Exchange platform Binance partners with Crypto lending company Cred. Though Cred already has financial backing with Arrington XRP Capital and Binance Labs, this collaboration with Binance will further build a strong bond between the two. Binance teams up with crypto lending firm Cred.
As per an announcement made on Wednesday, California-based Cred will move a part of its local “LBA” token to Binance’s blockchain network, Binance Chain.
Ted Lin, Chief Growth Officer of Binance stated:
“We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.”
Two services are offered by Cred: ‘Borrow’ and ‘Earn’. Further it allows the users to borrow fiat currencies with cryptocurrencies as collateral. The latter offers interest on deposited fiat and cryptocurrencies.
Cred claims to have already secured over $300 million in lending capital.
Binance teams up with crypto lending firm Cred. Cred also teamed up with Bittrex and four other Blockchain firms to launch a euro-pegged stablecoin called the “universal euro.”
Binance will soon launch a margin trading service in the near future. Recently it launched its exchange in Singapore. Also it disclosed a new platform in Australia which offers users the ability to buy Bitcoin with the help of cash.