binance labs

Binance Labs Announces Partnership With Libra Credit

Binance Labs announced its partnership with Libra credit on Friday in efforts to revolutionize demand in the cryptocurrency industry.

Binance Labs is a leading blockchain technology incubator that focuses on pre initial coin offering projects and communities. Libra Credit on the other hand, with the combination of blockchain technology and a diverse team of entrepreneurial leaders, machine learning is on its mission to change the lending industry.

This partnership between Binance Labs and Libra Credit is to further the international demands of liquidity of cryptocurrencies on the Ethereum blockchain. This partnership will allow the holders of the Binance Coin (BNB) to obtain loans that are guaranteed by Binance.

Ella Zhang, the CEO of Binance Labs added that Libra Credit has an eminent team and repository of resources in the financial services and payment solutions that can be beneficial through the partnership for Binance Labs and its consumers. According to Zhang, Libra Credit is there to make a lasting impact on the industry.

Founded in 2017, with its headquarter in San Francisco, Libra Credit is a decentralized lending firm that specializes in blockchain technology. Libra credit also successfully completed its ICO earlier this year, where it raised $26 million by selling its LBA token. It is now planning to launch both a mobile app and a desktop lending platform for borrowers.

Binance users had a mixed response to this announcement. While some viewed it as good news, others were wary of Libra Credit. Here are some tweets that show the consumer reactions.

This is so good news.

Libra is openly and obviously manipulating/cheating the vote! How are you still supporting them? This is going to be bad PR for binance to play favorites and engage in unethical behaviour for allowing cheating to occur.

This partnership is hoped to bring further growth to both Binance Labs and Libra Credit that are expanding their businesses and immersing themselves in the blockchain and cryptocurrency industries.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.