Major crypto exchange Binance has partnered with localised crypto lending platform cred to bring its services to the Binance system, as per a release published on May 29.

As a part of the agreement, cred can migrate a number of its ERC-20 LBA tokens to Binance’smainnet, Binance Chain, and become the official lending and borrowing platform for the decentralized monetary system.

Commenting on the partnership, Ted Lin, Chief Growth Officer at Binance, same that Binance chain’s “one-second block time and can guarantee transactions and interactions by Cred’s users are going to be quick, economical and easy.”

Holders of the company’s native LBA tokens can reportedly be ready to commit their assets for a fixed term and receive higher interest rates if they stake the token.

California-based cred could be an authorised lender and a founding member of the Universal Protocol Alliance, a coalition of cryptocurrency and blockchain companies. cred is backed by business leaders like Binance Labs, Arrington XRP Capital, Blocktower, and FBG Capital.

Last Oct, huge Four auditing firm PricewaterhouseCoopers partnered with cred to produce tech experience within the launch of their U.S. dollar-backed stablecoin. The skilled services firm then claimed that the new partnership supposed to spice up the U.S. dollar-pegged cryptocurrency market by bringing more trust to investors.

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