Major crypto exchange Binance has partnered with decentralized crypto lending platform Cred to bring its services to the Binance ecosystem, according to a press release published on May 29.
As part of the agreement, Cred will migrate some of its ERC-20 LBA tokens to Binance’s mainnet, Binance Chain, and become the official lending and borrowing platform for the decentralized financial ecosystem.
Commenting on the partnership, Ted Lin, Chief Growth Officer at Binance, said that Binance chain’s “one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.”
Holders of the company’s native LBA tokens will reportedly be able to commit their assets for a fixed term and receive better interest rates if they stake the token.
California-based Cred is a licensed lender and a founding member of the Universal Protocol Alliance, a coalition of cryptocurrency and blockchain firms. Cred is backed by industry leaders such as Binance Labs, Arrington XRP Capital, Blocktower, and FBG Capital.
Last October, Big Four auditing firm PricewaterhouseCoopers partnered with Cred to provide tech expertise in the launch of their U.S. dollar-backed stablecoin. The professional services firm then claimed that the new partnership intended to boost the U.S. dollar-pegged cryptocurrency market by bringing more trust to investors.