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In another important news for XRP, the owners of the popular cryptocurrency now have access to a loan of $ 300 million from Cred. This news is the latest in a long series of real-world adoption for Ripple's cryptocurrency.
Ensure XRP for loans in USD
In a press release published by Business Wire Thursday (November 8, 2018), Cred announced the launch of a new $ 300 million line of credit. According to the statement, token holders can use cryptocurrency as a guarantee to access the loans.
Commenting on the move, Cred's co-founder, Dan Schatt, said:
We are thrilled to offer XRP holders the same low and low-cost liquidity services as ETH and BTC holders. We look forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.
In a tweet published by the company on Thursday, Cred encouraged Ripple users to take advantage of the unique opportunity offered by the credit line. XRP secured loans allow Ripple token holders to hold XRP without incurring taxes and paying one-digit interest rates on loans.
Now @Ripple customers have the opportunity to hold their own #XRP in the long term without the need to sell or incur taxes. XRP hodlers can borrow from single-digit interest rates when they visit https://t.co/ya5n9glsuD and click "Get Early Access". Https://t.co/NpMlUjOiW7 pic.twitter.com/kigkwoNNqh
– CRED (@ihaveCred) November 8, 2018
For Michael Arrington of Arrington XRP Capital, the credit line is indicative of Cred's ability to tap into the emerging market for cryptocurrency loans. Speaking of development, Ripple's permacchio said:
As a borrower, I appreciate the way the Believer responds 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. Cred is successfully creating the next generation of loan and earning products, and their recognition of XRP as an asset class is important.
Research into the use of XRP
Improving token utilization continues to be Ripple's main goal, as it strives to achieve third-class cryptocurrency in daily use. Recently, Weiss Ratings rated the token among four of the "best buy" coin options on the market.
While SWIFT denied the rumors of a possible integration with Ripple, the company was able to secure many other important partnerships and adoptions. At the beginning of the month, Ethereum World News reported on the launch of a payment system that can send XRP through text messages. There are also plans to integrate the XRP Tip Bot with Amazon Alexa.
Recently, Changelly, a cryptocurrency exchange platform, has initiated credit / debit card purchases for the Ripple token. This development opens up the XRP / fiat exchange market to potentially 3.5 million users.
Image courtesy of Shutterstock and Twitter (@ihaveCred).
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