TRON partners with crypto lending startup Cred
Wed, 08 May 2019, 07:25 am UTC
TRON, which aims to create a boundary-free internet, is one of the largest blockchain protocols and offers high throughput, high scalability, and high availability for all decentralized applications (DApps). Its native token, TRX, is currently the eleventh largest cryptocurrency by market capitalization and is trading at $0.024 at the time of writing.
Based in San Francisco, Cred is a decentralized global lending platform that allows stablecoin issuers, exchanges, and wallets access to valuable earn and lending services. It lends on a fully guaranteed and collateralized basis and offers interest rates on crypto assets and several fiat currencies.
According to the official release, Cred is offering TRX holders with $25,000 or more up to 10% annual return at mycred.io/tron. In addition, it will offer crypto-backed loans to the TRON community to support the growth and development of the TRON ecosystem.
"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 need to send their digital assets to their CredEarn wallet for specified periods, and interest is paid quarterly in stablecoin.
"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,” said Dan Schatt, Cred's co-founder and president.
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