Digital money platform Uphold is collaborating with Libra Credit, a decentralized global lending network, to offer its users access to a variety of Libra Credit products.

Founded by former PayPal financial technology veterans, Libra Credit specializes in lending against cryptocurrencies as collateral.

“The concept of borrowing and lending against crypto assets is an innovative model that is garnering strong interest from our users,” said JP Thieriot, co-founder and vice chairman of Uphold. “Libra Credit has built a user experience that is easy, affordable and will provide significant value for our members.”

The collaboration with Libra Credit will enable Uphold users to buy everyday items using standard credit products, collateralized by crypto assets. They would also be able to borrow against their existing crypto assets and to hedge and diversify their holdings.

According to the official release, the alliance will allow Uphold members to

• Get low cost credit based on their crypto holdings, with interest rates generally in the single digits
• Receive a crypto or fiat loan, via fiat sent directly to a specific wallet address in minutes
• Build consumer and business credit on the Ethereum blockchain

Uphold is also planning to list Libra Tokens (LBA) on its platform, the release said.