Crypto Lending Platform Cred To Migrate LBA Tokens To Binance Native Blockchain

Blockchain, News | May 31, 2019 By:

Binance, the world’s largest cryptocurrency exchange, has teamed with crypto lending platform Cred to spur the decentralization of finance.

Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Its ecosystem includes Binance Exchange, venture capital arm and incubator Binance Labs, token sale platform Binance Launchpad ans Binance Chain, a blockchain software system developed by Binance and the community, among others.

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 has an ERC20-based utility token, called LBA, that can be used for accessing and using CRED platform services.

The partnership will see Cred migrate a portion of its LBA tokens to Binance Chain and will become the official lending and borrowing platform for the decentralized finance (DeFi) ecosystem. As part of the agreement, Binance will also look for opportunities to leverage and support Cred’s services within the Binance ecosystem.

“We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless,” said Ted Lin, Chief Growth Officer of Binance.

Dan Schatt, Co-Founder of Cred, said that they look forward to continuing the Cred-Binance partnership.

“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way,” said Schatt.