Investors who hold Litecoin (LTC), the world’s sixth-largest cryptocurrency by market cap, can now earn up to 10% interest on their digital assets via a new partnership. The Litecoin Foundation announced today that a collaboration with California-based crypto lender Cred will now support financial services, allowing people to borrow and lend Litecoin.
Users in 190 countries who own Litecoin can earn monthly interest payments by pledging their crypto holdings for a six-month term.
Cred lends cryptocurrencies, including Bitcoin, Bitcoin Cash and Basic Attention Token, to retail investors and money managers, among other customers, working with collateral agents and leading custody partners including BitGo, Bittrex Enterprise and Lockton, one of the world’s largest independent insurance brokerage firms, to ensure the security of customers’ digital assets.
Charlie Lee, Litecoin creator and managing director of the Litecoin Foundation, says the strategic partnership will provide the most competitive rates for Litecoin.
Says Alan Austin, the Foundation’s director,
“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case.”
Customers will also have the option to roll over pledged assets for additional periods, receive interest payments in fiat or cryptocurrency, and maintain accounts without minimum requirements.
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