Today, one of our founding Universal Protocol alliance members, Cred, has announced the launch of their new product called CredEarn. This new financial product will allow holders of digital assets to earn interest on these holdings. This new financial product, CredEarn, will be available exclusively on the Uphold exchange, another founding member of the Universal Protocol alliance. With this new service, Cred will enable consumers to make a returns on their holdings, while opening up access to millions globally and introducing them to blockchain.
CredEarn is exciting for a variety of reasons. There is no required minimum amount to keep in an account when using CredEarn. Interest earned is paid out every three months through the Uphold wallet either in US Dollars, or the new Universal Dollar stablecoin, which is being launched next week. While interest is paid in USD or UPUSD, the initial principal is paid in whatever currency it was deposited in. Customers will now be able to earn up to 10% APY on select digital assets that they maintain within their Uphold wallet account.
“We’re thrilled to offer Uphold customers a rich set of choices in how they manage their crypto assets and fiat currencies,“ said Dan Schatt, Co-founder and President of Cred. “In a Bear market, Uphold customers can benefit from the liquidity they receive when obtaining a fixed amount of interest in USD or Stablecoin. In a bull market, customers also benefit by receiving the full upside on the amount of crypto they originally committed.”
For reasons out of Cred’s and Uphold’s hands, this new instrument will not be available in the United States due to regulatory restrictions. For over 180 other countries though, CredEarn is now available for customers to begin earning interest on their digital assets. Asset types include: BTC, XRP, ETH, USD, Euro, and gold
“Our community is very vocal about their desire to Hodl with the potential to earn interest on digital assets we support like XRP, BTC or ETH. Now they can with CredEarn,” says JP Thieriot, CEO of Uphold.
In comparison to a some contemporary investment institutions, customers using CredEarn will now be able to earn more interest than they would if they simply saved it in a bank. Customers holding standard cryptocurrencies in their Uphold accounts will also be eligible for this interest. For those lucky enough to be holding LBA tokens, they’ll receive preferential consideration for the higher interest rates available for CredEarn.
It is self-evident that CredEarn will revolutionize the blockchain and cryptocurrency markets. With the ability to earn higher interests rates than some countries currently permit, CredEarn will act as a democratizing force throughout the world. Many national banks, or just financiers available in some corners of the world, either offer inferior interest rates, or negative ones. This tool will open up access to credit globally, and usher in millions of new users to the crypto economy.
To get started earning now, head over to Cred.io to get started earning more with your digital assets.