The fintech industry has been creating new and innovative developments in the crypto and lending sectors. Just recently, blockchain company Tron Foundation revealed that it has been working with Cred to incorporate money lending and borrowing in its services, says Crypto News NZ.
Tron Foundation is known for its cryptocurrency Tronix (TRX), while Cred is a start-up crypto-financial platform.
This partnership is slated to make earning interests available for Tron clients. According to Tron’s announcement posted on their Medium page, Tron customers will now be able to lend Cred’s LBA tokens to borrowers with a 10% annual percentage rate (APR) on TRX collaterals. Similarly, clients can borrow money from Cred.
The community will also have access to Cred’s $300 million lending capital through the crypto-backed loan offerings of the company. Moreover, Cred is giving TRX holders the option to get loans at a minimum of $25,000 and up with an annual return of 10%. This is expected to uphold that growth of Tron’s customer community.
How it Works
Cred offers collateralized lending services with interest rates on cryptocurrencies and some fiat currencies. TRX users can send their virtual cash to Cred’s CredEarn wallet and they will receive quarterly interests using stablecoin. The crypto firm assured users that their assets are safe as it is a licensed lender in the United States. It is also known to work with reputable partners, which ensures that security of crypto and fiat currencies.
According to Co-founder and President Dan Schatt, this opportunity to work with Tron allows them to offer financial services transactions whether the market goes up or down. This is because this new service offers liquidity through interest. Moreover, it also guarantees that holders will receive the full upside on their invested assets.
