Cred is pleased to announce that we have secured the California lender’s license. Cred is now able to offer its crypto-backed lending services to the state of California. California is the fifth-largest economy in the world and is home to nearly 40 million residents. The State of California represents nearly half of all crypto funds in the United States and about 12% of global blockchain and cryptocurrency businesses.
Cred regularly engages with regulators, legal, and compliance professionals to ensure our practices are fully compliant and California was no exception. As a regulated financial entity in California, Cred has demonstrated to regulators that it meets stringent licensing requirements, including net worth, relevant experience, a clean legal background, a highly reputable set of executives, and solid business history.
We’re very pleased to have received our California Finance Lender’s License so that we can provide valuable crypto-backed lending services to California customers. Whether our customers are individuals, businesses or crypto funds, we look forward to helping the California crypto community to borrow against their crypto assets with Cred.
At Cred, we also believe it’s important to take an active leadership role in the communities we operate and help educate politicians and policymakers on the benefits of adopting blockchain and crypto-friendly policies.
To underscore its commitment to California, Cred recently joined the board of the Blockchain Advocacy Group, working with Emeryville Mayor Ally Medina and meeting with California regulators, such as California State Treasurer Fiona Ma and San Francisco Assembly Member David Chiu, both big advocates of crypto.
We have received an abundance of inbound interest from crypto holders in California, and we are ecstatic to expand our operations in this market. Securing the California Lender’s License moves us one step closer to ensuring all cryptocurrency holders are able to take advantage of their crypto ownership, earn interest on it, and use it as a line of credit without having to sell.
The Good News Continues
Last week, Cred announced its availability in 28 states on Uphold. Customers from 121 countries have enrolled with Cred’s product, located here to pledge their assets. Uphold’s user base has been the first to benefit. If you want to see a full list of the supported states, see the announcement:
For those lending crypto assets to Cred, we recently announced Cred has raised interest rates to 9% on XRP and 7% on ETH, the most competitive rates in the market. Customers who hold ten thousand of Cred’s (LBA) token get exclusive access to these higher interest rates. This is just the first of many benefits LBA token holders will receive. We will be offering new benefits often, which makes LBA token one of the most valuable utility tokens currently offered.