Place/Date: San Francisco – September 30th, 2020 at 2:26 pm UTC · 3 min read
Cred, a licensed California-based lender and a leader in crypto backed lending and borrowing services, and Algorand, the world’s first open source, permissionless, pure proof-of-stake blockchain, today announced several strategic initiatives to advance decentralized financial services for the Algorand community. With a strategic investment in Cred by Borderless Capital, Cred is poised to amplify its offerings on Algorand and support new product development designed to provide customers with significant yield opportunities.
Through Cred’s unique ability to generate yield through DeFi and CeFi channels, users will benefit by earning fixed rates of interest at a highly competitive rate across Cred’s partner network, and can receive even higher rates when they stake Cred’s LBA token. No account minimum is needed and interest is paid out in the cryptocurrency of choice. Cred also plans to support USDC and USDT on Algorand.
Steve Kokinos, CEO of Algorand, said:
“We are thrilled to have Cred supporting the growing Algorand community with their highly strategic financial services capabilities, joining a growing number of defi organizations creating new opportunities on Algorand. The Cred team brings deep expertise across blockchain technology, risk management, capital markets and compliance to our users. Their top-tier offerings and vision align with our desire to bring sophisticated defi applications to the Algorand ecosystem.”
Dan Schatt, Co-Founder and CEO of Cred, said:
“We are delighted to partner with Algorand, a leader in the development of stateless smart contracts and scaleable proof-of-stake consensus. We look forward to supporting Algotoken holders with a more transparent, equitable set of financial services that leverage Algorand’s best of breed DeFi capabilities and bridge them with powerful CeFi and Fiat services to offer significant yield on assets.”
Investment funds, family offices and individuals interested in generating yield on assets of $50,000 or more can schedule a call using this link with a Cred Private Client Officer to discuss a customized earning program.
Cred is a global lending and borrowing platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred is headquartered in the San Francisco Bay Area. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from superior financial services. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology.
Algorand Inc built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy. We do not stop with just investment. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies and also provide guidance and mentorship to grow them into successful businesses.