TRON Users Will Now Get Crypto-Backed Loan From Cred, Or Interest For Lending Their Token
Crypto finance segment has seen a lot of movements within the last few days, and this time, its TRON that has come up with the good news. Tron Foundation tweeted on Wednesday that it had entered in a partnership with crypto-based fintech start-up Cred.
The collaboration will allow TRON users to lend their tokens to earn interest and borrow money by keeping TRX as collateral.
TRON and Cred Collaborate to offer Lending and Borrowing to #TRON Ecosystem. @Tronfoundation & @ihaveCred share the same vision of making financial services more fair, inclusive and transparent using blockchain technology. #TRX $TRX https://t.co/5LAyvL7UkG
— TRON DAO (@trondao) May 8, 2019
The TRX governing foundation wrote a blog on medium.com, further elaborating the partnership. Token lenders can now earn up to 10% interest annually.
Commenting on the new partnership, TRON founder Justin Sun said,
TRON’s collaboration with CRED will allow participants in the TRON ecosystem to benefit by earning interest or borrowing against TRON denominated currencies. Cred has impressed us with their solid history of delivering returns, their strong understanding of risk management and regulatory expertise and their professionalism. We share the same vision of making financial services more fair, inclusive and transparent using blockchain technology.
On the other hand, Cred’s chief Dan Schatt said that they were excited to work with TRON, and are thrilled to offer TRX holders opportunities to earn interest on their tokens and avail loans on their digital assets.
The crypto space is steadily moving towards mass adoption, and the outcomes have been quite promising. Digital assets are touted to be the future of the global economy, and lending finance is certainly picking pace in the crypto sphere.
Cred is a decentralized crypto-based lending start-up, which lets crypto players like stablecoin issuers, exchanges, and wallets access to avail earning and lending opportunities across the globe. The fintech start-up has secured over $300 million of lending capital and was founded by ex-PayPal veterans. You can check the most popular crypto loan platforms here in more detail.
TRON is one of the fastest growing crypto-blockchain and is among the top ten cryptocurrencies in terms of valuation. The platform is focused on creating decentralized internet to facilitate innovation without boundaries. The platform is among the forerunners of crypto-adoption, and this collaboration with Cred will give TRON a slight edge over its competition.
Competition in the crypto is growing insanely fast, and therefore, users now have the luxury to choose the platforms which suits their needs the best. And to stay relevant in the competition, we might witness a lot more crypto companies exploring the crypto-finance segment.