Litecoin Foundation Announces Savings Product for Hodlers

Credit: Eivind Pedersen – Pixabay

The Litecoin foundation has entered into a strategic partnership with the American crypto-lender cred in order to propose a savings service to holders of litecoins (LTC).

According to a press release, the organization in charge of the development of the cryptocurrency litecoin now collaborates with the Californian company cred.

Following this partnership, the holders of LTC can now earn up to 10% interest by letting their digital coins "sleep" on partner services cred, to know Litecoin Foundation, Bitcoin.com, Uphold and BitBuy.

We are delighted to work with cred for our financial services, and to offer one of the most competitive interest rates on Litecoin“Said Charlie Lee, creator of Litecoin and director of the Litecoin Foundation.

To generate interest, hodleurs must block their tokens for a minimum period of six months. The litecoins capital assets will be used by the foundation to accelerate the development of its cryptocurrency.

We look forward to supporting the millions of holders of Litecoin wallet with a more transparent and fair set of financial services that we have built thanks to advances in technology blockchain, ”Added Dan Schatt, CEO and co-founder of Cred.

Charlie Lee proposed last month that Litecoin miners donate 1% of their mining rewards to help finance the initiatives of its foundation.