U.S. based crypto-financial borrowing and lending platform joins Visa’s Fintech Fast Track Program to leverage the multinational payment gateway resources, expertise, and security systems. The crypto lending platform will improve its payment system to give users a fast and efficient platform to borrow and pay using cryptocurrencies.
In a press release, Visa Fintech Fast Track Program confirmed Cred would join its ranks, leveraging Visa’s capabilities in its payment system and lending and borrowing of digital assets. As a part of Visa’s Fat Track Program, Cred will build its platform to “accept direct interest payments to the customers’ bank accounts and allow Crypto Lines of Credit (C-LOC).” These lines of credit allow users to stake their crypto assets and take out a loan without liquidating their assets.
Cred is a San Francisco based company that provides borrowing and payment services to both retail and institutional customers. The CEO and co-founder of Cred, Dan Schatt, said joining Visa’s Fintech Fast Track program will allow it to develop into a more efficient platform helping the platform “provide users with fair financial services and expand its lending and borrowing services.”
Cred Joins Visa’s Fintech Fast Track Program to Deliver Payment Innovations https://t.co/EboJB44HY6 Thanks to @cuysheffield for the support as @ihaveCred builds a bridge between crypto, fiat, #DeFi and #Cefi
— Dan Schatt (@dschatt) September 8, 2020
He further stated,
“Cred has always served as a bridge between traditional banking and blockchain based financial services and having a direct relationship with Visa will enable the company to scale much more rapidly to support the significant growth occurring with digital asset lending.”
Fold, the Bitcoin rewards app [and soon to launch Visa Debit Card], joined the Fast Track Program in 2019, shortly after Visa launched it in a bid to increase payment gateways and develop a crypto debit card. The latter was launched in April this year, enabling users to earn BTC from purchases. Ripple’s partner firm, InstaReM, a Singapore fintech firm, also joined the Fast Track Program in early 2019 to leverage Visa’s fast and scalable payments system.
Cred will also access Visa’s vast resources, experts, and technology through the Fast Track Program, Cuy Sheffield, Head of Crypto, at Visa said.
“As the preferred network for digital currency wallets, we are excited to help innovative fintechs like Cred harness the value of Visa's network,” Cuy further stated.