Litecoin Foundation partnered with Cred to offer a wide array of services to LTC hodlers
Litecoin Foundation has announced a strategic partnership with Cred, a San Francisco-based licensed lending and lending company with more than $ 300 million in loans. Cred has been integrated into the Litecoin application and promises an interest rate of up to 10% per year for any amount placed; At the same time provides many services for LTC hodlers.
Pleased to have selected @ihaveCred as our strategic partner for borrowing & earning. Read more about our partnership and how you can earn up to 10% interest on #LTC here: https://t.co/beqnm74rXq
— Litecoin Foundation (@LTCFoundation) February 11, 2020
Litecoin Foundation pays rewards to LTC hodlers
Cred is a global cryptocurrency-based lending and lending platform. It strives to create a worldwide network to access credit and maintain global credit history, using the LBA utility token to provide interest premium.
To reward LTC hodlers, the Litecoin Foundation has partnered with fintech startup Cred to provide a range of financial services to Altcoin hodlers. Cred is a California-based lending platform that has been licensed to operate in 190 countries.
Under the terms of the partnership, LTC owners will now be able to earn up to 10% of the profits from holding their digital assets through any Cred partner, including the Litecoin Foundation. Bitcoin.com, Uphold, and BitBuy. It is known that all funds generated from the Litecoin Foundation and the Cred partnership will be used to develop the Litecoin project.
Commenting on the development, Alan Austin, Director of Litecoin Foundation, said:
“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. We are excited to be working with Cred to provide this offering.”
We are thrilled to announce our strategic partnership with @LTCFoundation @SatoshiLite for earning and borrowing.
Read more about our partnership and how you can earn up to 10% interest APY on #LTC here: https://t.co/o8JOhHesie
— Cred (@ihaveCred) February 10, 2020
Former PayPal executive, Dan Schatt, also co-founder and CEO of Cred, said:
“We look forward to supporting the millions of Litecoin wallet holders with a more transparent, equitable set of financial services we have built, thanks to the advancement of blockchain technologies.”
Schatt said his company built the system and handled all the fine details, including legal compliance, regulatory support, and operational and customer service support. But really, this is Litecoin’s app, and the proceeds from this app are used to support the Litecoin Foundation. The Litecoin Foundation’s earnings from the service will be spent on things like development and education.
Although Schatt doesn’t see Litecoin as a store of value comparable to Bitcoin, he says he sees the value of the coin for his transactions. Litecoin is better, and it’s the leverage that can be used for many transaction-oriented services.
There is no denying the attraction of cryptocurrency
While cryptocurrencies are still a relatively new phenomenon in the financial space, their appeal as an asset class has been steadily increasing over the past few years.
In particular, a large number of companies are engulfed in the cryptocurrency lending space, which allows holders of digital currencies to earn interest from their crypto assets.
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