Libra Credit is a decentralized financial platform focused on lending. During the ICO, the company sold $26 million worth of its own LBA tokens. In the future, Libra management plans to launch a desktop version of the service and a mobile app.
This partnership was another addition to the fast-growing crypto-loan market. Investors can now use their digital assets for loans just like real assets. Lenders benefit from borrowing crypto, as they make additional profits when the coin’s price rises.
As a reminder, Mike Novogratz’s company Galaxy previously invested $50 million in financial platform BlockFi, which will lend up to $10 million against Bitcoin and Etherium collateral. Estonian startup CoinLoan has also launched its own marketplace, where users can act as both lenders and borrowers.
Binance is rapidly capturing a huge share of the crypto market. The exchange’s founder predicts the company’s profits will rise to one billion dollars by the end of this year. The crypto-loan sector could turn out to be a real gold mine, because now you don’t need a good credit history to get a loan, and the transactions themselves can be completely anonymous.