On Feb. 10 a press release announced on the strategic partnership. Cred customers can lock their coins with the provider to earn up to 10% annual percentage rate.
Pleased to have selected @ihaveCred as our strategic partner for borrowing & earning. Read more about our partnership and how you can earn up to 10% interest on #LTC here: https://t.co/beqnm74rXq — Litecoin Foundation (@LTCFoundation) February 11, 2020
LTC holders will be able to lend their cryptocurrency at lucrative rates, similar to the various decentralized finance (DeFi) solutions on Ethereum.
To benefit from the interest, a commitment of six months is required, with monthly interest payments in either fiat or cryptocurrency. Other Cred partners such as Bitcoin.com, Uphold and BitBuy will also facilitate the credit process.
We are thrilled to announce our strategic partnership with @LTCFoundation @SatoshiLite for earning and borrowing. Read more about our partnership and how you can earn up to 10% interest APY on #LTC here: https://t.co/o8JOhHesie — Cred (@ihaveCred) February 10, 2020
Alan Austin, director at Litecoin Foundation adds:
“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case.”
Part of the funds from the joint initiative will be used to help support Litecoin development. Recently, Litecoin’s founder Charlie Lee proposed a voluntary 1% donation to support the foundation’s work.
Found by former PayPal executive Dan Schatt, Cred is a global cryptocurrency-based lending and borrowing platform. It strives to create a worldwide network for accessing credit and maintaining a global credit history, using the LBA utility token to provide interest rate premiums.