Binance, the world’s largest cryptocurrency exchange by trading volume and developer of proprietary blockchain Binance Chain, and Cred, the leading platform for crypto lending and borrowing, today announced an agreement to work together to spur the decentralization of finance. As part of the agreement, Cred will migrate a portion of its ERC20 LBA tokens to Binance Chain and will become the official lending and borrowing platform for the DeFi ecosystem. As both an investor and partner in Cred, Binance will also look for opportunities to leverage and support Cred’s industry-leading services within the Binance ecosystem.
“We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless,” said Ted Lin, Chief Growth Officer of Binance.
Cred is a licensed lender, based in California and has secured over $300 million in lending capital. Cred enables crypto wallet providers, custodians, exchanges and crypto application providers the ability to offer some of the most competitive lending and borrowing rates in the industry. This year, Cred has announced partnerships with several influential organizations and custodians in the crypto community. Cred LBA holders will be able to commit their crypto to a fixed term and have the option to rollover assets for additional periods. Customers receive the best rates when staking Cred’s LBA token. No account minimum is needed and interest is paid out in Stablecoin. The principal is paid back in the crypto amounts that were initially received.
“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way,” said Dan Schatt, Co-Founder of Cred. “We look forward to continuing the Cred-Binance partnership.”
Cred is backed by some of the largest investors in crypto and tech including Binance Labs, 500 Startups, Arrington XRP Capital, Blocktower and FBG Capital. Cred is also a founding member of the Universal Protocol Alliance, a board member of the Blockchain Advocacy Coalition.