The Litecoin Foundation, a non-profit organization supporting the development and promotion of litecoin, has partnered with Cred, a licensed California-based lender, to help LTC holders earn interest on their crypto.
According to a press release shared with CryptoGlobe, the partnership between both organizations will help LTC holders earn up to 10% a year on their holdings through Cred’s partners, which include Bitcoin.com, Uphold, the Litecoin Foundation, and BitBuy.
Part of the funds that will be generated as users earn interest is to set to help support the development of litecoin, a cryptocurrency often referred to as the silver to bitcoin’s gold. Alan Austin, a Director at the Litecoin Foundation, stated:
In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case. We are excited to be working with Cred to provide this offering.
The press release details that litecoin holders will have the option to commit to a six-month term and receive monthly interest payments in either fiat currency or crypto. They will have the option to roll over pledged assets for additional periods, with those staking Cred’s LBA utility token receiving the best interest rates.
As CryptoGlobe has been reporting, the cryptocurrency lending market has been growing exponentially. Cryptocurrency exchanges like Binance have added lending platforms to let users earn crypto “while they sleep,” and DeFi protocol Maker has launched the Dai Savings Rate (DSR), allowing users to earn on Dai holdings.
Featured image via Pixabay.