Binance, the world's largest cryptocurrency exchange and developer of the blockchain Binance Chain, said it entered into an agreement with crypto lending platform Cred to help promote the decentralization of finance.

Cred, as part of the agreement, will migrate a portion of its ERC20 LBA tokens to the Binance Chain and become the official lending and borrowing platform for the DeFi ecosystem, according to a company release.

"We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one second block time and will ensure transactions and interactions by Cred's users will be fast, efficient and effortless," Ted Lin, chief growth officer of Binance, said in a company release.

Cred, a licensed lender based in California, has more than $300 million in lending capital, according to the companies. Cred has previously announced partnerships with several leading organizations in the crypto community.

"Binance has been a strong partner and investor from Cred's inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way," Cred co-founder Dan Schatt said in the release.