Huobi Wallet to Allow Earning Interest on Your Crypto via Partnership With Cred

On Wednesday (April 1), 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, had this to say:

“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, he 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.”

Featured Image Courtesy of Huobi Group

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.