Cryto lending platform Cred to migrate LBA tokens to Binance Chain

Leading cryptocurrency exchange Binance has partnered with Cred, the leading platform for crypto lending and borrowing, to promote the decentralization of finance.

The partnership will see the licensed lender, which has reportedly secured more than $300 million in lending capital, moving a portion of its ERC20 LBA tokens (Lend-Borrow-Asset, Cred’s native tokens) to Binance Chain. It has also become the official lending and borrowing platform for the decentralized finance (DeFi) ecosystem, according to its press release.

Commenting on the new collaboration, Ted Lin, Binance’s Chief Growth Officer, said that Binance Chian’s one-second block time “will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.”

Holders of Cred’s native LBA tokens will reportedly commit their assets for a fixed term, with an option to roll over for additional periods. They will also gain better interest if they stake the token.

The California-based Cred, which is backed by some giant crypt investors including 500 Startups, Arrington XRP Capital, FBG Capital, and Blocktower, works via its platform called CredEarn. This system allows crypto holders to lend their digital assets to borrowers and gain decent returns.

Meanwhile, Binance-listed project Fetch.AI has also partnered with T-Labs, a unit of leading German telecom firm Deutsche Telekom, to create decentralized Internet of Things (IoT) network innovations. The signed memorandum of understanding will see the two firms implement autonomous economic agents (AEAs) using the Fetch.AI network.