Bitcoin.com has introduced a user-friendly way for holders to earn on their digital assets directly through the platform’s wallet app. This innovative option is a result of their collaboration with Cred , a licensed cryptocurrency lending service.
The synergy between these companies brings another milestone in the flourishing crypto finance space. The burgeoning field of decentralized finance (DeFi) ushers in numerous lending systems where investors can achieve significant gains on their digital coins.
Earning Returns on Your Crypto Assets
According to a press release unveiled recently, both Bitcoin.com and Cred have collaborated so users of Bitcoin.com’s wallet can commit their digital currencies and receive attractive interest rates. Through this partnership, Bitcoin.com users gain direct access to the CredEarn platform within their app.
This new addition is designed for ease and will function on both mobile and desktop platforms. Those who commit their crypto will benefit from the daily compounding of returns and receive their earnings in cryptocurrencies.
Users can further utilize the flexibility of the service to invest in one digital currency while receiving interest in another, thus diversifying their portfolio. Numerous crypto coins and even stablecoins are supported by this lending option.
Commenting on this collaboration, Corbin Fraser, the head of product at Bitcoin.com, stated:
Cred continues to lead the lending and borrowing niche. Their mission to alleviate financial challenges aligns perfectly with our objectives, making this partnership a natural fit. We aim to provide our customers with premier blockchain utilities. With Cred, our customers will continue to reap benefits securely and reliably..
For Dan Schatt, the CEO of Cred, this alliance with Bitcoin.com marks a chance to broaden their presence in the market. crypto lending space Bitcoin.com already extends its offerings to users in approximately 190 nations worldwide. Cred equally collaborates with leading crypto exchange and wallet service providers like Huobi.
Crypto Money Market Boom
As previously reported reported by Blockonomi, the ongoing advancement of DeFi market has considerably bolstered the crypto lending industry. In fact, DeFi analytics indicate that Defipulse.com are at the forefront, dominating the total project value locked in these ventures.
While always growing, the crypto lending landscape was further propelled by liquidity mining initiated earlier this year, significantly enlarging this space. Investors now routinely seek opportunities in multiple DeFi platforms to maximize yields and leverage quick arbitrage prospects.
Through liquidity mining, participants achieve governance tokens for providing liquidity to a protocol. Yield farming has garnered significant attention in the crypto community, though some experts caution that the quest for yields may lead to an unsustainable market boom reminiscent of the 2017 ICO surge.
The prevailing rise of DeFi has also sparked interest in tools such as Chainlink (LINK), which facilitates seamless data exchange between blockchain and conventional systems. Before its market correction, LINK’s value had surged by over 1,000% this year.
