Cred and Uphold customers have a new reason to be excited today! For the first time, United States residents in 28 states will have the ability to borrow against their crypto and earn up to 10% APR on their digital assets — BTC, XRP, ETH, US Dollars, Euros and even Gold.
Customers from 117 countries have already signed up for Cred and Uphold’s user base has been the first to benefit. Cred is staying true to its mission is to provide more equitable and inclusive lending and borrowing services leveraging blockchain technology.
“We are excited to offer Uphold customers in the US a borrowing and lending program that can improve everyone’s finances,” says Dan Schatt, President & Co-Founder of Cred. “We scoured the globe in search of high-quality borrowing and lending opportunities that support local economies and contribute to sustainable growth, unlike traditional financial institutions that must rely on legacy infrastructure and outdated technology.”
The most common interest rate on savings accounts in the United States is 0.01%. In Europe and Japan, many are living in a world of negative interest rates, where you literally are paying your bank to save your money for you. If you haven’t yet, join Uphold and activate Cred now.
“The concept of borrowing and lending against crypto assets is an innovative model that is garnering strong interest from our users,” said JP Thieriot, co-founder and CEO of Uphold. “Cred has built a user experience that is easy, affordable and will provide significant value for our members.”
You Asked, We Answered
When we launched CredEarn in mid-January, we were blown away by the response. Within the first 24 hours of launching CredEarn, we welcomed sign-ups in over 60 countries with XRP as the most pledged asset. We now have carefully worked through legal and compliance considerations and are thrilled to offer the Cred community located in the United States the opportunity to sign up with Cred.
Upon launch, we polled our community, and 49% of respondents thought that we should prioritize the launch of CredEarn in the US above adding higher interest rates and other tokens to the mix.
We worked around the clock with our legal and compliance teams to ensure that we can meet all regulatory requirements in the many US state jurisdictions. Now, CredEarn can be used by US residents in over half the country. If you want to take part in future polls and stay up to date on Cred news, make sure to join our Telegram group and follow us on Twitter.
How Does Cred Work?
Cred partners with leading wallets, stablecoin issuers, investment funds, and exchange providers to enable liquidity in the form of borrowing or lending. Cred doesn’t work against its lenders by lending crypto to short sellers. Instead, Cred puts the digital assets to work by lending them to high-quality companies.
Those who are earning interest for a minimum of six months will be eligible for a line of credit, enabling customers to borrow US Dollars or Stablecoin against their crypto assets. Customers can earn interest on their crypto while allowing it to appreciate over time, in addition to accessing liquidity in the form of crypto-backed loans when needed.
How do I know my crypto assets are safe?
Cred works with various collateral agents and leading service providers to ensure the safety of your assets. While Cred is not a bank and the Cred product is not FDIC insured, the Cred team has decades of experience in lending, investments, financial technology and payments. Cred also works with high-quality custodians in the crypto space.
What states are supported?
At Cred, we always actively work with regulators and compliance advisors to further our mission of inclusive equitable lending and borrowing practices globally. While Cred is not in all states yet, it is actively working to obtain approvals in remaining US States. You will be seeing more and more states come online, and we will alert our community when they do.
The US states we currently support are Alaska, Arkansas, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Utah, Virginia, Washington DC, West Virginia, Wyoming. We also support all US territories including Puerto Rico.