Uphold and Libra Credit Bring Crypto-Backed Credit to Consumers and Businesses
Integration addresses growing customer demand for credit and liquidity of crypto assets
SAN FRANCISCO–(BUSINESS WIRE)–Uphold, the global digital money platform that has powered more than $3.5 billion in transactions across 184 countries, and Libra Credit, the leading company specializing in lending against cryptocurrencies as collateral, today unveiled a comprehensive commercial relationship that will offer Uphold users access to a variety of Libra Credit products. Additionally, Uphold plans to list Libra Tokens (LBA) on its platform.
“This is the most excited I’ve been since PayPal introduced credit to its customers. Every crypto bank and exchange will benefit from Libra Credit’s credit capabilities”
“The concept of borrowing and lending against crypto assets is an innovative model that is garnering strong interest from our users,” said JP Thieriot, co-founder and vice chairman of Uphold. “Libra Credit has built a user experience that is easy, affordable and will provide significant value for our members.”
“Most people have never had an opportunity to borrow and lend against crypto assets,” said Dan Schatt, co-founder and President of Libra Credit. “In a world where everything is becoming tokenized, valuing crypto assets as an asset class will strengthen the crypto economy and offer much welcome liquidity to Uphold members.”
With the collaboration, Uphold users will be able to buy everyday items using standard credit products, collateralized by crypto assets. The integration will also enable Uphold members to borrow against their existing crypto assets and to hedge and better diversify their holdings.
Together, Uphold and Libra Credit will revolutionize how Uphold members can:
- Get low cost credit based on their crypto holdings, with interest rates generally in the single digits
- Receive a crypto or fiat loan, via fiat sent directly to a specific wallet address in minutes
- Build consumer and business credit on the Ethereum blockchain
“This is the most excited I’ve been since PayPal introduced credit to its customers. Every crypto bank and exchange will benefit from Libra Credit’s credit capabilities,” said Scott Thompson, Advisor to Libra Credit, and former President of PayPal and former CEO of Yahoo.
“This isn’t an incremental advance over what’s out there. It’s a massive paradigm shift. Libra Credit is bringing the credit market to an asset class that will grow to trillions in the next few years,” said Richard Liu, FBG Partner and investor in Libra Credit. “You need a seasoned team to pull this off, and these guys know how to execute. We’re thrilled to be supporting Libra Credit and their partnership with Uphold for the long haul as the implications for financial access are profound.”
“We are happy to see companies like Uphold and Libra Credit make progress with products that bridge traditional financial services with blockchain, while addressing legal and regulatory requirements. Credit and liquidity will benefit the crypto community and lead to more mainstream financial service offerings,” said Grainne McNamara, Principal and Head of Blockchain and Digital Assets at PwC Advisory.
About Libra Credit:
LIBRA CREDIT is a decentralized global lending network that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Libra Credit is a leader in the lending industry, specializing in blockchain technology. Libra Credit is set to revolutionize the lending industry by merging an established global lending network, a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology.