Huobi reveals a new partnership to allow users to earn interest

  • Ali Raza
  • 1st April, 12:50
Huobi reveals a new partnership to allow users to earn interest
  • Huobi has recently announced a new partnership with a crypto lending firm, Cred.
  • As a result of the partnership, Huobi Wallet users will soon be able to lend their coins and earn interest.
  • It is currently unknown which coins will participate in the program, apart from BTC, ETH, and UPUSD.

Cryptocurrency exchange Huobi has just revealed a new partnership with a lending platform, Cred. The two will work together to allow Huobi users to lend their dormant funds and earn interest.

The new announcement came on April 1st, but it is no prank — the Huobi exchange is joining the rising trend of crypto lending. The announcement revealed that Cred’s borrowing and lending services will soon be fully integrated into the exchange’s wallet.

Huobi has yet to reveal which coins will be listed

At this point, the Huobi Wallet supports over 1,000 different cryptos. Meanwhile, it is available in users located in over 200 regions and countries across the world. While it is unlikely that all the Huobi Wallet assets will join the lending service program, the firms did not provide a list of those that will be.

Of course, they did note that some major ones will find their way into the wallet, including BTC, ETH, and UPUSD.

Dan Schatt, the CEO of Cred, commented on the partnership by saying that the firm is keen to offer its services. He noted that these are the times of financial instability. This puts lending services in high demand, which is why this area of crypto business is rapidly surging.

Anyone can participate with no minimum requirements

With the new move, Huobi Wallet users will be able to lend their coins to others. In return, they will receive monthly interest payments. There is no minimum requirement for participation. Also, interest will be payable in other cryptos, including stablecoins.

Lastly, holders who own $150,000 or more in their wallets can also consult with Cred to create custom programs.

Cred itself is a Californian company, which is fully licensed to act as a lender. The company is also one of the founding members of the Universal Protocol Alliance. The firm’s backers include some of the industry’s largest established names. Some examples include Blocktower, Binance Labs, FBG Capital, Arrington XRP Capital, and alike.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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