At Uphold, we are working to build the future of transparent financial services and are excited to announce a truly innovative and industry-leading partnership with Libra Credit, a decentralized global lending network that facilitates open access to credit anywhere and anytime.
What does this mean for Uphold members? Through this partnership, Uphold members everywhere will be able to buy everyday items using standard credit products, collateralized by crypto assets. The integration will also enable Uphold members to borrow against their existing crypto assets and to better diversify their holdings. Additionally, Uphold plans to list Libra Tokens (LBA) on its platform.
“Most people have never had an opportunity to borrow and lend against crypto assets, said Dan Schatt, co-founder, and President of Libra Credit. In a world where everything is becoming tokenized, valuing crypto assets as an asset class will strengthen the crypto economy and offer much welcome liquidity to Uphold members.”
The concept of borrowing and lending against crypto assets is an innovative model that is garnering strong interest among our members. Libra Credit has a user experience that is secure, easy, affordable and will provide significant value for our members.
“We are happy to see companies like Uphold and Libra Credit make progress with products that bridge traditional financial services with blockchain while addressing legal and regulatory requirements. Credit and liquidity will benefit the crypto community and lead to more mainstream financial service offerings,” said Grainne McNamara, Principal and Head of Blockchain and Digital Assets at PwC Advisory.
Libra Credit will revolutionize how Uphold members can:
- Get low-cost credit for crypto holdings, with interest rates generally in the single digits
- Receive a crypto or fiat loan, sent directly to a specific wallet address in minutes
- Build consumer and business credit on the Ethereum blockchain
This relationship furthers Uphold’s mission to enable people all over the world to hold any form of money, commodity, or utility tokens securely, and to be able to transact seamlessly. We’re excited to be working with the Libra Credit team and look forward to continuing our vision to create a trusted digital currency platform that gives our members secure and compliant access to digital and traditional currencies.