Bitbuy and Cred Open Canadian Bitcoin Lending Platform

Bitbuy, a Canadian cryptocurrency trading platform, has teamed up with the cryptocurrency lender Cred to offer Canadians up to 10 percent annual interest on their bitcoin holdings.

The offering has been launched on a subdomain of Cred’s website. According to a press release issued by the partners on November 4, 2019, a fully developed integration of the offering will be launched in early 2020. The release also noted that interest will be paid every three months and that initial terms will be six months long.

In addition to bitcoin, users can earn interest on other cryptocurrencies like ether and bitcoin cash.

The partnership appears to be an effort by both parties to expand. Bitbuy sought to add lending options for its users and Cred sought to expand its lending business into Canada.

“[Bitbuy] identified lending and savings as a natural next step for our users,” Charlie Aikenhead, Bitbuy’s vice president of marketing and communications, said. “Identifying a partner with…