Huobi Wallet Taps Cred to Offer Crypto Lending Services

Huobi Wallet announced on Wednesday its partnership with Cred to offer digital currency lending and borrowing services on the storage platform.

Based in California, Cred offers decentralized crypto lending services which will now be integrated on Huobi Wallet. The announcement detailed that the wallet platform is aiming to roll out the services in “late summer” this year.

Mentioning the partnership, He Huang, chief executive 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.”

Crypto lending is attracting the interest of major players

Huobi Wallet is the crypto storage subsidiary of the similarly branded digital exchange giant. The platform supports over 1000 digital currencies including eight stablecoins.

The platform detailed that with cred integration, the wallet users will be able to lend their crypto assets and receive monthly interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, with the option to roll over pledged assets for additional periods.

It also highlighted that there will be no minimum requirement for utilizing the services and the interest will be paid in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term or stablecoins.

“We are thrilled to partner with Huobi, a highly popular cryptocurrency wallet across Asia,” Dan Schatt, co-founder and CEO of Cred, said. “In times of financial instability, we’re delighted to assist a strong, reputable company, offering financial services to its customers.”

Crypto lending services are one of the hyped digital currency areas and many big players also jumped into the arena. From BitGo to Binance all are now offering such services to their customer base.

Last month, Cred inked a similar deal with Edge, a crypto exchange and wallet platform, for facilitating lending services.