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The cryptocurrency loan provider Cred has added ripple (XRP) as a side option, allowing XRP holders to obtain loans for their holdings without having to sell or incur tax consequences, an official press report reports.
Being a loan platform specialized in decentralized activities, Cred's goal is to allow anyone to access credit products at affordable prices using cryptocurrencies as a guarantee. The startup blockchain, founded in 2018 by former PayPal executives, offers cryptographic loans in several countries at one-digit rates through its Crypto Line of Credit (C-LOC). C-LOC allows crypt holders to deposit their cryptocurrencies (bitcoin, ethereum and ripple) as a guarantee to access the loans. Once the loans have been paid, the cryptocurrencies are returned.
Speaking of the addition of XRP as a side option, the co-founder of Cred Dan Schatt noted that the company was thrilled to "offer XRP holders the same low and low-cost liquidity services as ETH and BTC holders" , adding that Cred will also continue to support its partners "who are integrating the Cred platform for the benefit of their users".
Mike Arrington, a cryptor investor and founder of Arrington XRP Capital, who is himself a Cred user, applauded the blockchain start for recognizing "XRP as an asset class", adding:
"As a borrower, I appreciate the way the Believer responds to my needs and they continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community."
The possibility of borrowing against cryptocurrency has opened up a wave of opportunities for cryptocurrency investors worldwide. Last month, SALT Lending began offering dollar loans to dogecoin holders, allowing them to take advantage of the increase in DOGE in recent months, which saw the increase in the value of 39; 80% from the third quarter of the year. The company also supports litecoin as a collateral option and has recently lowered the interest rate to 5.99% for loans of less than $ 75,000 and to 11.99% for loans up to $ 25 million. SALT's competitor, BlockFi, went a step further by adding support for Gemini Dollar (GUSD) as a guarantee for access to credit on its platform. GUSD is a stablecoin released by Cameron and the cryptic exchange of Tyler Winklevoss, Gemini.
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