Litecoin holders can get 10% interest
Dan Schatt, CEO of Cred, describes that this step can further promote the acceptance and distribution of Litecoin:We look forward to supporting the millions of Litecoin wallet holders with a more transparent, equitable set of financial services we have built, thanks to the advancement of blockchain technologies.Burkett states that his proposal greatly improves usability, since sender and receiver do not have to be online at the same time. In addition, it will reduce long-term maintenance requirements and improve compatibility with and other custody solutions.
Cred allows Litecoin to be pledged in an unlimited amount and without a minimum amount for a predetermined period of time. All interest rate negotiations can be conducted individually and the concluded contract can be adjusted. Cred cooperates with well-known partners like Bitcoin.com, Uphold or BitBuy, so that all wallet owners who hold Litecoin on these platforms can participate.
Cred describes that customers get the best interest rates when they use Cred’s platform-owned LBS utility tokens. If a customer borrows Litecoin in the amount of 1000 USD over a period of 10 months at an interest rate of 10%, then the lender receives guaranteed interest of 100 USD, regardless of how much the has fluctuated during the period.
The income generated from the new partnership will be used for the further development of Litecoin and should drive the future adaptation. Charlie Lee, founder of Litecoin, as well as Alan Austin, director of the Litecoin Foundation, are enthusiastic about this new partnership:
In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case. We are excited to be working with Cred to provide this offering.
Author : Collin Brown