A new financial solution called CredEarn has launched today, and it allows holders of various assets – including cryptocurrencies bitcoin (BTC), ether (ETH) and XRP (XRP) – to earn interest on their holdings.
The company behind the CredEarn innovation is blockchain-powered global lending network Cred, whose ERC20-compliant LBA token can be used for accessing and using Cred platform services – which eventually will include crypto-to-crypto lending.
The only way to access CredEarn is via the exchange feature offered through Uphold, a fintech startup that, along with Cred and two other blockchain-friendly entities (i.e., Brave and Blockchain at Berkeley), founded the Universal Protocol alliance last August (see: whitepaper v5.3).
The announcement – made jointly by Dan Schatt (Co-Founder & President, Cred LLC) and J.P. Thieriot (CEO, Uphold) – was broadcast to the public via a Periscope livestream early Thursday evening. In highlighting just how significant the launch of CredEarn is for asset holders around the world, Schatt stated that:
For the first time in 183 countries around the world, Uphold customers now have the opportunity to earn on their crypto and several [other] digital assets.”
Regarding the annual percentage yield (APY) being offered through CredEarn, Uphold members will earn varying amounts based on the type of digital asset they decide to loan to Cred. Unsurprisingly, the largest APY (i.e., 10%) relates to BTC-denominated loans. Other APYs currently offered through CredEarn are 5% (XRP) and 3% (ETH, USD, EUR, and GOLD). The minimum earn period is six months with the option to renew in six-month increments at the term end. Interest payments are made quarterly.
Whilst the United States is not one of the 183 countries CredEarn is available in at the time of launch, Uphold stated on their official Twitter account that the Cred team “is working on” making their new product available to U.S. residents. They stopped short of providing a timeframe, however, adding that such a development is “coming soon!” Wording found in Uphold’s FAQ section was somewhat clearer, with this answer revealing CredEarn is currently expected to be made available “to the U.S. market in the coming months.”
CryptoCoinSpy readers can watch the full replay of Thursday evening’s Periscope livestream below:
— Uphold (@UpholdInc) January 18, 2019