Cred Enables Litecoin Holders To Earn up to 10% Interest on Their Assets
Good news for Litecoin holders, they can now earn up to 10 percent interest on assets thanks to a strategic partnership. The Litecoin Foundation announced this on the 10th of February 2020. It states that it is partnering with Cred, a California based crypto lender to enable the borrowing and lending of Litecoin.
About The Deal
This financial services support is global, available to all holders of the crypto in at least 190 nations. Litecoin holders now get to make six-month pledges of their digital assets, earning interest every single month.
Cred’s business model involves the lending of a variety of cryptos such as Bitcoin, Bitcoin Cash, and Basic Attention Token. The target is usually money managers, retail investors, and other interested customers. To enable the security of its customers’ digital assets, Cred operates alongside veritable collateral agents and custody partners such as Bittrex Ent, BitGo, and even independent insurance brokers like Lockton.
Views From Foundation’s Heads
Key figures in the Litecoin foundation are quite upbeat about this partnership. Charlie Lee, its founder, and managing director believes that competitive rates for Litecoin can now be delivered to users
Alan Austin on the other hand sees how crucial it is to contemplate robust usage during cryptocurrency evaluations. He believes Litecoin’s high reliability and usability as a means of payment are backed by its outstanding liquidity. Now if one adds the ability to earn good interest rates through the Cred partnership, the crypto’s robust usage should get a tremendous boost.
Customers can increase the periods in which they roll over pledged crypto assets while receiving interest payments in not only crypto but also fiat currencies. All these with their accounts still not requiring a minimum balance.