Binance Exchange will launch a cryptocurrency lending service

Bitcoin-exchange Binance has entered into a partnership with California-based start-up Cred to launch a cryptocredit service.

Thank you @binance and @cz_binance for your support of @ihavecred ! We're happy to be the first crypto lending project on the Binance Chain. We look forward to continuing our partnership on many future projects. https://t.co/rVLeIgvXRP pic.twitter.com/b5DP2dBK7b

– Cred (@ihaveCred) Grass 29, 2019 p.

As part of the partnership, Ethereum LBA tokens of the Cred startup migrate to the Binance Chain. According to Binance Exchange Growth Director Ted Lin, the new blockchain will help the service become much more productive and thus attract more users, enter new markets, and carry out transactions “quickly, efficiently and naturally.”

The Cred service offers users the opportunity to borrow fiatnye funds using cryptocurrency as collateral. In addition, you can receive passive income by crediting other users.

The press release says that Cred operates with assets of $ 300 million. Earlier Arrington XRP Capital, Binance Labs, 500 Startups, FBG Capital and Blocktower invested in this service.

In March, Cred entered into a partnership with the Bittrex exchange and four other trading platforms for launching a steyblecoin based on the euro, with which it will be possible to receive passive income at the rate of 8% per annum.

Recall the largest cryptocurrency exchange Binance will soon launch the function of margin trading.

Follow BlockchainJournal on Twitter !