Cred and Algorand: Advancement of DeFi Services

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A piece of good news to end September and to start the month of October for both Cred and Algorand as they are going to support Algorand and announced strategic initiatives to advance decentralized finance services on the Algorand community.

Algorand, a next-generation blockchain has been actively improving and giving solutions to the barriers that hinder blockchain mainstream adoption. And with its features and innovative technology, it shows a great development for Decentralized Finance which is currently gaining a lot of attention because it has the ability to reshape the current financial system.  But it does not just end there, Algorand is always working on improving the Algorand ecosystem by opening opportunities to other projects that will help and benefit both the Algorand and blockchain ecosystem

Before going farther, I will first introduce who is Cred. Cred is a global financial service platform that offers lending and borrowing services that give credit access anytime and providing it to 183 countries around the world. The former PayPal financial technology veterans based in the San Francisco Bay Area are the ones who founded Cred that intends to unite a diverse team of entrepreneurial pioneers to leverage machine learning and the power of blockchain technology. Learn more about Cred here.

With the strategic investment from Borderless Capital, Cred is ready to enhance its contribution to Algorand and support new product development intended to give its customers several significant yield opportunities. Cred has the ability to generate yield through DeFi and CeFi channels, that will benefit users by acquiring fixed rates of interest at a highly competitive rate over Cred's partner network and can get a significantly higher rate when they stake Cred's LBA token with no minimum account needed while the interest can be paid with own choice of cryptocurrency. In addition to that, they also have plans on supporting USDC and USDT on Algorand.

The Co-Founder and CEO of Cred, Dan Schatt mentioned that “We are delighted to partner with Algorand, a leader in the development of stateless smart contracts and scaleable proof-of-stake consensus,” he also continued, “We look forward to supporting Algotoken holders with a more transparent, equitable set of financial services that leverage Algorand’s best of breed DeFi capabilities and bridge them with powerful CeFi and Fiat services to offer significant yield on assets.”

On the other hand, a brief introduction to Algorand is that they are the world's first open-source, permissionless pure proof of stake blockchain mechanism. With the hard-working team behind the project, they aim to solve notable blockchain trilemma which is decentralization, scalability, and security. They are also empowering DeFi by allowing the creation and exchange of value, building financial tools and services, bringing asset on-chain, and giving responsible privacy models. Learn more about Algorand here.

Borderless Capital also plays a role in this partnership. Borderless Capital is a cutting edge financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value all around the world through the Algorand Borderless Economy. Learn more about Borderless Capital here.

Here is what the CEO of Algorand, Steve Kokinos stated, "We are thrilled to have Cred supporting the growing Algorand community with their highly strategic financial services capabilities, joining a growing number of DeFi organizations creating new opportunities on Algorand. The Cred team brings deep expertise across blockchain technology, risk management, capital markets, and compliance to our users," and he also added that "Their top-tier offerings and vision align with our desire to bring sophisticated DeFi applications to the Algorand ecosystem."

Algorand is continuously building and strengthening the community for the borderless economy by working with several projects that will help them grow. And with the newest support from Cred, it is a stepping stone for them to achieve their mission of bringing sophisticated DeFi applications to the ecosystem.

The partnership between Algorand and Cred will allow opening the bridge between Decentralized Finance and the traditional Financial services to provide the best financial services and to offer significant yield on assets. Not only that, but the blockchain technology will also allow Cred to be an open and fair global financial infrastructure related to the mission and goal of Algorand. 

You can also visit their individual official Twitter accounts for more updates.
@Algorand @ihaveCred @borderless_cap




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