Litecoin Foundation is partnering with Cred to offer involvement on Litecoin (LTC) collateral, a Feb. x press release appear. Cred customers can lock their coins with the provider to earn upward to ten% almanac pct rate.

Thanks to the strategic partnership, LTC holders will be able to lend their cryptocurrency at lucrative rates, similar to the diverse decentralized finance (DeFi) solutions on Ethereum. To do good from the involvement, a commitment of half dozen months is required, with monthly interest payments in either fiat or cryptocurrency.

Other Cred partners such every bit Bitcoin.com, Uphold and BitBuy will as well facilitate the credit process. Alan Austin, director at Litecoin Foundation, explained that the partnership adds an of import use case for Litecoin:

"Strong use cases should be i of the virtually important considerations when evaluating cryptocurrency. In addition to Litecoin's reliability, utilise for payments and fantabulous liquidity, the ability to earn interest at attractive rates through Cred's platform further strengthens this utilize case."

Office of the funds from the articulation initiative volition be used to help back up Litecoin development. This comes amid recent funding inquiries, where Litecoin's Founder Charlie Lee proposed a voluntary 1% donation to back up the foundation'south work.

What is Cred?

Cred is a global cryptocurrency-based lending and borrowing platform. It strives to create a worldwide network for accessing credit and maintaining a global credit history, using the LBA utility token to provide interest rate premiums. Information technology was founded by sometime PayPal executive Dan Schatt, whom Cointelegraph recently interviewed.