Litecoin Foundation Partners With Cred to Let Holders Earn Interest

Litecoin

Litecoin Foundation is partnering with Cred to offer interest on Litecoin (LTC) collateral, a Feb. 10 press release announced. Cred customers can lock their coins with the provider to earn up to 10% annual percentage rate.

Thanks to the strategic partnership, LTC holders will be able to lend their cryptocurrency at lucrative rates, similar to the various decentralized finance (DeFi) solutions on Ethereum. To benefit from the interest, a commitment of six months is required, with monthly interest payments in either fiat or cryptocurrency.

Other Cred partners such as Bitcoin.com, Uphold and BitBuy will also facilitate the credit process. Alan Austin, director at Litecoin Foundation, explained that the partnership adds an important use case for Litecoin:

“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case.”

Part of the funds from the joint initiative will be used to help support Litecoin development. This comes amid recent funding inquiries, where Litecoin’s Founder Charlie Lee proposed a voluntary 1% donation to support the foundation’s work.

What is Cred?

Cred is a global cryptocurrency-based lending and borrowing platform. It strives to create a worldwide network for accessing credit and maintaining a global credit history, using the LBA utility token to provide interest rate premiums. It was founded by former PayPal executive Dan Schatt, whom Cointelegraph recently interviewed.

Products You May Like

Articles You May Like

Breaking: Harmony’s Horizon Bridge hacked for $100M
Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC mining
Apecoin Lost Around $2.5 Billion in Its Market Cap in May as Fear About Fading Investor Appetite Emerges
Solana smartphone Saga triggers mixed reactions from crypto community
Bitcoin miner ‘capitulation event’ may have already happened — Research