Libra Credit, the company that has pioneered credit offerings on the Ethereum blockchain, and Uphold, a full service financial institution for the token economy, today announced a comprehensive partnership in which Libra Credit will offer a variety of credit products to Uphold customers and Uphold will list Libra Tokens (LBA) on its Website.
The partnership is a significant step towards bridging traditional financial services with the blockchain revolution – including low cost credit and the ability to gain access to cash without needing to sell crypto assets.
“Most people have never had an opportunity to borrow and lend against crypto assets,” said Dan Schatt, co-founder and President of Libra Credit. “In a world where everything is becoming tokenized, valuing crypto assets is critical to the crypto economy and can offer much needed liquidity to Uphold customers.”
“For the first time ever, you’ll be able to buy everyday items, using a standard credit card, collateralized by crypto assets. This eliminates the need to sell crypto assets and incur tax liability. An Uphold customer can also borrow crypto assets to hedge and better diversify their holdings,” Schatt said. “If you get paid in cryptocurrency or plan to invest in crypto assets, you will be able to borrow against it without selling it.”
“Libra Credit will dramatically change the way we borrow in this country,” said JP Thieriot, Cofounder and Vice Chairman of Uphold. “There is a lot of demand from our customers for this type of offering — and Libra Credit has nailed it — a drop-dead easy user experience, affordable to all, and within reach.”
Here is how Libra Credit is revolutionizing access to credit with Uphold:
• Buy it by the dollar: Buy any dollar amount of crypto for yourself or someone else.
• Get low cost credit for your crypto holdings: Interest rates are generally in the single digits.
• Execute within minutes: Receive a crypto loan, sent directly to your address
• Use crypto holdings to receive a credit card: Cobranded credit cards will be available
• Build your credit: Build your credit rating on the Ethereum blockchain regardless of past history
• Consumer and Business credit: Companies and individuals that hold crypto assets both benefit. Depositors of crypto assets will also benefit by receiving a return on their funds.
“We are happy to see companies like Libra Credit make progress with products that bridge traditional financial services with blockchain, while addressing legal and regulatory requirements. Credit and liquidity will benefit the crypto community and lead to more mainstream financial service offerings,” said Grainne McNamara, Partner at PWC.
“This is the most excited I’ve been since PayPal introduced credit to its customers. Every crypto bank and exchange will benefit from Libra Credit’s credit capabilities,” said Scott Thompson, Advisor to Libra Credit, and former President of PayPal and former CEO of Yahoo.
“This isn’t an incremental advance over what’s out there. It’s a massive paradigm shift. Libra Credit is bringing the credit market to an asset class that will grow to trillions in the next few years,” said Richard Liu, FBG Partner and investor in Libra Credit. “You need a seasoned team to pull this off, and these guys know how to execute. We’re thrilled to be supporting Libra Credit’s vision for the long haul as the implications for financial access are profound.”
About Libra Credit:
LIBRA CREDIT is a decentralized global lending network that facilitates open access to credit anywhere and anytime. Founded by former PayPal technical and financial experts, Libra Credit is a leader in the lending industry, specializing in blockchain technology. Libra Credit is set to revolutionize the lending industry by merging an established global lending network, a diverse team of entrepreneurial leaders, and the power of blockchain technology.
To learn more about this convenient and delightful way to borrow and lend, visit www.libracredit.io
Connect with Libra Credit:
• Telegram: https://t.me/libraofficial
• Twitter: https://twitter.com/LibraCredit
• LinkedIn: https://www.linkedin.com/company/libracredit/
• Twitter: https://twitter.com/LibraCredit
• Medium: https://medium.com/libracredit
• Telegram: https://t.me/libraofficiallink
• Reddit: https://www.reddit.com/r/Libra_Credit/
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