Ripple’s XRP Coin Becomes The Biggest Pledged Asset Class On CredEarn With 9% Earning Interest
XRP Becomes The Biggest Pledged Asset Class On CredEarn With 9% Earning Interest
In the current bear market, lending businesses are gaining increasing traction and making good business.
Now, on Cred platform, among the top cryptos that is Bitcoin and Ethereum, XRP emerged as the biggest pledged digital asset.
CredEarn is a solution by Cred that allows Uphold members to loan Cred their digital assets and earn up to 10 percent interest. Now, in its Twitter announcement, Cred shared that XRP has been leading the crypto asset class as it stated,
“XRP has far and away been the biggest pledged asset class. Sign up for CredEarn to earn 9% on XRP now.”
As per its website, CredEarn pays interest in the first and second quarter on the digital asset that the user have loaned them. It further claims to return the initial digital asset that has been loaned and all the funds get deposited back into the user’s Uphold account.
These stats have been shared following Cred’s partner Uphold, a cryptocurrency exchange celebrating XRP and sharing their own interesting stats with the crypto community.
The company reported that in a matter of nine months, the purchase of XRP on the month increased 33 percent as it reported,
“When first listed on Uphold in March 2018, XRP accounted for less than 10% of platform purchases each month. By the end of 2018, that figure had risen to more than 43%.”
Uphold serves in over 184 countries across 30+ currencies and commodities with not just foreign exchange but also in cross-border remittances. The platform claims to be the “first platform” to enable fiat to XRP transfers and since then XRP has grown to become the second largest crypto asset (in USD value) on Uphold.
In its report from November to December in 2018, Bitcoin was the most purchased asset but by only a “tiny” margin over XRP. The big story in terms of net inflows has been XRP which was the second most heavily bought asset on the exchange and saw steady growth.
Elsewhere, Federal bank in India entered into a partnership with Ripple Inc. for cross-border remittances. The announcement stated that Ripple platform offers “safer and secured” cross borders transactions. Another good new came into the form of Ripple-powered mobile payments app, MoneyTap by Japanese financial giant SBI gaining investment from 13 banks. On the price front, XRP is not seeing any changes as at the time of writing, it has been trading at $0.3079 with 24-hours of loss of 0.39 percent.