TORONTO--(BUSINESS WIRE)--Bitbuy, one of Canada’s leading cryptocurrency trading platforms, and Cred, a licensed San Francisco based leader in cryptocurrency lending and borrowing, today announced a strategic partnership that will accelerate the growth of the cryptocurrency economy and open finance in Canada.
Through this partnership, Bitbuy will become the first Canadian cryptocurrency trading platform to allow their users to earn interest on their cryptocurrency holdings. Canadians that hold Bitcoin, Ethereum, Bitcoin Cash, among others, will be eligible to earn up to 10% annualized interest on their holdings through a trusted and dependable provider.
“Enabling Canadians to earn from cryptocurrency is a natural step for Bitbuy. Identifying an experienced partner with an existing protocol in Cred allows us to expedite this process. We’re excited to instantly provide Canadians with this service offering,” said Adam Goldman, Bitbuy president, and founder.
The offering will be made available immediately through a co-branded microsite, with plans to develop a fully customized integrated solution in early 2020. No account minimums will be required, and interest will be paid every three months. Each initial term will be for six months, with the ability to roll over the cryptocurrency assets.
“It’s great to add Canada to the 179 countries we serve, and we’re excited that we found the right partner in Bitbuy to help Canadians earn money on their cryptocurrency simply by loaning it out,” said Dan Schatt, co-founder, and president of Cred.
The partnership comes as savings, lending and earning have emerged as some of the most popular new offerings within the cryptocurrency industry worldwide.
“There is an increasing number of Canadians who own cryptocurrencies and plan to hold these assets for the long-term. Lending will allow them to keep their assets safe while earning interest. Why not earn money while you HODL?” said Goldman.
Cred, founded by former executives of PayPal and Goldman Sachs, has taken numerous steps to ensure that its investments are always secure and fully compliant. The company, which has secured more than $300 million in lending capital, has implemented the industry’s most comprehensive set of risk management, information security, and insurance protection.
“At the end of the day, people should trust what happens in the world of cryptocurrency as much, if not more, as they do in the world of fiat,” Schatt said. “That’s why we’ve spent a lot of time and effort making sure your investments are safe with us.”
Bitbuy and Cred are equally committed to ensuring that Canadians have easy access to industry-leading products and services. As the cryptocurrency economy continues to evolve, the two companies plan to collaborate on more initiatives and offerings.
Bitbuy is a cryptocurrency-focused fintech company based in Canada. Their core service allows users to buy and sell digital currencies such as bitcoin, ether, and XRP. Bitbuy has three main business divisions: Bitbuy ‘Express Trade’, Bitbuy ‘Pro Trade’ and Bitbuy OTC, which all cater to different segments of the market.
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.