After becoming official last week – Cred’s decentralized finance platform now works with the Litecoin Foundation in order to offer groundbreaking wallet options for the popular cryptocurrency Litecoin (LTC).
For those who haven’t heard about Litecoin, it’s got a market cap of over $4 billion, and remains in the top 10 cryptocurrencies worldwide. In some ways, Litecoin is a kind of hybrid – it’s based on Bitcoin protocol, but has its own hashing algorithm and, of course, its own value history.
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What Is Cred?
So what is Cred’s business model about, anyway?
As a rising global financial services platform with users all over the world, Cred has emerged to offer asset support for over two dozen cryptocurrencies and fiat currencies, with a revolutionary model for wallet innovation.
One of the major values that Cred brings to the table is its strong returns on held and pledged assets. Where banks typically offer low interest on depositor money and high interest on loans taken out by those depositors, Cred offers the asset holder a top rate of 10%. That’s really unheard of in the traditional banking world, and quite significant earnings on assets held inside of the Cred platform. Then there are the other aspects of this no-frills earning model: after an initial term, the assets can be rolled right back in for more interest. The asset holder can get paid in either crypto or fiat.
No-Minimum Investments and Easy On-Ramps
Importantly, there is no account minimum to start investing with Cred. For example, with LTC, where the “per-coin” value is relatively low, investors don’t have to worry about plowing a minimum investment into the mix right away. Minimum investment amounts are some of the biggest barriers to broader collective participation, and getting rid of that requirement is just one more way that Cred streamlines the process of getting involved.
Cred also has a history of working with partners to increase cryptocurrency adoption and spread public awareness. Some of these partners include Uphold, BitBuy, TruUSD and others. Cred president Dan Schatt also has experience as chairman of the Universal Protocol Alliance, and the company has worked very closely with the UPA and developing more broad-based on-ramps to the blockchain.
Expanding Cred’s Wallet Base
Now, with its addition of Litecoin functionality, Cred is capable of supporting millions of users with wallet technology that offers the transparency, liquidity and returns that they want on their investments. There’s also another angle to this: As investors put their Litecoin assets into Cred, one of the things that Cred is doing with the investment is developing parts of the Litecoin ecosystem. This synergy is at the heart of why investors with crypto enthusiasm are excited about getting into the Cred community of hodlers.
It’s easy to see how these kinds of platforms springboard cryptocurrency into the public eye and make it more a part of mainstream finance. Cred has the unique ability to offer those with crypto holdings a way to actually make money, every month, on what they own.