Cred secures $50 million credit facility to lend against Ripples (XRP)

Cred, a provider of crypto-backed lending with over $300 million in credit facilities, today announced that it will provide USD loans collateralized by XRP. Ripple users now have the possibility to save their XRP without the need to sell or incur tax consequences.

[perfectpullquote align=”full” bordertop=”false” cite=”Dan Schatt, Co-founder of Cred” link=”” color=”” class=”” size=””]“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as  ETH and BTC holders. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”[/perfectpullquote]

Cred has secured over $300 million in total credit facilities available for lending. The company reports that crypto wallets and crypto exchanges are also integrating Cred’s Crypto Line of Credit (C-LOC) platform. Recently, Cred announced it will be powering the earn and borrow products for the Universal Protocol Alliance and Uphold.

[perfectpullquote align=”full” bordertop=”false” cite=”Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor” link=”” color=”” class=”” size=””]“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community. Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”[/perfectpullquote]

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