Cred, a licensed crypto-backed lending and borrowing platform based in California, now supports litecoin. The service will allow LTC holders to earn up to ten percent interest through any of its partners including the Litecoin Foundation, Bitcoin.com, Uphold, and Bitbuy. Since July 2019 Cred allows Bitcoin.com customers to earn interest on BCH and BTC.
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Cred Now Accepting Litecoin
Cred, a licensed lender based in California, has announced that litecoin (LTC) holders will be able to earn up to ten percent interest on their digital assets following a partnership with the Litecoin Foundation. The partnership is expected to help support the altcoin’s development as a portion of the funding generated through the service will be funneled into the LTC developer community.
The platform will allow LTC holders to invest through any of Cred’s partners including Litecoin Foundation, Bitcoin.com, Uphold, and Bitbuy. Litecoin holders will be able to commit to a six-month term and receive monthly interest payments, with the option to roll over pledged assets for additional periods. The company explained that customers will receive the best Cred rates when staking Cred’s LBA utility token. No account minimum is needed and interest is paid out in fiat or cryptocurrency.
“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,” stated Dan Schatt, Co-Founder and CEO of Cred. “We’re thrilled to be working with Cred as our financial services partner, offering among the most competitive interest rates on Litecoin,” added Charlie Lee, creator of the altcoin.