Cred (LBA), a decentralized lending startup backed by Binance Labs that was formerly known as Libra Credit, announce this week that it has secured $50 million in funding to begin offering USD loans collateralized by XRP.
Now @Ripple customers have the opportunity to hold their #XRP 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 and click “Get Early Access.” https://t.co/NpMlUjOiW7 pic.twitter.com/kigkwoNNqh
— CRED (@ihaveCred) November 8, 2018
According to the announcement, investors can now access the liquidity of their XRP holdings without needing to sell or incur tax consequences. With Cred’s early access program, XRP holders in several countries can now borrow against their assets with single-digit interest rates.
“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.”
Notable Ripple investor, Mike Arrington, added, “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.