Integration comes as Cred closes a $200 million credit facility to make low-cost loans available globally
SAN FRANCISCO--(BUSINESS WIRE)--Uphold, the global digital money platform that has powered more than $3.5 billion in transactions across 184 countries, and Cred, the leader in crypto-backed credit, today announced the next step in their commercial relationship which will allow Uphold users access to LBA tokens on the Uphold platform.
“Working with Cred was one of the best decisions I’ve made as an investor” Tweet this
“Cred has secured more lending capital than any other lending company in the space by orders of magnitude,” said JP Thieriot, CEO of Uphold. “Our ability to offer Cred’s LBA token is another important milestone for our members since Cred is one of the fastest growing lending ecosystems in the crypto community. Uphold members will have access to fiat loans at a lower cost via the LBA token. Cred’s lending services can also provide a financial lifeline to the many ICO companies that have raised a significant amount of ETH and BTC and would like to receive a USD loan to diversify their balance sheets and avoid having to sell at diminished prices.”
Cred and Uphold will offer two special arrangements for a limited time to celebrate this next phase of the commercial relationship:
|All companies that have raised funds in crypto and those seeking collateralized loans of $100,000+ are invited to apply for early access to Cred. Simply click on this link to fill out the indication of interest form.|
|Uphold is offering ZERO exchange fees on LBA purchased by qualified members. Users will have the ability to exchange any other supported currency within their Uphold wallet for LBA. The Zero exchange fee offer is limited to the purchase of LBA while the offer lasts.|
“We’re thrilled to work with Uphold to give their members an easy way to access LBA tokens to lower the cost of borrowing and increase earning power. If you’re a company that has raised funds in crypto or an investor in crypto based private equity, chances are you are looking for some needed liquidity,” said Dan Schatt, Co-Founder and President of Cred. “Our intent is to lessen the volatility of crypto over time by bridging institutional investors seeking crypto exposure and the many retail crypto investors and blockchain businesses that would like some diversification in the form of USD loans. We’ve always thought of Uphold as the bank for the token economy given it’s highly secure and transparent reserve infrastructure, and we’re thrilled to be partnering with such visionary leaders in the crypto ecosystem.”
Current lending customers of Cred range from high profile investors such as FBG Capital and Arrington XRP Capital to utility token companies such as crypto housing broker, Propy.
“Working with Cred was one of the best decisions I’ve made as an investor,” said Michael Arrington, Founder of TechCrunch and Arrington XRP Capital. “Their streamlined, no-hassle approach to blockchain lending made it possible for my partners and I to take a sizeable loan against our BTC at a very favorable interest rate. Their approach is the future of lending, I’m very excited to be a part of it and recommend them to all of my portfolio companies and colleagues in the industry.”
“Our global OTC business needs strong partners 24/7 and we’re thrilled to be working with Cred to access liquidity at competitive rates wherever and whenever we need it,” said Vincent Zhou, Founder of FBG Capital. “The level of professionalism and competence they bring to crypto-backed lending is unmatched.”
“In this volatile crypto market, it’s reassuring to have a company like Cred in a position to collateralize volatile crypto assets like ETH and lend USD. It has helped our company, Propy, diversify its balance sheet and scale our business even faster to meet the global demand we’re experiencing,” said Natalie Karayaneva, Co-founder of Propy. “I would recommend Cred to all of my colleagues.”
About Uphold Ltd.
Uphold is the creator of an open, trusted and transparent digital money platform that lets consumers and businesses quickly and safely access traditional currencies, cryptocurrencies, and other investments all in one place. Uphold has powered more than $3.5 billion in transactions across 184 countries, in more than 30 supported currencies and four commodities. The Uphold platform provides access to the widest range of currencies and investments available in one place, with transparency and security. Uphold is the only company to publish real-time reserve holdings, providing its members with the necessary information to make informed decisions. Uphold has global operations in San Francisco, Los Angeles, Braga, London and New York City. More information can be found at www.uphold.com, or follow us on Twitter, Facebook, and LinkedIn.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $200,000,000 of lending capital with offices in San Francisco, Shanghai, Singapore, Sydney and Munich. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. More information can be found at mycred.io, or follow us on Telegram, Twitter, Facebook, and LinkedIn.