Cred, crypto-backed licensed lending and borrowing platform announced their support for peer to peer cryptocurrency Litecoin (altcoin). LTC holders are now allowed to earn interest through any of the Cred’s partners which includes Bitcoin, Uphold, Bitbuy and now LTC.
Partnership Is In Favour of Altcoins
As per the popular quote, all eggs must not be kept in the same basket; similarly, all money must not be invested in one asset class. In the ecosystem where altcoins are gaining momentum, the latest step is stepping ahead to accelerate the popularity of altcoins in the crypto market.
The partnership is expected to act as the catalyst in the development of altcoins. After Cred announced 10 per cent interest rates on digital assets of LTC, it has been assumed that a portion of funds generated will be funnelled into the developer community of LTC. The licensed platform assures the transparent and secure platform to Litecoin wallet holders. Charlie Lee, a co-founder of Litecoin, is analysing the partnership as the medium to generate fresh investments.
Cred And Litecoin In Crypto Market
Cred is a decentralised banking platform which serves the customers in almost 190 countries. It supports more than 30 crypto and fiat currencies via its partner network.
Litecoin established its position as one of the popular altcoins in the crypto landscape. It stands with a market cap of $4.76 billion by deploying unique hashing algorithm. It works on the bitcoin platform and is one of the leaders to promote blockchain technology.
The recent announcement is intended to build the reputation of Litecoin as a more valuable digital asset. It will also maintain its status as a highly liquid and reliable payment platform.
The strategic partnership of two significant players is intended to propel the concept of a digital asset in the financial markets and to stimulate the acceptance of cryptocurrency.