Leading provider of crypto-backed lending, Cred recently announced that they will be providing USD loans which can be collateralized by XRP. The company published the official press release on the new development. The message stated that XRP holders now can save their XRP long-term without selling or inuring tax consequences”.
Further on, the message also informed that the holders of the cryptocurrency now can borrow loans with single-digit interest rates. They can hence visit the provided website and receive their Early Access directly from there.
Founder of Arrington XRP Capital and Ripple investor, Mike Arrington shared official comments on the recent development. “… (Cred) continues to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community. Cred is successfully building the next generation of lending and earning products. Their recognition of XRP as an asset class is important”, stated Arrington.
In addition, Co-founder of Cred, Dan Schatt also commented on the new partnership. “We’re thrilled to offer XRP holders the same low rates and convenient liquidity services. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users”, said Schatt.
Additionally, the official press release also provided a brief description on the company. The overview reads: “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. Moreover, Cred’s LBA token is available in more than 180+ countries including the US… Leading crypto wallets and crypto exchange platforms are integrating Cred’s Crypto Line of Credit (C-LOC) platform…”
Also the company has secured more than $300 million in credit facilities. As a result, this number is three times more than the rest of the industry combined.