Litecoin foundation recently announced a collaboration with Cred.
Cred, a leading crypto-supportive borrowing and lending platform revealed the news via its official blog.
Cred was established by ex-PayPal monetary technology veterans and is based in the San Francisco Bay Area. Cred’s goal is to fully harness the strength and power of blockchain in a bid to enable benefits from top monetary services.
As a not-for-profit organization, Litecoin Foundation reportedly advances intriguing blockchain technologies. This advancement gets carried out majorly via LTC.
Additionally, the Litecoin Foundation entails both full time and volunteer support from everywhere in the world.
For the uninitiated, LTC reportedly ranks overtime amongst the top ten universal cryptocurrencies. Also, the coin market capitalization exceeds three billion dollars.
Benefits of the partnership
Litecoin Foundation revealed that they entered into this strategic partnership with Cred to offer interests on LTC held as collateral. With this move, Cred clients get the chance to freeze up their holdings with Cred.
Besides, Uphold users who hold LTC get the chance to receive an interest of about eight percent on the token with the interest paid every three months. Additionally, this collaboration paves way for holders of LTC to lend their virtual coins at eye-catching interest rates.
Notably, gaining from the interest program requires Litecoin holders to freeze their holdings for a minimum of six months. Further information revealed no minimum or maximum account size to start earning. Also, LBA holders get to access premium interest rates and features like early withdrawal, and no penalty (subject to availability).
Also note that this credit procedure gets to be aided by Uphold, BitBuy, and some Cred associates.
What did both companies have to say?
Firstly, Litecoin Creator and Managing Director of the Litecoin Foundation, Charles Lee commented on the development. He expressed his organization’s excitement towards collaborating with Cred. He particularly mentioned that the partnership benefits them with highly competitive interest rates that Litecoin provides. Besides, Charlie Lee also suggested a voluntary one percent donation in a bid to support the operation of the foundation.
Also, Director at Litecoin Foundation, Alan Austin said that: “being capable of earning interest at eye-catching rates via Cred’s platform strengthens the use cases of Litecoin”.
Finally, Cred’s CEO and Co-founder; Dan Schatt, also revealed that his company remains more than delighted to collaborate with Litecoin Foundation. He mentioned that it’s exciting for Cred to support thousands, and possibly millions of Litecoin wallet holders.
To remind, Litecoin Foundation announced a partnership with BitGo over custody solutions. The partnership reportedly provides digital asset storage, high-grade security, and custody solutions. Also, the foundation announced a new service. The company started lending its funds using the blockchain-based Celsius Network.
