Cred to support growing Algorand adoption with earning, borrowing, payment services supported by strategic investment from Borderless Capital
SAN FRANCISCO, SEPTEMBER 30, 2020 – Cred, a licensed California-based lender and a leader in crypto backed lending and borrowing services, and Algorand, the world’s first open source, permissionless, pure proof-of-stake blockchain, today announced several strategic initiatives to advance decentralized financial services for the Algorand community. With a strategic investment in Cred by Borderless Capital, Cred is poised to amplify its offerings on Algorand and support new product development designed to provide customers with significant yield opportunities.
Through Cred’s unique ability to generate yield through DeFi and CeFi channels, users will benefit by earning fixed rates of interest at a highly competitive rate across Cred’s partner network, and can receive even higher rates when they stake Cred’s LBA token. No account minimum is needed and interest is paid out in the cryptocurrency of choice. Cred also plans to support USDC and USDT on Algorand.
“We are thrilled to have Cred supporting the growing Algorand community with their highly strategic financial services capabilities, joining a growing number of defi organizations creating new opportunities on Algorand. The Cred team brings deep expertise across blockchain technology, risk management, capital markets and compliance to our users,” said Steve Kokinos, CEO of Algorand. “Their top-tier offerings and vision align with our desire to bring sophisticated defi applications to the Algorand ecosystem.”“We are delighted to partner with Algorand, a leader in the development of stateless smart contracts and scaleable proof-of-stake consensus,” said Dan Schatt, Co-Founder and CEO of Cred. “We look forward to su...