Bitbuy is excited to announce we have partnered with Cred, to allow our users to earn interest on their cryptocurrency holdings.You can earn up to 10% on your cryptocurrency, depending on the token you are lending.
To sign up, go to the co-branded microsite here .
For full details on Cred and their offerings, please navigate to their website at mycred.io
Q: How does the Cred earn platform work?
A: Users can sign up for Cred and earn up 10% on their cryptocurrency via the Cred Earn platform. Users sign for Cred, deposit their cryptocurrency to the platform, and earn interest paid quarterly up to 10%, depending on the token used. Users will get their cryptocurrency and interest returned at the end of the term (6 months with an opportunity to extend). Bitbuy and Cred plan to offer more integrated offerings in the coming months. You will earn interest on a pre-determined schedule, which is all visible in your dashboard.
Here’s a view of how your Cred dashboard will look once you have signed up and made a deposit.
Q: Could you please tell us a little more about what will be done to keep our assets secure? Cred is a very exciting proposition but I’d like to make sure it is safe from potential hacks.
A: Cred works with various collateral agents and leading custody partners, including BitGo, Bittrex Enterprise, Uphold and Ledger, but we believe it is not enough to simply leverage the insurance of custodial partners. That is why Cred is partnered with Lockton, the world’s largest privately-owned, independent insurance brokerage firm in the world with 52,000 clients and ranked #1 in Client satisfaction for commercial insurance by J.D. Power. During the loan term, Cred actively manages risk and employs hedging strategies to protect assets and ensure delivery of your assets back to you at maturity. Read more about Cred’s insurance coverage here.
Q: How does Cred generate the returns?
Cred is able to leverage its returns by lending digital assets to a variety of customer segments, including crypto miners, digital asset companies, crypto investment funds, and retail investors. Cred lends to retail customers and companies on a guaranteed and collateralized basis and never lends to short-sellers.
Q: Why should we trust Cred?
A: Some of the things we considered when deciding upon Cred include: The team, the partners (you can review Cred’s involvement with the Universal Protocol Alliance which includes OmiseGo, Ethereum Foundation, BitGo, Bittrex, Brave, and CertiK), the public statements made by partners such as Michael Arrington, Mike Belshe of BitGo, Uphold, PwC, Dekrypt Capital and several others. We have also spent significant time discussing their business model and risk management techniques
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