Cred, Tron Partner To Offer Lending And Borrowing To Tron Ecosystembr>
Founded by former PayPal financial technology veterans, Cred is a decentralized global lending and borrowing platform that allows stablecoin issuers, exchanges and wallets to provide valuable earn and lending services worldwide. Cred claims to have secured over $300 million of lending capital. The firm is the founding member of the Universal Protocol Alliance, and a Board Member of the Blockchain Advocacy Coalition.
Tron is dedicated to creating a boundary-free Internet that inspires innovation across industries. Tron, one of the largest blockchain protocols, offers high throughput, high scalability, and high availability for all Decentralized Applications (DApps). Its native cryptocurrency, TRX, is currently the eleventh-largest coin with a market cap of $1.6 billion.
The partnership will see both firms offer crypto-backed loans to the Tron community to support the growth and development of the Tron ecosystem. Cred will also enable customers to earn up to 10% annual percentage rate (APR) on TRX and other TRC-based virtual currencies using Cred’s ethereum-based LBA token.
“Tron’s partnership with CRED will allow participants in the Tron ecosystem to benefit by earning interest or borrowing against Tron denominated currencies,” said Justin Sun, founder of Tron and CEO of BitTorrent. “Cred has impressed us with their solid history of delivering returns, their strong understanding of risk management and regulatory expertise and their professionalism. We share the same vision of making financial services more fair, inclusive and transparent using blockchain technology.”
To earn interest on TRX, holders will send their digital assets to their CredEarn wallet for specified periods, and interest is paid quarterly in stablecoin. Cred will also offer TRX holders with $25,000 or more up to 10% annual return to celebrate the Tron partnership.
“We’re thrilled to work with Tron to offer TRX holders the opportunity to earn interest and borrow on their digital assets,” said Dan Schatt, Cred’s co-founder and president. “Tron users, developers and partners will be able to conduct their financial services transactions using TRX and a variety of future Tron virtual currencies. Whether the market is up or down, customers can benefit from the liquidity they receive when obtaining a fixed amount of interest. Customers also benefit by receiving the full upside on the amount of crypto they originally committed.”