Bitbuy and Cred announced the creation of a progressive platform. It is a crypto lending resource, enabling revenue on digital holdings.
The largest Canadian crypto trading platform BitBuy partnered Cred. The latter is a leading company in the cryptocurrency lending and borrowing business. The press release about the deal appeared in Financial Post on November 4. As per it, users may enjoy up to 10% of lending interest and make a profit every 3 months.
Besides, the partnership is mutually favorable. Thus, Cred gets access to the Canadian market and BitBuy expands its service range.
“It’s great to add Canada to the 179 countries we serve, and we’re excited that we found the right partner in Bitbuy to help Canadians earn money on their cryptocurrency simply by loaning it out,” said Dan Schatt, co-founder, and president of Cred.
Cred is a licensed lender, working with more than 30 cryptocurrencies and $300 million of lending capital. Here you can learn more about their lending mechanism.
Bitbuy runs three divisions: Express Trade, Pro Trade, and Bitbuy OTC. The main activity of the platform is digital currency trading.
Now the users can test a new service through the test site. And the fully-fledged service will start operating in early 2020.
About crypto lending
The first specialized cryptocurrency lending platforms appeared in 2012. Over the years, they have gained popularity and attracted regular users. But many have closed down due to problems with regulation and payments.
Today, the audience of popular credit crypto services exceeds 100 thousand users.
Cryptocurrency loans are beneficial to those who earn and spend in cryptocurrency. So the main borrowers are miners and traders.
Though the risk of crypto lending remains quite high. Currently, only US citizens can legally fight for a refund.
Besides, it is noteworthy, that in August, Binance, the behemoth exchange, added crypto lending to its services.
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