Decentralized global lending platform Cred announced in a press release CoinReport received from Elevator Communications, Cred’s PR firm, the provision of loans in the United States dollars, collateralized by digital currency XRP.
Cred is the leading provider of crypto-backed lending with more than $300 million in credit facilities.
Customers of Ripple can now save their XRP without the need to sell or incur tax consequences. In numerous countries, holders of XRP are now able to get loans for as low as single-digit interest rates by visiting Cred’s website and clicking “Get Early Access.”
Well-known Ripple investor and Arrington XRP Capital founder Mike Arrington said in the news release we received, “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.”
He added, “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”
Cred has secured more than $300 million in credit facilities available for lending, three times the rest of the industry combined. Leading crypto exchange platforms and crypto wallets are incorporating the Crypto Line of Credit (C-LOC) platform of Cred to retain and delight their customers.
The platform recently proclaimed that it will be powering the earn and borrow products for Uphold, the transparent digital money platform that has handled about $4 billion in transactions and publishes its liabilities and assets in real-time, and cryptocurrency firms and blockchain pioneers coalition the Universal Protocol Alliance, which announced its stablecoin, Universal Dollar (UPUSD), last month at the San Francisco Blockchain Week event.
Cred co-founder Dan Schatt commented, “We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders.”
He added, “We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”
Image via Ripple’s press center