There’s no denying that the demand for cryptocurrency is on the rise, especially when it comes to crypto-asset liquidity.
“The Libra Credit founding team has a wealth of experience and resources in financial services and payment solutions. They are committed to making long-lasting impacts on the industry”, declared Ella Zhang, CEO of Binance Labs.
Binance broadens its services by investing in Libra Credit
In short, the partnership’s main focus is to allow Binance coin (BNB) holders to receive loans guaranteed by Binance. As mentioned before, the collaboration allows both companies to take advantage of the ever-growing global demand for liquidity of Ethereum-based crypto assets.
Currently, Binance is focused on growing by providing first-rate services to its users. Changpeng Zhao, the CEO of Binance, also expressed his thoughts regarding the importance of growing while having solid ethical values a few days ago at the Blockchain Partners Summit.
Binance Labs is a subsidiary of Binance with the primary goal of investing in and empowering projects, companies, entrepreneurs, and communities that have direct ties with cryptocurrency and blockchain.
About Libra Credit
Headquartered in San Francisco, Libra Credit is a very promising initiative that promises to revolutionize the digital loans market. Managing to raise $26 million back in May 2018 via its initial coin offering, the company is currently aiming to develop its apps for both desktop and mobile platforms further.
As part of the partnership, Libra Credit is to lend fiat and crypto assets to users who pledge BNB as collateral for the loan.
Currently, there are very few barriers for borrowers as they don’t need to provide earnings information or credit history. Considering the potential expansion of the loans market in the near future, this partnership makes seems to make a lot of sense.