Cred, the crypto-backed lending provider, will now provide loans in US Dollars which will be collateralized by the XRP, the native crypto coin of the Ripple network. Cred, the leading crypto-backed lender, provides over $300 million in credit facilities. It will now provide global credit facility for XRP holders. People who own XRP funds can now receive USD in lieu of their assets without selling them or facing any tax consequences.
Saving XRP for the Long-term
Many XRP holders felt they had to liquidate their holdings during financial emergencies or in times of need, to generate the funds they require. This meant having to lose out on the possible future appreciation of prices and giving up on the opportunities that the digital asset could provide. However, with the XRP loan facility available to them, the users can now get the funding they need after keeping their XRP as collateral.
XRP holders in many countries will now get to borrow money, available on single-digit interest rates. To do so, they can to visit the Cred site and click on “Get Early Access.”
Making Loans Available to the XRP Community
Mike Arrington, the founder of Arrington XRP Capital, praises Cred saying:
“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community.”
Arrington is a revered Ripple investor who said that Cred is building the:
“Next generation of lending and earning products and their recognition of XRP as an asset class is important.”
Cred provides $300 million in credit facilities, which is three times more than the rest of crypto-backed lending industry combined. Cred’s Crypto Line of Credit is now being added to leading crypto exchanges and crypto wallets as well. Cred recently announced that it would be powering the earn and borrow products for Uphold and the Universal Protocol Alliance.
Cred co-founder, Dan Schatt commented on the recent successes of the platform, saying:
“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”