" class="no-js "lang="en-US"> aelf Partners With Cred to offer Crypto-Backed Financial Services to its Ecosystem - Fintech Finance
Friday, February 23, 2024

aelf Partners With Cred to offer Crypto-Backed Financial Services to its Ecosystem

aelf, a multi-chain blockchain network and pioneer in blockchain for business, has announced a strategic partnership with Cred, a leading provider of crypto-backed lending and treasury management services. As a part of the partnership, Cred joins the aelf Innovation Alliance, to collaborate with influential blockchain industry actors to fast-track commercial adoption. As the treasury management partner in aelf’s blockchain-for-business ecosystem, Cred will enable members to access sophisticated crypto financial services, including flexible crypto-backed lending and liquidity products.

Facilitating the creation of a holistic support system for members and projects incubated by the alliance, Cred will provide the financial tools necessary to insulate nascent projects from cryptocurrency market fluctuations, allowing them to focus on core technological development. The liquidity provider will work alongside other industry leaders, such as Republic, the group’s official funding partner, which will continue to extend investment counsel to projects under the alliance.

Zhuling Chen, Co-founder of aelf, said: “Many businesses developing blockchain-based solutions and services face significant liquidity challenges converting their cryptocurrency holdings into fiat currencies. As many SMEs in the blockchain sector hold much of their capital in digital assets, access to financial service providers who can expertly navigate the new digital economy is imperative, so that they can effectively scale their business. Integrating Cred’s Treasury Management Program with the aelf platform will grant access to the sophisticated crypto-backed financial services necessary to succeed in a fast-evolving business environment.”

Through the new Cred Treasury Management Program, companies that have holdings in digital assets can lend these assets to the Cred platform in exchange for fiat. The Cred platform allows companies within the blockchain space to diversify their balance sheets and maintain access to the upward potential of their current investments while granting access to a secured line of credit, on an easy-to-use, flexible platform.

Lu Hua, Co-founder of Cred, said: “By working alongside enterprise-focused projects like aelf and the Innovation Alliance, we hope to provide startups, SMEs, and large corporations anywhere in the world with the knowledge and tools necessary to accelerate the rate of blockchain adoption. We believe that crypto-enabled financial services will become a mainstay of the industry, and enterprise access is crucial to the long-term success of the global blockchain ecosystem.”

Cred joins the Innovation Alliance’s founding members Signum Capital, Singapore’s largest blockchain fund; FBG Capital, a major cryptocurrency and blockchain hedge fund; Roland Berger, a leading global strategy consulting firm; Huobi Labs, the research and ecosystem-building arm of Huobi, one of the world’s largest cryptocurrency exchanges; and Michael Arrington, prominent Silicon Valley mogul and Founder of TechCrunch and Arrington XRP Capital. The coalition was also joined by Republic, an SEC-licensed, FINRA-regulated investment platform; CertiK, a formal verification platform for securing smart contracts and blockchain ecosystems; and Celer Network, a highly scalable off-chain operating platform for decentralized applications, earlier this year.

For more information visit aelf.io and mycred.io.

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