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Once again, Ripple is making progress with their ability to form high profile partnership and collaborations with consolidated financial entities. Only this time they are not collaborating with a payment service provider or with a bank, but rather with the world's leading crypto credit company.
XRP recognized as asset class
Cred, the credit company with over $ 300 million of credit, has recently announced that it recognizes XRP as an asset class and will offer loans in USD, guaranteed by XRP.
"Cred is successfully creating the next generation of loan and earning products and their recognition of XRP as an asset class is important." Mike @arrington, Founder of Arrington XRP Capital and an important XRP investor. https://t.co/QKP1NSnfNn pic.twitter.com/bfRTiAxHIY
– CRED (@ihaveCred) November 8, 2018
Ripple customers now have the opportunity to receive USD while saving their long-term XRP. XRP holders will no longer have to sell theirs XRP token and incur taxes to receive USD.
Instead, they can simply block their XRP and get dollar loans at a low single-digit interest rate.
XRP holders can start today by visiting www.mycred.io and clicking "Get Early Access". In this way, you will be joined to a waiting list and you will soon receive access to the loan service when it is active. The only condition is that you must reside in a country supported by Cred.
While the announcement had little effect on the price of XRP, there is still a lot of excitement surrounding the development.
Mike Arrington, a well-known Ripple investor and founder of Arrington XRP Capital, expressed his excitement for this new development:
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.
Dan Schatt, the co-founder of Cred, said this on the announcement:
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.
Cred, the largest encrypted transfer company
cred describes himself as "a decentralized global loan platform that facilitates open access to credit anytime, anywhere".
It is the world's largest cryptographic credit company with $ 300 million in credit services and services in over 180 countries.
Cred also has its own cryptocurrency called token Lend-Borrow-Asset (LBA).
As Schatt said:
LBA is designed to enable individuals and companies to take control of their financial services, lowering interest rates on loans and increasing digital asset returns. It will also become a powerful governance utility, allowing LBA customers to vote on significant product improvements for the LBA community.
All in all, Cred's mission is to revolutionize the credit sector by combining the consolidated global loan network with the power of blockchain technology.
Holders of XRP, do you want to block your XRP with Cred to receive a loan in USD? Let us know in the comments section below.
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