Binance, a major crypto exchange collaborates with Cred, a California-based decentralized crypto lending platform, in order to bring its services to the Binance ecosystem, as per a press release published on May 29.
As per the agreement Cred will be migrating some of its ERC-20 LBA tokens to Binance’s mainnet, Binance Chain, becoming the official lending and borrowing platform for the platform. Ted Lin, Chief Growth Officer at Binance elaborated over the partnership, stating that chain’s “one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.”
The LBA token holders could purportedly commit their assets for a fixed term and will be privy to better interest rates if they stake the token.
Cred is a licensed lender and a founding member of the Universal Protocol Alliance, an alliance of cryptocurrency and blockchain firms. It receives backing from industry leaders such as Binance Labs, Arrington XRP Capital, Blocktower, and FBG Capital.
On the other hand, Binance appears to be getting ready to add margin trading to its extensive list of trading options. Recently, the exchange posted a cryptic image that simply displayed the numbers “2.0” on its Twitter feed, most likely hinting that version 2.0 of Binance is on its way. One of the increasing features that are expected in the upgrade is margin trading. This addition will introduce a new type of crypto investment opportunity for users of the popular exchange.
Read more:Salesforce Launches Its Very Own Hyperledger-Based Blockchain Platform
Image source – Cred Twitter
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