Binance Labs, the investment wing of the leading cryptocurrency exchange, Binance, has announced that it has invested in Libra Credit – “a decentralized digital asset financial services platform.” The partnership will allow holders of Binance’s native token, Binance Coin (BNB), to use their BNB as collateral for loans in crypto of fiat currency.
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BNB Holders Able to Stake Holdings to Borrow Fiat or Crypto
Binance Labs the investment arm of Binance, has revealed a partnership with the decentralized global lending network, Libra Credit. Libra Credit is a lending network based on the Ethereum blockchain, with the company planning to launch its platform in the third quarter of 2018, before also launching a mobile phone application in Q4.
According to a press release issued by Libra credit, the partnership “aims to address the growing global demand for liquidity of crypto assets based on the Ethereum blockchain.” The partnership will see Libra Credit “lend fiat and crypto denominated assets to users who pledge BNB as collateral.”
Ella Zhang, the chief executive officer of Binance Labs, stated: “The Libra Credit founding team has a wealth of experience and resources in financial services and payment solutions. They are committed to mak[ing] long-lasting impacts in the industry.”
BNB Rallies 8.5% on News of Libra Partnership
News of the partnership between Binance Labs and Libra Credit appear to drive moderate gains in the BNB markets.
In the two days following the announcement of the partnership on the 27th of July, BNB gained roughly 8.5% over BTC – rallying from approximately 0.001675 BTC to a high of roughly 0.00182 BTC the following day. When looking at the USDT charts, BNB rallied nearly 11% from roughly 13.3
