Binance, the world’s largest cryptocurrency exchange by trading volume
and developer of proprietary blockchain Binance Chain, and Cred,
the leading platform for crypto lending and borrowing, today announced
an agreement to work together to spur the decentralization of finance.
As part of the agreement, Cred will migrate a portion of its ERC20 LBA
tokens to Binance Chain and will become the official lending and
borrowing platform for the DeFi ecosystem. As both an investor and
partner in Cred, Binance will also look for opportunities to leverage
and support Cred’s industry-leading services within the Binance
ecosystem.
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Changpeng Zhao, CEO of Binance, with Dan Schatt, Co-Founder and President of Cred (Photo: Business Wire)
“We are delighted to be working with Cred to help scale their efforts to
more markets and users around the world through the power of the Binance
Chain, which has a one-second block time and will ensure transactions
and interactions by Cred’s users will be fast, efficient and
effortless,” said Ted Lin, Chief Growth Officer of Binance.
Cred is a licensed lender, based in California and has secured over $300
million in lending capital. Cred enables crypto wallet providers,
custodians, exchanges and crypto application providers the ability to
offer some of the most competitive lending and borrowing rates in the
industry. This year, Cred has announced partnerships with several
influential organizations and custodians in the crypto community. Cred
LBA holders will be able to commit their crypto to a fixed term and have
the option to rollover assets for additional periods. Customers receive
the best rates when staking Cred’s LBA token. No account minimum is
needed and interest is paid out in Stablecoin. The principal is paid
back in the crypto amounts that were initially received.
“Binance has been a strong partner and investor from Cred’s inception
and we are very happy to support Binance Chain and continue to
collaborate with Binance to bring decentralized finance to everyone in a
sustainable way,” said Dan Schatt, Co-Founder of Cred. “We look forward
to continuing the Cred-Binance partnership.”
Cred is backed by some of the largest investors in crypto and tech
including Binance Labs, 500 Startups, Arrington XRP Capital, Blocktower
and FBG Capital. Cred is also a founding member of the Universal
Protocol Alliance, a board member of the Blockchain Advocacy Coalition.
About Cred:
Cred is a decentralized global lending platform that facilitates open
access to credit anywhere and anytime. Founded by former PayPal
financial technology veterans, Cred has secured over $300 million of
lending capital with offices in San Francisco and Shanghai. Cred’s
mission is to harness the power of blockchain to allow everyone to
benefit from low-cost credit products. Cred brings together a diverse
team of entrepreneurial leaders, machine learning, and the power of
blockchain technology. For more information, visit mycred.io
or follow us on Twitter,
LinkedIn,
or join our community on Telegram.
About Binance
Binance is a blockchain ecosystem comprised of several arms to serve the
greater mission of blockchain advancement and the freedom of money. The
Binance ecosystem is comprised of Binance Exchange (the leading global
cryptocurrency exchange), Labs (venture capital arm and incubator),
Launchpad (token sale platform), Academy (educational portal), Research
(market analysis), Charity Foundation (blockchain-powered donation
platform and non-profit for aiding in sustainability) and Trust Wallet
(Binance’s official multi-coin wallet and dApps browser), as well as
Binance Chain, a blockchain software system developed by Binance and the
community.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005333/en/