TrustToken, the TrueUSD’s creator, announced a strategic partnership with Cred, the leading crypto – backed lending and borrowing services platform. Cred’s earnings platform was chosen because of its significant experience with tokenized lending and borrowing, the credibility and track record of the team, having raised more than $ 300 million in loan capital and the significant customer base of Cred, with Cred customers now enrolled in more than 127 countries.
The deal will allow TUSD holders to participate in the CredEarn program, which pays interest on Cred’s platform for the lending of digital assets. In the U.S., the program may include TUSD holders from 29 states.
The holder can now send TrueUSD funds to their CredEarn wallet to participate and to earn interest in TrueUSD, and commit their funds for six months. Interest is paid in TrueUSD every quarter, and at the end of the period, users are free to renew themselves for an additional three months automatically. Cred works with leading custodians like Uphold, Bittrex Enterprise and Ledger to provide security and security for its customers ‘ funds. Cred also has partnerships with insured custody providers like BitGo, ensuring up to $ 100 million in customer assets.
The partnership terms and conditions of TrueUSD require holders to transfer their tokens for a minimum six – month engagement into a CredEarn wallet. You earn interest every three months and may renew your accounts three months after the expiry of the first term.
In terms of the partnership, TrueUSD holders must forward their tokens for a minimum six – month commitment to a CredEarn wallet. You will earn interest quarterly and can renew your accounts for three months following the expiration of your first term.
According to a press release, BitGo, Bittrex, Ledger, and Uphold are the custodian of the money transmitted to CredEarn. With a separate partnership with Lloyd’s in London, BitGo will provide up to $ 100 million in customer assets insurance. The company has indicated that BitGo Inc. and BitGo Trust Company are responsible for separate assets.
The manager further stated that customers could assess whether the people who support the platform are insured if they can trust the promised returns and handle the customer and loading process seamlessly.
The new CredEarn offer sounds similar to BlockFi, another crypto lending company that announced an earlier this month’s crypto deposit account. The company said users could earn 6.2 percent of their holdings each year, although this figure was later cut for their institutional investors. BlockFi said it took over $ 35 million for deposit accounts already and $ 25 million for the first two weeks following the announcement of accounts.