This is another milestone for Ripple and XRP owners. Cred, a loan provider that allows users to borrow dollar loans against several cryptographic assets, has secured a $ 300 million facility that will allow Owners of XRP to guarantee loans against their coins. The cryptographic-based loan platform has the support of Binance, Signal Ventures, DHVC and 15 other investors.
In the future, XRP owners who have subscribed to the platform must not sell their coins and incur unnecessary tax expenses. Instead, they can connect their XRP and securely store them to Cred and in exchange the platform uses them with Crypto-Line of Credit (C-LoC). With C-LoC, XRP coin holders can easily view their lending power and it all depends on the amount of coins they keep on the platform. At the moment, users can easily borrow up to $ 100,000 and all this without the need to sell their holdings in coins while sparing the hassle of tax returns.
In a statement, Cred's co-founder, Dan Schatt, said he was excited to announce and continue to offer the same rate to their customers similar to that of Ethereum and Bitcoin holders.
"We are thrilled to offer XRP holders the same low and low-cost liquidity services as ETH and BTC holders, and we look forward to continuing to support our many partners who are integrating the Cred platform to their users ".
Recently, Cred has worked with DCH who has offices in the United States, Australia and Korea. The company is a blockchain and cryptocurrency consulting service with experience in technology and asset management. This move will see the owners of cryptocurrency throughout Australia and the region of Ocenia have access to better liquidity. While this partnership is welcomed, Cred has completed its Australian credit application while working to provide loans to ordinary consumers. At present, the company offers loans to businesses, but as the license is under review, Cred is "open to business" for investment loans and businesses.