SAN FRANCISCO--(BUSINESS WIRE)--Cred, the leading provider of crypto borrowing and lending with over $300 million in credit facilities, today announced the launch of CredEarn* on the Uphold platform. CredEarn allows Uphold customers to lend their crypto and fiat assets to Cred and receive up to 10% of annualized interest.
“We’re thrilled to offer consumers the opportunity to earn interest on their digital assets and fiat currencies,” said Dan Schatt, Co-founder and President of Cred. “In a bear market, customers can benefit from the liquidity they receive when obtaining a fixed amount of interest in USD or Stablecoin. In a bull market, customers also benefit by receiving the full upside on the amount of crypto they originally committed.”
CredEarn customers can commit to a six-month term with the ability to rollover assets for additional periods. No account minimum is needed and interest is paid out in U.S. Dollars or Stablecoin every three months on Uphold. The principal is paid back in the fiat or crypto amounts that were initially received. CredEarn is initially only available to Uphold customers outside the United States. Cred is working to bring this exciting product to the U.S. market soon.
“At Uphold, we are working to build an ecosystem that will revolutionize the personal finance industry for consumers globally, leveraging the best that blockchain, digitization and fractionalization have to offer. Our community is very vocal about their desire to Hodl with the potential to get earnings on digital assets we support like XRP, BTC or ETH,” said JP Thieriot, co-founder and CEO of Uphold.
Cred is backed by some of the largest investors in crypto and tech including 500 Startups, Arrington XRP Capital, Blocktower, FBG Capital, and Binance Labs. Cred is also a founding member of the Universal Protocol Alliance, a board member of the Blockchain Advocacy Coalition and has a joint business relationship with PwC.
* CredEarn is a loan arrangement, not a deposit relationship. Interest accrues on amounts actually borrowed by Cred, and is calculated on a simple interest basis based on the number of days and amount of the assets borrowed. Not all customers will be able to participate and not all funds may be borrowed. The CredEarn Program is offered solely by CRED LLC to non-U.S. Persons who affirmatively opt in to the service. Additional terms and conditions will apply. CredEarn loans have not been registered by CRED LLC under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $300 million of lending capital with offices in San Francisco and Shanghai. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. For more information, visit mycred.io or follow us on Twitter, LinkedIn, or join our community on Telegram.
Uphold is a digital money platform providing consumers worldwide with convenient and secure access to traditional currencies, cryptocurrencies, and other investments. Uphold has powered more than $4 billion in transactions across 184 countries, covering over 30 supported currencies and four commodities. The platform has more than 1 million users. Uphold is the only financial platform to publish its reserve holdings in real time. The company has offices in San Francisco, New York, Portugal, London and Mexico City. More information can be found at www.uphold.com, or follow us on Twitter, Facebook, and LinkedIn. Not licensed in all jurisdictions.