If you’re an XRP holder and you’re looking for a line of credit of up to $50 million, Cred has just announced that you can get that credit with XRP as collateral. Cred is a loan provider that specializes in cryptocurrency-based line of credit. It recently announced that the XRP token is now one of its supported assets. So, owners of XRP can use their tokens as collateral to collect loans in USD. This will allow them to use their coins without selling them or incurring losses from taxes.
XRP (XRP) Price Today – XRP / USD
Cred, has more than $300 million credit facilities all over the world. It provides more than favorable interest rates that can be as low as single digits. The line of credit is flexible and accessible to anyone who meets their requirements. The founder of Arrington XRP Capital, Mike Arrington, cheered Cred after the announcement was made saying:
“I am a Cred borrower and I appreciate their responsiveness to my needs. They have proven themselves to me with their ability to provide a trusted bridge that links the typical financial ecosystem with the digital world. This recognition of XRP as an asset class is significant”.
What Else Has Cred Been Up To?
The credit company, Cred also said that they are making plans to power earning and lending products for Universal Protocol Alliance and Uphold. This company has also shown interest and XRP and gotten support from members of the XRP community. Not took long ago, Cred launched its LBA token which essentially allowed users to enjoy low interest rates for loans while they can still enjoy increase yields for deposits and vote on Cred projects.
Cred and other similar platforms give cryptocurrency owners the power to avoid paying taxes while spending their money. This procedure has been nicknamed the Zuckerberg Tax. They may only need to pay taxes on realization of their profit and this will count when the user decides to sell the digital assets. Dan Schatt, the cofounder of Cred had this to say:
“We are excited to offer XRP holders the same friendly rates BTC and ETH holders enjoy. We will keep supporting our partners who use the Cred platform”.
XRP (XRP) Price Analysis
Main while, this morning, XRP was trading in red against the USD as it struggled to hold the support at $0.50. It was a few points away from falling below this level. At the time of writing, XRP had lost this support and was trading at $0.495626. This shows that it is down by 3.37% against the USD and down by 1.92 against Bitcoin. The 24 hour trading volume is $597,870,322 and the market capitalization is $19,926,910,351.