- Litecoin to launch loan service after partnering with Cred
- Litecoin LTC holders will earn 10% interest through Cred
- Both Cred and Litecoin will make a lot of money from the collaboration
Litecoin news today – The arrangement between Litecoin and Cred will allow LTC holders to earn 10% interest via Cred’s crypto-lending platform. Per the report, the Litecoin Foundation announced that it has entered a partnership with Cred. Cred is a San Francisco-based crypto-lending company that has a $300 million lending capital. At press time, Cred has been integrated into the Litecoin app.
Users Can Withdraw Their Funds at Any Time
Litecoin Latest News – According to the report, users can withdraw their funds at any point. The interest is paid monthly. The 10% interest is based on the amount originally staked by users. For example, a pledge of $100 worth or Litecoin will bring $10 interest if the value of that LTC rises to $1,000 over six months. Both firms will make plenty of money from this deal. Cred will make money by loaning Litecoin at a higher interest rate, pocket the difference and exclude a cut for the Litecoin Foundation. Cred said it has built the new system and concluded the fine details such as legal compliance, and regulatory support, as well as operational and customer service. He also confirmed that this is Litecoin’s app, and all proceeds will be used to support the Foundation. The total sum of money that the LTC Foundation makes from this service will be used to handle issues like development and education.
Litecoin (LTC) Price Today – LTC / USD
Dan Schatt, Cred’s co-founder, and president thinks there is worth in building Cred’s product into the LTC’s Foundation’s wallet directly. Schatt who was formerly with PayPal believes in helping other firms integrate payment plugins. That is very important in the nascent crypto industry, where firms often aren’t skilled enough at building their superb lending and borrowing apps, missing on a potential revenue stream.
Schatt Sees Some Level of Value in Using LTC for Transactions
Litecoin Latest Update – While Schatt does not regard LTC as a strong store of value like Bitcoin, he feels the coin is worth it when it comes to transactions. He believes Litecoin is lighter. He sees it as something leverage-able for a lot of transaction-oriented services. Schatt believes that LTC creator Charlie Lee shares a similar vision for Litecoin as he does.
Schatt is not betting on any particular crypto. Instead, he is expecting and hoping that his solutions can make the industry better. The traditional banks do not support crypto. Cred’s custody partners and collateral agents include Ledger, Bittrex, Xap, and BitGo. It has also partnered with Bitcoin.com, Uphold and Bitbuy. Last Monday, Cred launched CredEarn.