Cred Begins Loan Collateralized By Ripple’s XRP, Secures $50 Million Global Credit Facility
Ripple’s XRP enthusiasts are not in euphoria after Cred, a respected provider of crypto-backed lending with over $300 million in credit facilities, announced earlier today that it now provides USD loans collateralized by XRP.
What this indicates is that XRP users now have the advantage to save their XRP long term without the need to sell or earn tax evasion consequences. In essence, XRP holders in several countries are now given the opportunity to borrow as low as single-digit interest rates.
A well know Ripple investor, who also doubles as the founder of Arrington XRP Capital showed his excitement over the announcement saying, “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”
He added: “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,”
Meanwhile, Cred has successful secured more than $300 million in credit facilities for lending, a value that is three time the industry’s total worth.
Due to its diligence, respected cryptocurrency wallets and exchanges now integrate Cred’s Crypto Line of Credit (C-LOC) platform to satisfy and retain their customers whose love for the platform reflect in their demand.
Not long, Cred announced it will control the earn and borrow products for the Universal Protocol Alliance and Uphold.
The co-founder of the Cred Dan Schatt said, “We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders,” adding that they are now looking forward to continuing to support other partners integrating Cred purposely to satisfy their customers,
Cred is regarded by the cryptocurrency space as a decentralized global lending platform that eases open access to credit anywhere. Cred’s LBA token is being used in over 180 countries including the US.
More Opportunity For XRP
XRP is witnessing mass adoption at the moment. Platforms like Canadian-based Spend has announcement they are also supporting XRP. Through xRapid, a blockchain cross-border payment toll, financial institutions all over the world are now using the digital asset.
The cryptocurrency space is beginning to feel the impact of XRP, making crypto lovers to have more trust in the digital asset.