The Litecoin Foundation has announced collaborating with Cred, a licensed lender based in California, to allow LTC holders to earn interest.

This strategic partnership allows LTC holders to earn 10 percent interest on their digital assets, according to a press release published today.

Charlie Lee, managing director of Litecoin, said:

“We’re thrilled to be working with Cred as our financial services partner, offering among the most competitive interest rates on Litecoin.”

Therefore, the alliance proceeds will go for financing the development of Litecoin.

Alan Austin, director at Litecoin, said:

“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case. We are excited to be working with Cred to provide this offering.”

Most importantly, the deal will help LTC holders receive interest through any of Cred’s partners such as Bitcoin.com, Uphold, and BitBuy.

Moreover, Litecoin customers can commit to a six-month term and receive monthly interest. They will also have the option of rolling over pledged funds for further periods.

Moreover, clients will get the best Cred rates when they stake the LBA token from Cred. Interest is paid in fiat or cryptocurrency.

Dan Schatt, co-founder and chief executive of Cred, said:

“We are delighted to partner with Litecoin Foundation, one of the oldest and most trusted names in the blockchain industry.”

“We look forward to supporting the millions of Litecoin wallet holders with a more transparent, equitable set of financial services we have built, thanks to the advancement of blockchain technologies,” Schatt added.

Litecoin Founder Proposes 1% Mining Tax

Cryptolydian earlier reported Charlie Lee, creator of Litecoin, as suggesting that miners should donate to finance the cryptocurrency development project.

“How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!” Lee said.

At the last 24 hours, LTC fell 2.20 percent to $221.71.

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