How to Earn Interest with Litecoin

We are thrilled to have recently partnered with top lending and borrowing platform Cred to offer up to 10% annually on the most popular cryptocurrencies like Litecoin, Bitcoin, Ethereum, and more. Let’s go through the step-by-step guide on how to earn on your crypto. (video above)

Visit mycred.io/litecoin

Click “Sign Up” if you are a new customer or “Sign In” to your verified account with your email and password.

START EARNING

Set up your account.

In order to set up your account, Cred is required to collect certain data to comply with KYC standards. KYC (Know Your Customer) is the process of identifying and verifying the identity of customers in order to facilitate the system’s compliance with Anti-Money Laundering laws (AML) and to protect our system from accidentally facilitating criminal activities. Although these checks can be burdensome, they create a secure and trustworthy environment to enable safe lending practices. Be prepared to upload a picture of your passport or driver’s license and also a photo selfie!

Your account is approved!

After your account information is processed and ID verified, your account is approved and you are ready to start earning.

Add Litecoin

Select “Manage Assets” and click on the green button in order to see your QR code and Litecoin wallet (Litecoin wallet address will start with the letter L). Transfer cryptocurrency that you have on Uphold, Coinbase, Binance, etc. into your Cred wallet in order to start earning on your Litecoin, Bitcoin, ETH and more. If you would like to qualify for premium rates, we also require that you hold 10k of Cred’s LBA token which you can find on Bithumb, Huobi, OKEX.

Learn more about LBA

Start Earning

Head back to your dashboard and hit the “Start Earning” button to start earning on your digital assets. Keep in mind you will also have to hold 10k of Cred’s LBA token in order to take advantage of the premium interest rates. Select Litecoin as the asset from the dropdown, how much you would like to pledge, and the interest payout wallet.

Cred offers the most flexible interest payout options from any crypto lender. We give customers the option to receive monthly interest payouts in-kind, in a different cryptocurrency, or in UPUSD stablecoin. If you are pledging Litecoin and want to have your interest payouts in-kind, then you would select the Litecoin interest payout wallet.

Program Activation

We activate programs on the first and fifteenth of every month. On the first and fifteenth of every month, at 1 am ET, we capture the price of your digital assets – known as the strike price. This allows customers to have a clear date when assets will be returned to them after six months, when interest payments are delivered (monthly after their program start date), and time to cancel their program if they reconsider. Before the first and fifteenth, your program will show as “Pending.”

Modifying Your Program

Did you change your mind and either want to pledge a different amount, wait until the market corrects, or just cancel your program? It is very easy to do. You have until the program start date to change your mind. Head to the Cred dashboard and under CredEarn Portfolio, select the garbage bin under actions. Once you click confirm, your CredEarnPortfolio status will read canceled and you will receive a text message notifying you of request completion. You can always click Start Earning again.