According to a press release shared yesterday, Binance, the world's largest crypto exchange by adjusted trading volume, has just announced it has partnered with crypto lending platform Cred to add its services to Binance Chain.
The agreement involves the migration of a portion of LBA tokens, Cred's ERC-20 native token, to Binance's mainnet. In addition, Cred will become the official lending and borrowing platform for the decentralized financial ecosystem.
Ted Lin, Chief Growth Officer of Binance, said that "we are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain."
Cred LBA holders will reportedly be able to commit their assets for a fixed term and will receive the best rates if they stake the company's token.
Cred is a California-based licensed lender that has secured over $300M in lending capital.
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