SAN FRANCISCO & SEOUL, South Korea--(BUSINESS WIRE)--Coinbit, a leading exchange with over $1 billion in weekly trading volume, and Cred, the leading provider of crypto borrowing and lending with over $300 million in credit facilities, today announced a partnership that will allow Coinbit customers to earn up to 10% of interest on their crypto assets when staking Cred’s LBA token. Coinbit will also make the LBA / Korean Won pair available on its exchange.
“At Coinbit, we believe Cred’s borrowing and lending services are a natural next step for Coinbit users,” said Park Hyun Baek, CEO of Coinbit. “Cred has significant experience in crypto backed lending and borrowing services and will exclusively serve our customers who wish to earn, borrow and lend on our platform.”
“Korea is a very important market for crypto, and we are happy to work with Coinbit to make it easy for their customers to conduct financial services with their crypto assets,” said Dan Schatt, Co-founder and President of Cred. “Whether the market is up or down, customers can benefit from the liquidity they receive when obtaining a fixed amount of interest in Stablecoin. Customers also benefit by receiving the full upside on the amount of crypto they originally committed.”
Customers of Coinbit will be able to commit to a specific fixed term and have the option to rollover assets for additional periods. Customers receive the best rates when staking Cred’s LBA token. No account minimum is needed and interest is paid out in Stablecoin. The principal is paid back in the crypto amounts that were initially received.
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.
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.
Based in the South Korean capital of Seoul, Coinbit is the second large crypto exchange in Korea, offering over 20 trading pairs on its website and currently processing over $1 billion of volume per week.