Binance, one of the largest cryptocurrency exchange in the space, partnered with Cred, a leading cryptocurrency lending and borrowing firm. The main aim of the partnership is to “spur the decentralization of finance”, stated a post released by Cred. More so, Cred would be moving a part of its ERC20 LBA tokens to Binance Chain, in according to the partnership agreement.

On the partnership, the co-founder of Cred, Dan Schatt stated,

“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way. We look forward to continuing the Cred-Binance partnership.”

Notably, the California-based lending platform has previously partnered with Tron, Coinbit, TrueUSD, Uphold and Bitcoin.com. While the investors of the firms include bigwigs like Arrington Capital XRP, 500 startups, BlockTower, FBG Capital, and Binance Labs. According to the post, the firm, which enables services provides such as custodians and exchanges to offer “most competitive lending and borrowing rates” has secured more than “$300 million in lending capital”.

The firm stated,

“[…] [Cred] will become the official lending and borrowing platform for the DeFi ecosystem. As both an investor and partner in Cred, Binance will also look for opportunities to leverage and support Cred’s industry-leading services within the Binance ecosystem.”

The post Binance partners with cryptocurrency lending firm Cred to drive DeFi ecosystem appeared first on AMBCrypto.

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