Binance and Crypto Lending Firm Team-up

Binance and Crypto Lending Firm Team-up

Exchange platform, Binance will be teaming up with the cryptocurrency lending firm, Cred.

Cred has made itself known by becoming the industry leading company for cryptocurrency lending. They already had financial backing from Binance Labs, but this deal hopes to further cement cooperating between the two firms.

What this deal will entail is that Cred will migrate a number of the companies native token, ERC20 LBA tokens, to Binance Chain. It will then become the go-to service for lending and borrowing for the DeFi ecosystem. It is hoped that this will help to “spur the decentralization of finance.” As a partner, Binance will help to support Cred’s crypto lending service within their company’s ecosystem. However, should be noted that this deal will not now make Binance a crypto lending firm too.

Speaking ahead of the deal, Ted Lin, Chief Growth Officer of Binance. Stated that “We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.”

This is one of the latest agreements Cred has struck up with an exchange platform, with an existing deal also set up with Bittrex, as well as series of other like-minded companies in the crypto and blockchain world.

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