Coinbit, a leading exchange with over $1 billion in weekly trading
volume, and Cred, the leading provider of crypto borrowing and lending
with over $300 million in credit facilities, today announced a
partnership that will allow Coinbit customers to earn up to 10% of
interest on their crypto assets when staking Cred’s LBA token. Coinbit
will also make the LBA / Korean Won pair available on its exchange.
“At Coinbit, we believe Cred’s borrowing and lending services are a
natural next step for Coinbit users,” said Park Hyun Baek, CEO of
Coinbit. “Cred has significant experience in crypto backed lending and
borrowing services and will exclusively serve our customers who wish to
earn, borrow and lend on our platform.”
“Korea is a very important market for crypto, and we are happy to work
with Coinbit to make it easy for their customers to conduct financial
services with their crypto assets,” said Dan Schatt, Co-founder and
President of Cred. “Whether the market is up or down, customers can
benefit from the liquidity they receive when obtaining a fixed amount of
interest in Stablecoin. Customers also benefit by receiving the full
upside on the amount of crypto they originally committed.”
Customers of Coinbit will be able to commit to a specific 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.
Cred is backed by some of the largest investors in crypto and tech
including 500 Startups, Arrington XRP Capital, Blocktower, FBG Capital,
and Binance Labs. Cred is also a founding member of the Universal
Protocol Alliance, a board member of the Blockchain Advocacy Coalition.
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,
or join our community on Telegram.
Based in the South Korean capital of Seoul, Coinbit is the second large
crypto exchange in Korea, offering over 20 trading pairs on its website
and currently processing over $1 billion of volume per week.