Bitbuy, one of Canada’s leading cryptocurrency trading platforms, and Cred, a licensed San Francisco based leader in cryptocurrency lending and borrowing, today announced a strategic partnership that will accelerate the growth of the cryptocurrency economy and open finance in Canada.
Through this partnership, Bitbuy will become the first Canadian cryptocurrency trading platform to allow their users to earn interest on their cryptocurrency holdings. Canadians that hold Bitcoin, Ethereum, Bitcoin Cash, among others, will be eligible to earn up to 10% annualised interest on their holdings through a trusted and dependable provider.
The offering will be made available immediately through a co-branded microsite, with plans to develop a fully customised integrated solution in early 2020. No account minimums will be required, and interest will be paid every three months. Each initial term will be for six months, with the ability to roll over the cryptocurrency assets.
The partnership comes as savings, lending and earning have emerged as some of the most popular new offerings within the cryptocurrency industry worldwide.
Cred, founded by former executives of PayPal and Goldman Sachs, has taken numerous steps to ensure that its investments are always secure and fully compliant. The company, which has secured more than $300 million in lending capital, has implemented the industry’s most comprehensive set of risk management, information security, and insurance protection.
Bitbuy and Cred are equally committed to ensuring that Canadians have easy access to industry-leading products and services. As the cryptocurrency economy continues to evolve, the two companies plan to collaborate on more initiatives and offerings.