[image credit : Huobi Global]
The team behind Huobi Wallet, the multi-cryptocurrency wallet from Huobi Group, announced that it plans to integrate into this wallet the services provided by crypto-backed lending and borrowing platform Cred.
Cred offers two main services:
- Earn interest on cryptoassets you already own. Here is how this works: (1) You pledge any of over 29 cryptoassets you are HOLDing with one of Cred’s partners; (2) Your pledged cryptoassets accrue interest; Cred pays you interest monthly either in fiat or crypto.
- Borrow money using cryptoassets you already own as collateral. All you need to get cash loans with “sub-10% APR” is to “hold your crypto in your secure Cred Account.”
Huobi’s press release says that a new version of Huobi Wallet that supports this partnership with Cred is expected to launch late this summer.
He Huang, CEO of Huobi Wallet, said, “We are so excited to partner with Cred as we share a mutual vision to make our services more accessible to the users. And I believe our partnership will be further enhanced with their team experience and achievements in compliance.”
As for Dan Schatt, CEO and Co-Founder of Cred, stated, “We are thrilled to partner with Huobi, a highly popular cryptocurrency wallet across Asia. In times of financial instability, we’re delighted to assist a strong, reputable company, offering financial services to its customers.”