Ripple On The Rise: Cred Raises $50 Million to Lend Against XRP
The leading provider of crypto-backed lending in the world, Cred, which has a total of $300 million USD in credit facilities, has announced today that it will start to provide USD loans that will be collateralized using Ripple’s XRP.
After the company finished the process, all Ripple customers will be able to use their XRP to save in long-term without selling the assets. Now, the XRP holders in all countries that Cred works will be able to borrow with as low as single-digit interest rates when they use this new early access feature in the site of the company.
“Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.” Mike @arrington, Founder of Arrington XRP Capital and important XRP investor. https://t.co/QKP1NSnfNn pic.twitter.com/bfRTiAxHIY
— Cred (@ihaveCred) November 8, 2018
Mike Arrington, the founder of Arrington XRP Capital, is a well-known Ripple investor and he believes that Cred is successfully creating the next world of credit and that, by adding XRP as its newest product, the company is taking a very important asset class.
He has also affirmed that he is always impressed at how responsible Cred is to his needs as a consumer and that the company is always able to trust the company to be the bridge between what he wants and him, as it serves both the traditional financial asset community and this new ecosystem of the crypto world.
Dan Schatt, the co-founder of Cred, has affirmed that the company’s personnel is very thrilled to offer XRP holders the same low rates and liquidity that they offer to other holders like BTC and ETH, which are already compatible with the business. They also plan on upgrading this support so that more tokens are collateralizable on the system of the company.
Cred is self-described as a “decentralized global lending platform that facilitates open access to credit anywhere and anytime”. Basically, it is the largest blockchain-based credit company in the world now. It was founded by a former PayPal veteran and its mission is to use the blockchain technology as a way to benefit all the people who need credit.
Part of why the company is so big and important is because was able to secure $300 million USD in credit via many facilities, which makes it have more than three times the money that the rest of the crypto lending industry has and showcases all the potential of the company.
At the moment, Cred is already available in over 180 countries including the United States and most countries in Europe.