Algorand Collaborates with Cred to Bridge Decentralized Finance and Traditional Financial Services with New Earning Capabilities
Algorand, the world’s first open source, permissionless, pure proof-of-stake blockchain is empowered by Cred, as it grows adoption with earning, borrowing, payment services supported by strategic investment from borderless capital to facilitate decentralized financial services for the Algorand community.
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Cred, a licensed California-based lender and a leader in crypto backed lending and borrowing services is set to intensify it’s offerings on Algorand even as it supports new product development which is designed to provide significant yield opportunities to customers.
Users earn fixed rates of interest at a highly challenging rate across Cred’s partner network, and receiving higher rates for staking Cred’s LBA token. This is incoperated through Cred’s distinct capability to generate yield via DeFi and CeFi channels. Interestingly, no account minimum is required, and interest is being paid out according to choice of cryptocurrency.
Dan Schatt, Co-founder and CEO of Cred exclaimed that they are delighted to partner with Algorand, a leader in the development of stateless smart contracts and scalable proof-of-stake consensus.
He also added that, Cred looks 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.
The CEO of Algorand, Steve Kokinos said that Algorand is 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.
He added that, the Cred team brings deep expertise across blockchain technology, risk management, capital markets and compliance to Algorand’s users. He concluded by saying Cred’s top-tier offerings and vision align with Algorand’s desire to bring sophisticated DeFi applications to the Algorand ecosystem.
ABOUT BORDERLESS CAPITAL
Borderless Capital is a modern financial institution that invests capital and builds financial products which accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy.
Borderless Capital is not limited to investment alone, but as a thought leader in blockchain with deep expertise in the Algorand ecosystem, they advise their portfolio companies and equally provide guidance and mentorship to help them grow into successful businesses.
Cred is founded by former PayPal financial technology veteran and has it’s headquarter in the San Francisco Bay Area. It is a global lending and borrowing platform that facilitates open access to credit anywhere at anytime.
Cred is missioned on harnessing the power of blockchain to offer to the populace the benefits of the superior financial services. Cred is beautified with diverse team of enterpreneurial 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.
It is a technology company which aims to make financial exchange seamless. Algorand Inc. is driving the DeFi evolution as it enables the creation and exchange of value, building new financial tools and services and bringing assets on-chain as it provides responsible privacy models.
Written By Yusuf Muhammad—Algorand Ambassador