Lend and Borrow Cryptocurrency
As per the press release Cred, one of the crypto-backed lending firms would offer USD loans by using XRP as collateral. So all the XRP holders are served with the opportunity to save their XRP long term without the need to sell or incur tax consequences. The announcement also says that all the XRP holders of several countries could borrow as low as single-digit interest rates when they visit http://www.mycred.io and click “Get Early Access.”
Read more at BusinessWire
Block Commodities, an Agri-tech firm from Africa has launched a pilot project Farmer 3.0 based on crypto loans to empower farmers by providing a transparent and trustworthy ecosystem.
The project started in Uganda with around 1000 farmers, were provided with crypto loans to purchase seeds, agricultural tools, and fertilizers. Innovative technology with intelligent data is helping farmers manage resources and conditions[such as soil fertility, weather conditions] better for production.
Read more at blockcommodities.
Bloqboard Co-founded by Alex Bazhanau and Bahachuk, allows users to share their cryptos. The firm is offering a lending platform enabling peer-to-peer cryptocurrency lending via smart contracts. The firm lets you share your ERC20 tokens with your buddies, and, in theory, they have to pay you back. The firm recently raised $1.2 million from POlychain Capital to launch a lending system powered by decentralized lending protocols.
Read more at techcrunch
Ledn created by Mauricio Di Bartolomeo will offer credit to businesses and consumers in Canada where about 5% of people use Bitcoin. The platform has four easy steps to avail the loan. The customer will send the application via Ledn and BTC as collateral. On successful verification , the customer is eligible for the loan and the firm sends the to customers in fiat.
The borrower needs to make monthly payments of interest on the loan until they are through. After that, they can pay the principal and Ledn will give them back their BTC. Ledn is funding these loans based on money it got from several funding rounds. The plan is to raise $50 million according to the founder.
Read more at bitcoinexchangeguide
Nexo, the crypto lending firm from Switzerland has announced adding support for bitcoin cash [BCH] as a plan to expand their service offerings. Quite recently the firm added Ripple’s XRP and now support Litecoin and bitcoin cash. The coins BTC, ETH, BNB, and NEXO, would grant cryptocurrency holders the ability to borrow anywhere from $1,000 – $2 million. In case the user requires access to capital, rather than selling their Bitcoin Cash, individuals can lock Bitcoin Cash in the NExo Platform, before retrieving their coins once their loans have been repaid.
All the BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies.
Read more at bitcoinschannel