Binance Labs, powered by the world’s largest digital asset exchange Binance, has invested in Libra Credit, the decentralized digital asset financial services platform.
Binance Labs is a social impact fund, an initiative to incubate, invest and empower top blockchain and cryptocurrency entrepreneurs, projects, and communities. Its support in Libra Credit aims to address the growing global demand for liquidity of crypto assets based on the Ethereum blockchain. Libra is going to build a distributed lending ecosystem that facilitates credit at any time and anywhere.
Users can collateralize their cryptocurrencies for credit in varying loan denominations. “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”, said Ella Zhang, CEO of Binance Labs. Libra Credit has added BNB as collateral to their loan platform, providing more liquidity for BNB holders. In collaboration with Binance Labs’ wealth of resources and influence in the crypto space, Libra Credit will utilize its decentralized exchange to deliver credit to the globe.