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    Cred and Litecoin Foundation Partner To Offer Up To 10% Interest on LTC Collateral

    A press release from February 10th announces that the Litecoin Foundation and Cred have closed a partnership to offer interest on Litecoin (LTC) collateral.

    This means Cred customers will be able to stake their coins and this way, earn an annual percentage rate of up to 10%. The partnership also enables holders of LTC to lend the cryptocurrency they’re holding at lucrative rates, just like it’s happening with decentralized finance (DeFi) Ethereum solutions.

    See Benefits after a Six Month Commitment

    In order to benefit from the interest, customers will have to be with Cred for a period of 6 months. The monthly interest will be paid in either crypto or a fiat currency. The other Cred partners are BitBuy, Uphold and Bitcoin.com. They will facilitate the credit as well. The Litecoin Foundation’s director Alan Austin explained why the partnership is so important for Litecoin by saying:

    “Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case.”

    Some Partnership Funds will Support the Development of Litecoin

    Some of the funds obtained after the joint initiative are going to be used to support the development of Litecoin. Charlie Lee, the founder of Litecoin has already volunteered to make a 1% donation for the Foundation. As for Cred, the company has a crypto-based borrowing and lending platform. It’s also trying to create a credit accessing and maintaining history that’s available worldwide, by using the LBA token in order to supply the interest rate premiums. Cred was founded by Dan Schatt, the former executive at PayPal.

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    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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