In a push to engage more users, Non-custodial crypto exchange, and wallet platform, Edge is teaming up with Cred to offer cryptocurrency lending and borrowing services across its ecosystem.
As part of this agreement, Edge users will be able to lend their digital assets and earn interest of up to ten percent via Cred Earn application, just like a regular savings account.
Edge clients now can commit to a fixed-term and receive monthly interest payments, with the option to roll over pledged assets for additional periods after their initial term expires. The company explained that customers would receive the best Cred rates when staking different coins and tokens, including Bitcoin, Litecoin, and Ethereum. No account minimum is needed, and interest is paid out in fiat or cryptocurrency.
Cred, a licensed crypto lender, based in California, has already struck up with other crypto exchanges, including Bittrex and Binance. The latter entails migrating a number of Cred’s ERC20 LBA tokens to Binance Chain.
According to its website, Cred offers two services: “Borrow” and “Earn,” which allow users to borrow fiat currencies with crypto coins as collateral, as well as offering interest rates on deposits of more than 30 crypto and fiat currencies through its partner network. The firm, which is backed by Binance Labs and Arrington XRP Capital, also operates a decentralized banking platform serving customers in 190 countries and claims to have already secured over $300 million in lending capital
Paul Puey, CEO, and Co-founder of Edge.ommented: “Cred stood out to us for many reasons — the caliber of its team, the strength of its legal and regulatory infrastructure, its capital markets competencies, a proven track record of delivering returns, and its scale. Edge users now have the benefit of earning interest on their crypto via a secure and licensed financial services platform.”
“While there are many wallets and exchanges on the market, it is rare to see a self custody solution as advanced as Edge. We look forward to supporting Edge’s continued growth and enabling Edge customers to lend and borrow in a secure manner,” added Dan Schatt, CEO and Co-Founder of Cred.