Binance Partners With Crypto Lending and Borrowing Firm Cred

Binance exchange is teaming up with Cred to offer cryptocurrency lending and borrowing services across its ecosystem.

May 30, 2019 at 1:30 p.m. UTC
Updated Sep 13, 2021 at 9:15 a.m. UTC

Binance exchange is teaming up with Cred to offer cryptocurrency lending and borrowing services across its ecosystem.

As part of the arrangement, California-based Cred will migrate a portion of its native "LBA" token to Binance’s blockchain network, Binance Chain, according to an announcement Wednesday.

Binance chief growth officer Ted Lin said that as Binance Chain has a “one-second block time,” it will help Cred scale its operations to more markets and users, and ensure transactions are “fast, efficient and effortless.”

Cred offers two services: “Borrow” and “Earn,” according to information from its website. The former allows users to borrow fiat currencies with cryptocurrencies as collateral, while the latter offers interest rates on deposited cryptocurrencies and fiat currencies.

The firm is backed by investors including Binance Labs and Arrington XRP Capital, and claims to have already secured over $300 million in lending capital, according to the announcement.

Earlier this year, Cred also formed an alliance with cryptocurrency exchange Bittrex and four other blockchain firms, to launch a euro-pegged stablecoin called the “universal euro.” The stablecoin can also potentially offer holders an annual rate of return if deposited with Cred, the group said at the time.

The addition is the latest new offering from Binance. Last week, the exchange confirmed that it will be launching a margin trading service in the near future.

It's also recently launched its decentralized exchange, set up a fiat-to-crypto exchange in Singapore and unveiled a new platform in Australia that allows users to buy bitcoin with cash from newsagents.

Correction: This article previously indicated Binance is to offer lending and borrowing through the partnership. This was not correct and has been amended.

Binance image via Shutterstock 

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
New Terra Blockchain Expected to Launch on Saturday, Luna Airdrop to Follow

The move is part of a broader plan to help revive the Terra ecosystem and its related tokens.

The move is part of a broader plan to help revive the Terra ecosystem and its related tokens.

CoinDesk - Unknown
2
CoinDesk - Unknown
Ether Accounts for Almost Half of $520M Liquidations Amid Weak On-Chain Data

Traders of ether futures saw liquidations nearly double those of bitcoin in an unusual move.

Traders of ether futures saw liquidations nearly double those of bitcoin in an unusual move.

CoinDesk - Unknown
3
CoinDesk - Unknown
The Curious Case of Coinbase's India Communications Strategy

Reverberations remain from the company's ill-fated Indian launch.

Reverberations remain from the company's ill-fated Indian launch.

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Asia: Crypto Carbon Trading Is Racing to Clean Up Its Act; Cryptos Drop Even as Stocks Rise

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

CoinDesk - Unknown