Before March 1st I made an account at Uphold and linked with CredEarn.
The next step was to choose which crypto asset to commit. I chose XRP because I already had some with Uphold and CRED announced they would offer 9% interest.
To get 9% interest on XRP, instead of the normal 7%, I needed to stake 10,000 LBA. LBA is readily available for purchase on Uphold and I only need to do it once to get 9% in future. Learn more about LBA.
When I had a balance of 10,000 LBA in Uphold, I committed the XRP.
Now we wait…
Now I just had to wait until the commencement date, March 1st. On the day, the LBA and XRP I committed was withdrawn from my Uphold wallet and placed into CredEarn.
I could then log into my CredEarn dashboard to see my investment.
As you can see above, Total assets with CredEarn is $315.90 and that is based on the price of XRP when deposited. I can see the interest earned so far, $0.31, interest rate and Maturity date (When I get my XRP back).
Finally, I can see my first interest payment of $7.09 will be on June 1st 2019. On September 1st I will receive my final interest payment of $7.09 and my 1000 XRP will be returned. If I wish I can start another program with that 1000 XRP or I can opt to auto renew.
The whole process was very easy, so hats off to CRED and Uphold for that. In my opinion, an overall improvement would be having an easy to read explanation of who they are lending my crypto to. There is a bit of jargon that I feel could do with busting for the layperson, e.g. “acts as an intermediary between borrowers and lenders and manages risk by hedging the assets with collateral agents.”
CredEarn Investment Next Steps
My plan is to start a program at each strike date, every 2 weeks, so eventually I’ll have a steady stream of interest payouts, starting from June 1st. The next date is March 15th and I will probably commit Bitcoin BTC.
What should you do now?
Make sure to follow me on Twitter to see all my updates including the next one, where I will explain what the LBA token actually is.
To learn more about CredEarn please look at CRED’s FAQ Page.