Binance has a new partner – the financial platform Cred


Binance, one of the dominant cryptocurrency exchanges, which recently faced backlash over a $40 million-hack, has partnered with the decentralized financial platform Cred in order to help with the mainstream of cryptocurrencies and promote finance decentralization.

The partnership will bring cryptocurrency borrowing  and lending services to the Binance ecosystem.

The Chief Growth Officer at Binance commented on the new partnership:

We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.

As part of the new partnership, Cred will migrate a portion of its ERC20 LBA tokens to the Binance Chain and will effectively become the official lending and borrowing platform for the ecosystem. As Binance is both a partner and investor in Cred, the cryptocurrency exchange will seek opportunities on how to leverage  and integrate the Cred’s services into the Binance’s ones.

Cred is based in California and is a licensed lender that has so far landed more than $300 million in capital. The major focus of the lending company is to allow exchanges, crypto wallet providers and other clients to offer competitive borrowing and lending rates.

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