The leader crypto-backed lender in the world, Cred, which has over $300 million in credit facilities, recently announced that it will begin to give USD loans that will be collateralised using Ripple’s XRP.
Once the process is complete, all Ripple users will be able to utilise their XRP to save without selling their assets. Now, XRP holders in all nations where Cred works will be able to take out loans with very low interest rates when they use this feature.
Mike Arrington, the founder of Arrington XRP Capital who is a famous Ripple investor, thinks that Cred is efficiently building the next world of credit and that adding XRP as its latest product is a very smart idea and that the organisation is taking on a crucial asset class.
He also stated that he is impressed without responsible Crew is to his requirements as a customer and that he and other organisations will be able to trust Credit to be an effective bridge between what he is looking for and himself. This is because it serves both the traditional financial asset community as well as this new community of the crypto world.
Dan Schatt, the co-founder of Red has said that his organisation’s personnel is very pleased to be able to provide XRP holders the same low rates and liquidity that they offer to holders of BTC and ETH which are already asset classes that are offered by the business.
Cred describes itself as a “decentralized global lending platform that facilitates open access to credit anywhere and anytime”. It is basically the largest blockchain-based credit company in the world. It was created by a former PayPal veteran and its aim is to utilise blockchain as a way to help people who need credit.