Tron’s [TRX] partner Cred joins BlockFi, Salt to fight the ‘JPMorgans of the world’
The roller coaster ride that the cryptocurrency market is on caused a lot of proponents in the space to come out in public and assert the industry’s dominance. The recently concluded Consensus 2019 was a common ground for many luminaries in the space such as Peter McCormack and officials from Salt Lending, Cred, and BlockFi.
The general consensus of the crowd was that the bear market was ending and that Bitcoin was “going back to its 2017 highs.” Salt’s Shawn Owen stated that the industry was back and that the main aim of many proponents right now was to provide support and ensure crypto goes mainstream. This discussion was followed by an official from Cred, a popular lending platform, stating,
“We need to create an ecosystem where the people are benefited rather than just one party getting all the rewards. There is also a need to compete against the JPMorgan’s of the world as 95 percent of their business is to generate income so that you get returns on the coins that you invested in. JPMorgan has $17 trillion dollars and they still ask us to pay. They have the money but they still use ours to lend to our neighbor and then charge them for it.”
Cred’s entry into the cryptoverse was highlighted by its recent partnership with the Tron Foundation, a partnership aimed at offering lending, borrowing services to the Tron ecosystem. Justin Sun, Chief Executive Officer [CEO] of the Tron Foundation, commented,
“TRON’s collaboration with CRED will allow participants in the TRON ecosystem to benefit by earning interest or borrowing against TRON denominated currencies. Cred has impressed us with their solid history of delivering returns, their strong understanding of risk management and regulatory expertise and their professionalism.”
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