Crypto-backed Lender Cred to Offer $50 Million in Ripple (XRP) Collateralized Loans
The leading crypto-backed lending platform has announced that it XRP holders can now use their tokens to collateralize USD loans.
Cred Adds XRP to List of Accepted Assets
Holders of Ripple (XRP) in need of fiat money need not sell their assets now. They can now avail a loan against their cryptocurrencies using Cred’s line of credit (C-LOC).
According to an announcement published Thursday on Cred’s official blog, the firm, which has over $300 million in credit facilities, has secured $50 Million for XRP based loans.
Cred is a cryptocurrency start-up that offers its customers a decentralized lending eco-system. In addition to Bitcoin (BTC) and Ethereum (ETH), XRP has been added to the list of cryptocurrencies that the firm accepts as collateral.
According to the firm, the loans at “single digit interest rates” are available to customers in multiple countries.
Michael Arrington, Founder of Arrington XRP Capital and an investor in Ripple, said:
As a Cred borrower, I…
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