On Thursday, Cred, a leading name in providing crypto-backed lending, announced that it provides loans with XRP as collateral. Basically, people can now borrow from the platform with XRP as collateral without fear that they may incur tax consequences. Therefore, to take advantage of Cred credit facilities, XRP holders around the world can borrow as low as single-digit interest rates. To do that, they have to visit www.mycred.io and then click on get Early Access.
Cred Means Business
To demonstrate serious lending intent, Cred has secured over $300M USD in credit facilities just for the purpose of lending. Indeed, this amount, which the crypto-backed lender is offering, is more than thrice the rest of the industry combined. The common trend among cryptocurrency exchange platforms and leading crypto wallets is to integrate its Crypto Line of Credit (C-LOC) platform. In fact, this is to enable their customers to benefit from the offer. No doubt, this has become the case due to the rare service that it offers. Cred will support similar products for Uphold and Universal Protocol Alliance.
Official Remarks
Mike Arrington, a popular XRP investor, praises Cred for the products it has rolled out. Arrington, who is the founder of Arrington XRP Capital, explains further. He pointed out that it needs to continue acting as a bridge-builder between the traditional financial services industry and the cryptocurrency world. The popular loan provider said that it will create initiatives to build next-gen lending and earning products, as well as recognizing “XRP as an asset class is important.”
Dan Schatt, Cofounder of Cred, also spoke on the product that the company is offering the global XRP community. He noted that it excites Cred to offer convenient liquidity services similar to BTC and ETH.
Background Information
Cred is a popular decentralized crypto-backed lending platform that facilitates access to credit anywhere, anytime. Unarguably, the firm has made a significant level of progress due to the team behind it. Based in the United States, the firm has former cross-border payment and settlement platform PayPal veterans as founders.
No doubt, Cred has a simple mission: using the power of blockchain technology to empower people through low-cost credit products. Based in the United States, the company has become influential around the world. Indeed, its LBA token is available in more than 180 countries. Moreover, access to its credit service is simple and available to everyone with a computing device in hand.
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