It is yet another time that Binance exchange is making another stride to provide more to its customer base through a partnership with cryptocurrency lending firm Cred. The latter is based in California and has been part of Binance ecosystem for quite some time after Binance Lab made an investment in Cred in 2018.
However, the new partnership will see Cred come out of the wings of Binance Lab and become the official lending and borrowing platform that is decentralized finance on Binance DeFi ecosystem.
Apart from being Binance official partner when it comes to borrowing, Cred will also be the official provider of investment engines, marketplaces and insurance.
Through the partnership, Binance customers who double up as cryptocurrency enthusiasts and hoard digital coins can earn interest from their cryptocurrency holdings. Additionally, the partnership will also lead to Cred moving some of its ERC20 LBA tokens from Ethereum blockchain to Binance Chain mainnet. As contents of the partnership agreement take shape and get implemented, for Binance, it is not only extending its partnership with Cred but at the same time maintaining its previous partnership of being Cred investor.
Through this new partnership, Cred is positioning itself to take advantage of Binance platform, its network and the one-second block time from Binance Chain to make its services available across the globe.
“Since inception Binance has been a great partner and supporter of our project, and we are quite happy to extend our support to Binance Chain.” Dan Schatt co-founder of Cred “At the same time we will continue to work with Binance to bring decentralized fiancé to everyone across the globe.”
As work commences on the new partnerships, Binance is joining Bitcoin.com and Tron Foundation, which have similar working relationships with Cred. For now, it is just a happy moment for Cred as it extends its decentralized lending platform to more jurisdictions.
The expansion means more customers of wallets, exchange and stablecoin issuers can use their crypto shares to earn the 10% in interest from Cred platform.
Interests are paid in stablecoins in three months intervals after committing your shares for six months. However, to receive the best interest rates, users have to stake LBA.