SAN FRANCISCO, Feb. 10, 2020 /PRNewswire-PRWeb/ -- Today, Litecoin Foundation, whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies, announced that it has selected Cred to offer financial services to Litecoin (LTC) holders. Cred, a licensed lender based in California, is the leading crypto-backed lending and borrowing platform, serving customers in 190 countries. Starting today, Litecoin (LTC) holders will be able to benefit from this strategic partnership and earn up to ten percent interest on their digital assets. To start earning, visit mycred.io/litecoin. The funds from Litecoin Foundation and the Cred partnership will help support Litecoin development.
Litecoin Foundation is dedicated to advancing state-of-the-art blockchain technologies primarily through Litecoin (LTC). LTC is a top 10 global cryptocurrency with a coin market cap exceeding three billion dollars and is one of the most popular cryptocurrencies in the world. Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee based on the Bitcoin protocol, however, it differs in terms of the hashing algorithm used.
"We're thrilled to be working with Cred as our financial services partner, offering among the most competitive interest rates on Litecoin," said Charlie Lee, creator of Litecoin and Managing Director of Litecoin Foundation.
"Strong use cases should be one of the most important considerations when evaluating cryptocurrency," said Alan Austin, Director at Litecoin Foundation. "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. We are excited to be working with Cred to provide this offering."
"We are delighted to partner with Litecoin Foundation, one of the oldest and most trusted names in the blockchain industry," said Dan Schatt, Co-Founder and CEO of Cred. "We look forward to supporting the millions of Litecoin wallet holders with a more transparent, equitable set of financial services we have built, thanks to the advancement of blockchain technologies."
The strategic partnership will allow LTC holders to earn up to ten percent interest through any of Cred's partners including Litecoin Foundation, Bitcoin.com, Uphold, and BitBuy. Litecoin holders will be able to commit to a six-month term and receive monthly interest payments, with the option to roll over pledged assets for additional periods. Customers will receive the best Cred rates when staking Cred's LBA utility token. No account minimum is needed and interest is paid out in fiat or cryptocurrency.
To start earning, visit mycred.io/litecoin.
ABOUT LITECOIN FOUNDATION
Litecoin Foundation is a non-profit organization whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Foundation is comprised of full time and volunteer support from around the globe. For more information, visit litecoin-foundation.org.
ABOUT CRED
Cred is a global lending and borrowing platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred is headquartered in the San Francisco Bay Area. Cred's mission is to harness the power of blockchain to allow everyone to benefit from superior financial services. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. For more information, visit mycred.io.
SOURCE Litecoin Foundation
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