Huobi Wallet announced on Wednesday its partnership with Cred to offer digital currency lending and borrowing services on the storage platform.
Based in California, Cred offers decentralized crypto lending services which will now be integrated on Huobi Wallet. The announcement detailed that the wallet platform is aiming to roll out the services in “late summer” this year.
Mentioning the partnership, He Huang, chief executive of Huobi Wallet, said: “We are so excited to partner with Cred as we share a mutual vision to make our services more accessible to the users. And I believe our partnership will be further enhanced with their team experience and achievements in compliance.”
Crypto lending is attracting the interest of major players
Huobi Wallet is the crypto storage subsidiary of the similarly branded digital exchange giant. The platform supports over 1000 digital currencies including eight stablecoins.
The platform detailed that with cred integration, the wallet users will be able to lend their crypto assets and receive monthly interest payments, with the option to roll over pledged assets for additional periods.
It also highlighted that there will be no minimum requirement for utilizing the services and the interest will be paid in cryptocurrencies or stablecoins.
“We are thrilled to partner with Huobi, a highly popular cryptocurrency wallet across Asia,” Dan Schatt, co-founder and CEO of Cred, said. “In times of financial instability, we’re delighted to assist a strong, reputable company, offering financial services to its customers.”
Crypto lending services are one of the hyped digital currency areas and many big players also jumped into the arena. From BitGo to Binance all are now offering such services to their customer base.
Last month, Cred inked a similar deal with Edge, a crypto exchange and wallet platform, for facilitating lending services.