Canadian cryptocurrency trading platform Bitbuy and San Francisco-based cryptocurrency lending and borrowing company Cred have announced a partnership to promote cryptocurrency economy and open finance in Canada.

The partnership will make Bitbuy the first Canadian cryptocurrency trading platform to allow users to earn interest on cryptocurrency holdings.

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The company said that Canadians holding Bitcoin, Ethereum, Bitcoin Cash and other cryptocurrencies will be able to earn up to 10% annualised interest on holdings through a trusted provider.

Bitbuy president and founder Adam Goldman said: “Enabling Canadians to earn from cryptocurrency is a natural step for Bitbuy. Identifying an experienced partner with an existing protocol in Cred allows us to expedite this process. We’re excited to instantly provide Canadians with this service offering.”

Bitbuy said that it will make the offering available immediately through a co-branded microsite, and intends to develop a fully customised integrated solution in 2020.

Accounts will not be required to maintain any minimum amount, and customers will be paid interest every three months.

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Each initial term will be for six months and the account holders will have the ability to roll over the cryptocurrency assets.

Cred co-founder and president Dan Schatt said: “It’s great to add Canada to the 179 countries we serve, and we’re excited that we found the right partner in Bitbuy to help Canadians earn money on their cryptocurrency simply by loaning it out.”

Established by former executives of PayPal and Goldman Sachs, Cred has taken steps to ensure the security and compliance of its investments.

Cred, which secured funding of over $300m, has implemented a set of risk management, information security, and insurance protection measures.

Schatt said: “At the end of the day, people should trust what happens in the world of cryptocurrency as much, if not more, as they do in the world of fiat. That’s why we’ve spent a lot of time and effort making sure your investments are safe with us.”