March 2019 Monthly Report

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march monthly report

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

March 2019 At-A-Glance

It has been a highly productive month for Cred. CredEarn now has customers in 130 countries and continues to bring in over $2 million per week. Cred added support for three new tokens this month, including the Universal Dollar (UPUSD), Universal Bitcoin (UPBTC), and TrueUSD (TUSD), all designed to offer returns of 8%+.

We also announced our partnership with BitGo in March. In working with BitGo, Cred benefits from BitGo’s custodial LBA support and CredEarn customers gain access to an institutional-grade qualified custodian that carries $100 million in insurance. Cred is pleased to also partner with Bittrex Enterprise as a custodial partner. Bittrex Exchange is another very strong, secure custodian and top crypto exchange firm. Also, Ledger Vault and Ledger Nano products are also now supporting the LBA token.

The CredEarn platform on Uphold continues to generate significant interest from customers around the world. In partnership with Uphold and the Universal Protocol Alliance, we launched the Universal Bitcoin. UPBTC is an Ethereum-based Bitcoin that earns 10% APR through CredEarn, is fully collateralized and available in 184 countries. Also, Cred and the UP Alliance supported the launch of the Universal Dollar, which allows CredEarn customers on Uphold to earn 10%. Cred and the UP Alliance recently announced that the Universal Euro is coming soon and will offer an 8% return.

LBA staking continues to have a significant impact on our token price and demand, proving that CredEarn participants want the highest interest rate available. As a result, Uphold now accounts for 56 million LBA held, or over 11% of all LBA tokens in circulation. There will always be another reason to hold LBA, and we are designing several new programs that will be exclusive for the LBA holders. You will also soon see new LBA branding elements that will make the LBA more recognizable.

In March, Cred announced a partnership with one of the top tokenization and stablecoin providers, TrustToken. TrueUSD holders can now earn an 8% APR interest rate, paid quarterly in TUSD. The Cred team launched this capability in record time, and we have already witnessed significant TUSD interest that appeals to both retail and institutional customers. Whether it is an institutional investor who deals directly with the Cred Concierge or a retail crypto customer who holds a few hundred TUSD, Cred offers the highest interest rates currently available on a safe, secure, platform.

You may have also noticed it is much easier for customers to reach us! We have implemented a top customer messaging app into the Uphold and TrueUSD applications and designed a customer service experience through Intercom which increases the visibility of the Cred team and gives users access to high-touch customer service.

A few members of the community have inquired about the progress and release date of C-LOC (crypto-line-of-credit). The C-LOC is available to customers borrowing $100,000 or more since September of 2018. We have been inundated with so many institutional and retail requests for CredEarn; we have simply not been able to keep up with demand. We do look forward to offering a mobile version of the C-LOC in the future, but for now, Cred’s focus is on CredEarn and the utility and staking of LBA.

We look forward to what is to come with CredEarn!

UX/Design Updates

  • The UX team designed out a flexible intuitive interface for the TrueUSD product. It is being designed to scale and support multiple partners.
  • Designing out new programs that will be exclusive for the LBA holders. We are committed to delivering an enhanced experience that will reward our holders.
  • Working on new LBA branding elements that will make the LBA more recognizable.

Marketing Updates

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

  • Marketing strategy designed and implemented around TrueUSD platform launch which included multiple email templates and outreach to high net worth individuals, social media campaigns, blog content, graphic design, and pitching to media.
  • CoinDesk pickup of CredEarn + TrueUSD press release.
  • Multiple email campaigns sent to users and leads encouraging to start earning.
  • Implemented Intercom into Uphold and TrueUSD apps. Designed bespoke customer service and marketing experience through Intercom which increases the visibility of Cred team and gives users access to high-touch customer service.

Engineering & Product Updates

  • The engineering team worked hard to release a scalable and secure platform for CredEarn with TrueUSD as the first ERC20 token partner.
  • Building platform features that enable the use of LBA as a utility for token holders.
  • Stabilizing the CredEarn platform along with building toolsets that enable better visibility and maintainability for the platform.
  • Kicked off the program start dates for both the Uphold app and the TrueUSD app.
  • Moved to JIRA to operationalize internal bug fixes.
  • Supported various interest rate changes and LBA staking compatibility.

Cred Shanghai

  • Our CEO and Co-Founder Lu Hua attended Token2049 in Hong Kong and discussed with several teams there for future potential partnerships.
  • Cred Shanghai product & engineering team worked with Cred’s US and India product and engineering teams to complete and launch the engineering development of TrueUSD on CredEarn.
  • Shanghai team has started working on a series of effective interaction activities for Cred exposure across Asia including China, Korea, and Singapore via a partnership with local crypto research agency, exchange, and community.

Looking Ahead

April is looking very exciting already. As we ramp up our service to TrueUSD holders worldwide, we expect an influx of capital and customers who are looking to earn on their stablecoin assets. CredEarn on Uphold continues to thrive, and we expect to increase interest rates at least one more time in the month of April. Our legal team has been working hard to open CredEarn to new states and we also have updates in functionality coming to the existing CredEarn apps and more utility coming for LBA token holders.

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.