global Credit Facility to Lend Against XRP
November 08 2018 - 9:17PM
Business Wire
XRP holders can now collateralize their XRP and
receive USD loans
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. 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.”
“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.”
About Cred
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/
CredMeghan GardlerDirector of Marketingmeghan@mycred.io