XRP holders will now be able to collateralize their XRP coins and receive USD loans. Cred, the crypto-backed lending company announced that it will be providing USD loans collateralized by XRP. The information was released in a press release a few days ago.
XRP Holders Can Collateralize XRP and Receive USD
XRP continues to experience an interesting growth in the virtual currency market and in the financial world. This time, Cred, which handles over $300 million dollars in credit facilities, said that it will be providing USD loans collateralized by XRP.
Investors from all over the world would now be able to save XRP in the long term without having to sell or incur tax consequences. As per the report, XRP users can borrow single-digit interest rates as soon as they visit www.mycred.io. Interested customers can do this entering through ‘Get Early Access.’
Mike Arrington, Founder of Arrington XRP Capital and XRP investor, gave his opinion about Cred. He mentioned that Cred is working in order to build the next generation of lending products recognizing XRP as an asset class.
About it, Arrington said:
“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community. Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”
Cred was able to secure $300 million dollars in credit facilities available for lending. This is 3 times more than the rest of the industry combined, according to the report.
Dan Schatt, the co-founder of Cred, said that they are very excited about offering XRP holders low rates and convenient liquidity services. At the same time, Schatt said that they are looking forward to supporting the partners that integrate the Cred platform to benefit users.
Cred is one of the most important decentralized lending platforms in the world. The company was founded by former PayPal and technology veterans with the intention to leverage blockchain potential. Furthermore, the Cred LBA token is also available in more than 180 countries.
XRP is currently the 3rd largest crypto in the market with a total valuation of $20 billion dollars. Each XRP coin can be purchased for $0.5 dollars.
In order to learn more about it, users can visit Cred’s official website here.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
