It is now possible for investors who hold Litecoin (LTC) to earn a maximum of 10 percent interest through a new partnership. According to the Litecoin Foundation’s announcement today, the foundation has collaborated with cryptocurrency lender based in California, Cred, to support financial services and allow borrowing and lending of Litecoin.
This opportunity is open to users in 190 nations who own Litecoin. They can receive interest every month by pledging their cryptocurrency holdings for six months.
Cred is into lending of cryptos (BTC, BCH and Basic Attention Token) to retail investors as well as money managers and other customers. The firm works with collateral agents and top custody partners that include BitGo, Bittrex Enterprise and Lockton, a large independent insurance brokerage company, to secure customers’ digital assets.
According to the creator of Litcoin and the managing director of Litecoin Foundation, Charlie Lee, the benefit of the strategic partnership is to offer competitive rates for Litecoin.
Alan Austin of the Foundation commented on this, saying is it essential to consider robust use cases in the evaluation of cryptocurrency. He continued that Litecoin is reliable and usable for payments and outstanding liquidity; however, apart from these, being able to receive interest at good rates via Cred’s platform further makes this a robust use case.
Customers can now roll over pledged assets for longer periods, obtain interest payments in fiat or crypto, and keep their accounts without minimum requirements.
Featured image courtesy of Shutterstock.