February 2019 Monthly Report

2 min read

Welcome to the Cred Monthly Report. The Cred team publishes these reports to keep our community up to date on the latest activity.

February 2019 At-A-Glance

February, although a short month, still proved to be mighty. We had a few exciting announcements including opening up Cred to US residents in 28 states including California, raising interest rates, and more.

One of our biggest and most successful announcements since launch has been introducing higher interest rates. If you hold 10k LBA tokens, you are eligible to earn 9% interest rate on XRP and 7% on ETH (non-LBA holders will get 7% on XRP and 5% on ETH).

LBA is designed to empower individuals & companies to take control of their financial services, lowering interest rates on loans and increasing returns on digital assets. As long as Uphold customers own at least 10k LBA on their program start date, they automatically qualified for the higher rates.

On February 19, Cred opened up its services to US customers in 28 states, and California joined shortly after. Cred is staying true to its mission is to provide more equitable and inclusive lending and borrowing services leveraging blockchain technology.

We’re very pleased to have received our California Finance Lender’s License so that we can provide valuable crypto backed lending and borrowing services to California customers. Whether our customers are individuals, businesses or crypto funds, we look forward to helping the California crypto community to manage their crypto assets with Cred.

Over 10% of all available LBA tokens are now held with Uphold. It has been great to see so many customers buying and staking LBA so they can earn higher rates and receive other benefits. You can view LBA holdings on Uphold here.

Dan Schatt, our President, did an interview with popular YouTube blockchain influencer Crypto Zombie and talked about the upcoming. Watch the full video below!

Watch Dan Schatt talk to Crypto Zombie

Product Updates

  • Developed LBA staking capability (Uphold app)
  • Built new token support
  • Enabled support for 33 US states
  • Mobile support for upcoming Uphold mobile app March update.
  • Developing new web application.
  • Automated assets settlement for the back office operational team

UX/Design and Marketing Updates

The Design/UX and Marketing teams have been incredibly busy over the past month.

  • The design team improved UX design for the Uphold application
  • Increased support for mobile UX
  • The marketing group integrated with Intercom, a customer messaging and marketing service, and launched the Help Center to increase customer support and knowledge base.
  • Worked on the launch of five different announcements in February. Included marketing support for social media campaigns, email marketing, and community outreach.
  • Working on joint launch with two new partners in Q2.
  • Had all marketing materials, notifications, and FAQs translated to Spanish so that we can clearly communicate with and market to our second biggest market on Uphold.

Engineering Updates

  • In February, the engineering team built LBA as a utility token within the CredEarn ecosystem. This allowed for holders of other currencies like XRP and ETH to use LBA as a utility and get higher rates.
  • CredEarn will soon be available seamlessly via Uphold mobile app. This will be close to a native phone app experience.
  • Building a next-gen platform to support earn and borrow as a service for various providers and exchanges.

Cred Shanghai

  • Shanghai engineering and product team are working on integrating CredEarn with several mainstream projects for target release in March and April.
  • The Shanghai team has been preparing to sunsetting the legacy pilot loan web app by end of Q2 and help the existing customers to go through the sun setting more smoothly.
  • Actively communicating with top exchanges for possible listing and adding fiat channels for LBA trading.

Looking Ahead

March is looking very exciting. We will also be announcing the addition of two more interest-earning capabilities on CredEarn, and have some exciting news coming soon with respect to our custody partners. LBA token holders should also get excited because we are working hard to enable the utility token to its full promise in our product.

Disclaimer: CredEarn is the trade name for a service offered to non-US persons by Cred LLC, which is an entity distinct and separate from Cred (US) LLC. CredEarn allows you to extend a loan to Cred LLC. The purpose of the loan is to allow you to earn an enhanced yield on your crypto assets, such as Bitcoin. Cred LLC is not a bank and CredEarn services are not insured by the FDIC. CredBorrow and C-LOC™ are trade names for lending products of Cred (US) LLC, a licensed lender and a wholly-owned subsidiary of Cred LLC. Loans, loan amounts, terms, and rates are not available in every jurisdiction, or for every collateral type. The availability of rates, crypto types, loan amounts, and other terms are subject to change. Loan applicants are subject to AML and KYC screening. Terms, conditions, and restrictions apply. Loans made or arranged pursuant to California Finance Lenders Law License 60DBO-58789.