A US based decentralized global lending network, Cred, today announced that it is now granting USD loans with XRP as collateral.
According to a Press Release issued by the leading crypto-backed loan provider, the addition of XRP to Cred’s collateral options will now allow people borrow fiat liquidity with XRP as surety without selling it or incurring tax consequences.
By clicking on “Get Early Access” on the official website of the lending firm, holders of XRP token in various countries can now take loan as low as single-digit interest rates.
A well-known Ripple investor who is also the founder of Arrington XRP, Mike Arrington, said the introduction of XRP is a great achievement.
“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. Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important,” Arrington stated.
With over $300 million credit facilities available for lending on Cred, the firm’s facility is 3x more than the rest of the industry in total.
Owing to the awesome service offered by the lending firm, top crypto exchange platforms and wallet have begun integrating its Crypto Line of Credit (C-LOC) to offer their customers top lending services.
The crypto lending firm also noted that its partners, Uphold and Universal Protocol Alliance will soon launch Borrow and Earn empowered by Cred.
“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users,” Cred Co-founder, Dan Schatt stated.
Established by former PayPal financial technology veterans, Cred aims at transforming the lending industry with blockchain technology.