Crypto lending platform Cred is now providing USD loans collateralized by Ripple’s XRP.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. It is the largest crypto-backed lending platform with over $300 million in credit facilities, 3x more than the rest of the industry combined. It is one of the founding members of the Universal Protocol Alliance.
Ripple’s addition will allow XRP holders to save their tokens long term without the need to sell or incur tax consequences. XRP holders in several countries can borrow as low as single-digit interest rates when they visit Cred’s platform and click “Get Early Access.”
“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders,” said Dan Schatt, Co-founder of Cred. “We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”
Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor, said that as a Cred borrower, he appreciates how responsive Cred is to his needs, adding that he is impress 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,” said Arrington.
XRP, the third largest cryptocurrency by market cap, has been gaining a lot of positive publicity. Earlier this week, it was reported that the cryptocurrency would be supported by crypto platform Wirex as an Apple Pay option.