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Crypto Lending Platform Cred Is Filing For Bankruptcy
Summary: A big crypto lending platform Cred Inc. announced that it has initiated Chapter 11 bankruptcy protection procedures in Delaware. Cred, which founded in 2017 and headquartered in San Francisco, provides customers with insurance, licensing, and liquidity while earning service fees. The company calls customers in 190 countries, offering up to 10% interest rates for more than 30 crypto ...
A big crypto lending platform Cred Inc. announced that it has initiated Chapter 11 bankruptcy protection procedures in Delaware.
Cred, which founded in 2017 and headquartered in San Francisco, provides customers with insurance, licensing, and liquidity while earning service fees. The company calls customers in 190 countries, offering up to 10% interest rates for more than 30 crypto and fiat currencies through its partner network.
Bitpush previously reports that in October, Cred suspends deposit and withdrawal services to investigate internal thefts, claiming that it has affected the company's financial status. Caitlin Long, a Wall Street and blockchain veteran, says on Twitter that Cred becomes the first large-scale cryptocurrency intermediary to file for bankruptcy in the U.S, the previous two large crypto companies filed for bankruptcy are Japan's Gox and Canada's Quadriga.
By Mary Liu
Tags: bankruptcy,Cred,Crypto Lending,Cryptocurency
Link: Crypto Lending Platform Cred Is Filing For Bankruptcy [Copy]
