# Crypto lending startup Cred adds XRP as collateral option

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/business/691
Published: 2018-11-09T05:27:41.000Z
Updated: 2018-11-09T05:27:41.000Z
Section: Business

> Crypto lending platform Cred has announced that it now offering USD loan, collateralized by XRP – the cryptocurrency native to the Ripple network.

Crypto lending platform [Cred](<https://www.mycred.io/#/>) has announced that it now offering USD loan, collateralized by XRP – the cryptocurrency native to the Ripple network.

Previously Libra Credit, Cred is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain. It is one of the [founding members](<https://www.econotimes.com/Universal-Protocol-Alliance-Blockchain-at-Berkeley-Uphold-Brave-and-Cred-team-up-to-enable-interoperability-of-digital-assets-1419862>) of the [Universal Protocol Alliance](<https://universalprotocol.io/>).

The company explained that XRP holders will now have the opportunity to save their XRP long term without the need to sell or incur tax consequences.

“Cred is excited to announce that XRP can now be used as collateral to access our crypto line of credit (C-LOC). With the addition of XRP to Cred’s collateral options, XRP holders in need of liquidity can simply borrow against the token instead of selling,” it said in an [online post](<https://medium.com/@ihaveCred/cred-offers-xrp-holders-access-to-50m-in-credit-facility-a636fdee428c>).

Now [@Ripple](<https://twitter.com/Ripple?ref_src=twsrc%5Etfw>) customers have the opportunity to hold their [#XRP](<https://twitter.com/hashtag/XRP?src=hash&ref_src=twsrc%5Etfw>) long-term without the need to sell or incur tax. XRP hodlers can borrow as low as single-digit interest rates when they visit [https://t.co/ya5n9glsuD](<https://t.co/ya5n9glsuD>) and click “Get Early Access.” [https://t.co/NpMlUjOiW7](<https://t.co/NpMlUjOiW7>) [pic.twitter.com/kigkwoNNqh](<https://t.co/kigkwoNNqh>)

— CRED (@ihaveCred) [November 8, 2018](<https://twitter.com/ihaveCred/status/1060626799498092544?ref_src=twsrc%5Etfw>)

“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders,” said Dan Schatt, Co-founder of Cred. “We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”

In its official release, Cred said that it has secured over $300 million in credit facilities available for lending, 3x more than the rest of the industry combined. It recently announced it will be powering the earn and borrow products for the Universal Protocol Alliance and [Uphold](<https://www.businesswire.com/news/home/20180712005272/en/Uphold-Libra-Credit-Bring-Crypto-Backed-Credit-Consumers>).

“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,” said Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor. “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”

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AfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu

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## Links in this article

- [Cred](https://www.mycred.io/#/)
- [founding members](https://www.econotimes.com/Universal-Protocol-Alliance-Blockchain-at-Berkeley-Uphold-Brave-and-Cred-team-up-to-enable-interoperability-of-digital-assets-1419862)
- [Universal Protocol Alliance](https://universalprotocol.io/)
- [online post](https://medium.com/@ihaveCred/cred-offers-xrp-holders-access-to-50m-in-credit-facility-a636fdee428c)
- [@Ripple](https://twitter.com/Ripple?ref_src=twsrc%5Etfw)
- [#XRP](https://twitter.com/hashtag/XRP?src=hash&ref_src=twsrc%5Etfw)
- [https://t.co/ya5n9glsuD](https://t.co/ya5n9glsuD)
- [https://t.co/NpMlUjOiW7](https://t.co/NpMlUjOiW7)
- [pic.twitter.com/kigkwoNNqh](https://t.co/kigkwoNNqh)
- [November 8, 2018](https://twitter.com/ihaveCred/status/1060626799498092544?ref_src=twsrc%5Etfw)
- [Uphold](https://www.businesswire.com/news/home/20180712005272/en/Uphold-Libra-Credit-Bring-Crypto-Backed-Credit-Consumers)
- [Donate](https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=GD9D8CPW8HFA2)