One of the world’s most popular bitcoin wallets has been boosted by integration with lending platform Credit. The partnership with Bitcoin.com Wallet, which includes 11 million downloads, means that BTC and BCH holders can earn passive income by borrowing their assets. Moreover, they can claim the interest payments they receive in a range of digital currencies, including fixedcoins. The integration between the crypto finance platform and Bitcoin.com is arriving at a time when interest in cryptocurrency lending is at an all-time high.
A spokeswoman for Cred told Insider Monkey: “Cred’s partnership with Bitcoin.com proves that Bitcoin innovation doesn’t have to happen at the protocol level. By building lending capabilities directly into the Bitcoin.com Wallet, we have provided a way for BTC and BCH holders to earn attractive ROI, while operating within a familiar and secure environment. ”
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Crypto Lenders Bypass Gatekeepers
In the traditional financial world, credit is controlled by agencies like Equifax (NYSE: EFX) and Experian (LON: EXPN), whose scoring system determines who is eligible for a loan and who is not. In the world of cryptocurrency, things work a little differently. Due to crypto and blockchain asset design, tokens can be pledged as collateral and used to obtain fiat currency loans. They can also be loaned to lenders through platforms such as Belief, earn the borrower a fixed fee throughout the loan.
Lending integration directly into the Bitcoin.com Wallet enables bitcoiners to start earning a product on their holdings directly within the iOS and Android app. “At Bitcoin.com, we strive to offer our customers the highest-tier blockchain services,” explained the company’s Penbin Product, Corbin Fraser. “Through Cred, our customers will continue to benefit from earning interest on their crypto through a secure and licensed financial services platform.”
Bitcoin.com is a news site, wallet service, mining pool, and cryptocurrency hub for fans of Bitcoin (BTC) and Bitcoin Cash (BCH). Its Executive Chairman and former CEO, Roger Ver, remains one of the most controversial figures in the industry, although he has clearly taken a step back, and is now willing to advocate his favorite favor of bitcoin – Bitcoin Cash – by far. The Bitcoin.com wallet has proven to be one of the company’s most successful products to date, adding new features like the ability to buy bitcoin with a credit card, and now a lending portal administered with the support of Cred.
Lending Platforms Compete for Market Share
Devolved exchanges (DEXs) and central exchanges (CEXs) have been part of a fierce battle for market share this year, with the growth in decentralized finance generating huge dividends on Uniswap and Mooniswap. A similar battle is being fought between central lending platforms – including exchanges – and defi platforms to offer the highest APR. Cryptocurrency holders have found themselves jumping from platform to platform, chasing the biggest product.
Cred has built its crypto lending business by integrating with leading wallets including Bitcoin.com Wallet, Huobi Wallet, and Edge. Cryptocurrency holders – or hodlers – have no desire to sell their assets in the near future. Borrowing gives them the means to grow their holdings without getting involved in the high risk trading game.
Disclosure: None.