Posted 1 year ago | by Ben Armstrong
Crypto Holders can Earn Interest After Litecoin Foundation Partners with Cred
Litecoin Foundation mainly through Litecoin (LTC) is committed to developing state-of-the-art blockchain technologies. The Litecoin token is one of the most popular cryptocurrencies in the world. LTC has a market capitalization exceeding three billion US dollars.
Cred was founded by Dan Schatt who is former PayPal executive. Its head office is in the San Francisco Bay Area. The firm is a global borrowing and lending platform, which facilitates open access to credit anytime and anywhere. Cred works to build a global network for accessing credit and allow everyone to benefit from excellent financial services.
A recent partnership between the two companies is creating new ways for crypto holders to earn interest on tokens. The ability to earn interest from a decentralized asset is a big plus for the entire sector, and will help the use of tokens rise.
New Options from Litecoin and Cred
The Litecoin Foundation has announced a partnership with Cred to offer interest on Litecoin held as collateral. Cred customers can 'freeze' their coins with Cred and earn up to 10% annual interest on their digital assets.
The strategic partnership program also allows Litecoin holders to lend their cryptocurrency at attractive rates, comparable to other various decentralized finance (DeFi) solutions on the Ethereum blockchain.
Litecoin holders are required to freeze their coins for at least six months to benefit from the interest program. There is no account minimum is required, monthly interest payments will be given either in cryptocurrency or fiat. Together, customers will be able to access the credit process facilitated by Cred partners like BitBuy, Uphold, and Bitcoin.
A Great Match
Like any new venture, the success will be influenced heavily by the leadership. Both of the leaders involved appear to be eager to make this partnership work, and expand it as time goes on.
Alan Austin, Litecoin Foundation director, said that Litecoin will provide a real-world use case from the collaboration:
“Strong use cases need to be one of the most vital considerations when evaluating cryptocurrency. Besides Litecoin’s reliability, excellent liquidity, and use for payments, the opportunity to earn interest at competitive rates through Cred’s platform greater enhances this use case. We are delighted to be collaborating with Cred to provide this offering.”
Dan Schatt, CEO and co-founder of Cred commented:
“We are happy to work with Litecoin Foundation, one of the most trusted and oldest names in the blockchain industry. We aim to support the millions of Litecoin holders with more equitable and transparent financial services we have developed. Thanks to the continued advances in blockchain technologies.”