Non-custodial crypto exchange and wallet platform that claims to offer optimum security has announced an alliance with a leading crypto lending and borrowing firm, Cred, thus allowing users to earn interest on assets like XRP.
As revealed in a report published on March 10 2020, Edge signed a deal with Cred to offer its users around the world better services. The deal lets Edge users lend their XRP digital assets and earn up to 10% interest on the Cred Earn application.
This is designed similar to a normal savings account. Users of Edge would now have to commit their fixed-term in digital assets for 6 months through which they will receive monthly interest on the asset.
Cred, a California-based licensed crypto lender, holds the initial principal fund while users get interest on monthly basis. Users also have the opportunity of rolling over the pledged assets at the expiry period of the initial terms.
This is done similarly to staking of assets. Other crypto assets like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and more which Edge supports will also be granted the same opportunity, thus, users of the assets can also earn interest for their pledged assets.
The new feature introduced by Edge requires no minimum balance and users can get their dividend in either crypto or fiat currency.
Cred act as a third party in helping you lend out your crypto assets to borrowers at a particular interest rate. Cred gives out your loan to people who are willing and able to serve the borrowing terms.
Cred also has alliance and offers its services to other crypto companies like Bittrex and Binance. Cred supports over 30 crypto and fiat currencies, and it operates in over 190 countries of the world with a claim that it has secured more than $300 million in lending capital.
The CEO of Edge, Paul Puey, commented on the partnership, saying Cred has a top-notch team and this makes it stand out among its contemporaries. Paul also lauded Cred for other achievements like its strong legal and regulatory infrastructure, proven track record of delivering returns and capital markets competencies.
“Edge users now have the benefit of earning interest on their crypto via a secure and licensed financial services platform,” Paul said.
Dan Schatt, the CEO and Co-Founder of Cred, also said Edge possesses advanced potential rare among self-custody solutions in the ecosystem.
“We look forward to supporting Edge’s continued growth and enabling Edge customers to lend and borrow in a secure manner,” Schatt stated.