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Binance Labs developers of Binance (BNB) Coin has just announced a partnership with lending platform Libra Credit. Chief among the partnership is the use of Binance Coin as the digital currency for all loan transactions.
A new era in Digital currency lending
The terms agreed by both parties stipulate that with Binance Coin (BNB) users would be able to access loans in both Fiat currency and cryptos, using BNB as collateral. According to the announcement made by Libra Credit, users would be able to tap into the wealth of features offered by BNB wallet.
Libra Credit is a p2p lending service based on the Ethereum blockchain technology. The credit company aims to partner with digital currency and forex markets which includes financial institutions to access loans easily.
What to expect from the partnership
The loans can be accessed in various forms Crypto to Crypto, Crypto to fiat currency and crypto to the stable coin. This gives room for a more secure and stable way of a transaction as Binance Labs is known for its secure exchanging services.
Although there are few barriers for borrowers in accessing loans as they are not required to submit a prior history of earnings. Libra Credit would institutes checks on lender and borrower transparency by attributing credit scores and featuring a unique risk management system.
This has led to Binance Coin to partner with the website to facilitate the realisation of the goals. The lending website plans to roll out this platform in the third quarter of the year and have started developing the mobile app which should be available before the fourth quarter.
The CEO of the cryptocurrency has admitted that Libra Credit has their full support as the credit company has experience and know how in the business.
Binance Coin (BNB) role in the partnership
Binance Coin has emerged as one of the top 20 cryptocurrencies in the world with a market cap of $1,3billion. It was initially launched as BNB on Ethereum network.
However, BNB merged with Binance Coin and was unveiled in March 2018. It is also known that the digital currency company is set to release new crypto named MobileCoin which would be used as a token for privacy-focused cryptocurrency transactions.
An initial fundraising event had been raised in April 2018 with the company raising $30 million for the new project.
About Libra Credit
Libra Credit is a blockchain platform based on a decentralised network which enables easy access to lending options.
The startup was founded in 2017 by former PayPal employees and has emerged as a giant in the loans market specialising in Blockchain technology.
Libra Credit which is based in San Francisco has shown much promise with its aim to radically change the process of digital loans in the current market sphere.
According to the company, they are committed to working on new projects which involves the use of blockchain technology methods.
About Binance Lab
Binance Labs is a Tech subsidiary owned by the biggest digital asset exchange company, Binance. Binance pride themselves as being committed to Investing in new projects, companies and entrepreneurs that work with cryptocurrency methods.
Binance Labs gives consultancy advice to startup companies with a unique option provided by the company termed Binance Launchpad. This platform enables ICOs setup to be finished within a minute.
Binance-Libra Credit Partnership Will Enhance Loan Industry
This partnership is a big news for the digital market world as Libra credit will be able to access the dominant technology of Binance to provide better lending services.
This idea will come as a welcome relief to Binance after a tough week whereby the Binance Coin came under scrutiny amid fears of manipulation.
In other related news, Binance today revealed the company’s plans to give out 100 million VTHO tokens to VeChainThor holders on the 1st of August to commemorate the launch of the VeChain Mainnet.