Libra Credit picks up funding from Binance Labs, as part of new partnership

Libra Credit, a decentralised lending network, has received an investment from Binance Labs of an undisclosed amount.

The partnership will give holders of Binance’s digital token, BNB, access to both fiat and crypto denominated asset loans which are collateralised by BNB. Through the partnership, the companies hope to address a growing demand for liquidity in crypto assets.

Singapore-based Libra is a decentralised global network to allow lenders to pick up credit from anywhere. Founded in 2017, the platform supports borrowing in two forms of lending denominations, either stable cryptocurrency or fiat money. Its decentralised lending smart contracts are based on the Ethereum blockchain.

The company is looking to launch the desktop version of its platform and its lending services in the third quarter of 2018, according to the company’s roadmap.

Binance Labs CEO Ella Zhang said, “The Libra Credit founding team has a wealth of experience and resources in financial services and payment solutions. They are committed to make long lasting impacts in the industry.”

Binance Labs is the investment division of Binance, a cryptocurrency exchange which supports the trade of a selection of different digital tokens including Bitcoin, Ethereum and Litecoin.

Last month, the company launched a $1bn Social Impact Fund which has an aim of fostering the growth of blockchain and cryptocurrency startups. The capital will be distributed in 10 phases of $100m each to create a combination of fund of funds.

In April, the company led the $30m funding of MobileCoin, a cryptocurrency designed to support private payments.

Earlier in the year, Libra Credit collected $16m in a token sale which received support from some institutional investors. 500 Startups, DHVC, Alphabit Fund Dekrypt Capital, FBG Capital, DFund and BlockTower, were just some of the firms to invest.

Copyright © 2018 FinTech Global

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