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Cred Secures $50 Million Global Credit Facility to Lend Against XRP

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https://www.businesswire.com/news/home/20181108005269/en/Cred-Secures-50-Million-Global-Credit-Facility

 

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“As a Cred borrower, I appreciate how responsive Cred is 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,” said Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor. “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”

Cred has secured over $300 million in credit facilities available for lending, 3x more than the rest of the industry combined. Leading crypto wallets and crypto exchange platforms are integrating Cred's Crypto Line of Credit (C-LOC) platform to retain and delight their customers. Recently, Cred announced it will be powering the earn and borrow products for the Universal Protocol Alliance and Uphold.

 

Edited by ZeeperCreeper

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SAN FRANCISCO--(BUSINESS WIRE)--Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced that it provides USD loans, collateralized by XRP. Ripple customers now have the opportunity to save their XRP long term without the need to sell or incur tax consequences. XRP holders in several countries can borrow as low as single-digit interest rates when they visit www.mycred.io and click “Get Early Access.”

https://www.businesswire.com/news/home/20181108005269/en/?fbclid=IwAR2u7xaYBPlQhuTARAFq2AxcFuoSL8Z9ujSy8Y6xDO3eMHeM5fwK8SP5KTI

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54 minutes ago, baggy23 said:

A line of credit,to lift you to your potential.

sounds legit

It's pretty low key but doing lots behind the scenes. I didn't pay much attention to it at first though I came to realize that people who have no interest in selling their crypto for 5-10 years are going to be make use of the capital they're sitting on.

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32 minutes ago, WillGetThere said:

I can't lend as private person, can I...? 

Now there's an interesting idea, something like the peer lending companies, but with crypto?  It looks like they "partner" with businesses, but perhaps not individuals.  

Edited by Sharkey

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3 hours ago, Sharkey said:

I like the idea, but personally wouldn't want to put my zerps on the line for a stupid loan...that's like refinancing your house, FFS...:cray:

Loans are just a part of the world we live in. I really dislike the idea of living beyond one's own means. I've cut up all my credit cards and learned to save for the future. But this leaves me with very little credit history. 

Crypto as capital is not all bad. I know some will not be responsible and use the money they borrow for a tv or a luxury item but some people who aren't able to get loans due to no credit can benefit by being able to borrow against the crypro they own in a positive way.

Someone with a few thousand dollars worth of crypto can use it as collateral to start a business or get a car to enable them to get a job while still keeping their investment. These platforms open lending to those who have previously been denied by the rest of the lending industry. 

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1 hour ago, LordVetinari said:

Loans are just a part of the world we live in. I really dislike the idea of living beyond one's own means. I've cut up all my credit cards and learned to save for the future. But this leaves me with very little credit history. 

Crypto as capital is not all bad. I know some will not be responsible and use the money they borrow for a tv or a luxury item but some people who aren't able to get loans due to no credit can benefit by being able to borrow against the crypro they own in a positive way.

Someone with a few thousand dollars worth of crypto can use it as collateral to start a business or get a car to enable them to get a job while still keeping their investment. These platforms open lending to those who have previously been denied by the rest of the lending industry. 

Lending is incredibly important, but like most tools, can be painful if utilized incorrectly. 

 

 

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1 hour ago, LordVetinari said:

Loans are just a part of the world we live in. I really dislike the idea of living beyond one's own means. I've cut up all my credit cards and learned to save for the future. But this leaves me with very little credit history. 

Crypto as capital is not all bad. I know some will not be responsible and use the money they borrow for a tv or a luxury item but some people who aren't able to get loans due to no credit can benefit by being able to borrow against the crypro they own in a positive way.

Someone with a few thousand dollars worth of crypto can use it as collateral to start a business or get a car to enable them to get a job while still keeping their investment. These platforms open lending to those who have previously been denied by the rest of the lending industry. 

Agree, but beyond the benefits to the individual borrowers, this is also a great vote of confidence in the long term value of XRP, which, in itself, is very good! 

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