PwC And Cred Partner To Boost Cryptocurrency Trading Technology And New USD Stablecoin
PwC Enters Partnership with Cred to Boost Trading Technology in Cryptocurrency
Crypto assets users can look forward to improved standards that build confidence and trust in the crypto ecosystem, with the recent business partnership forged between PwC, a global professional services firm and Cred, a decentralized global lending platform that facilitates open access to credit anywhere and anytime.
This joint business initiative will boost standards of operations as well as consumer engagement, PwC said.
Grainne McNamara, of PwC, stated that the company is excited to work with Cred in plans to increase industry awareness regarding how the asset backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain.
Grainne further described that through this partnership PwC and Cred are eager to leverage on proven industry experience to support a quickly developing asset class and its associated market infrastructure components. Both firms believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.
PwC will provide its accounting experience to facilitate 100% transparency and standard value on Cred’s dollar-backed coin. The partnership presents a stable platform for proper management and distribution of stablecoins. It also works to encourage mass adoption by proffering new safeguards that make virtual currencies more realistic.
Founder of Cred, Dan Schatt says that lending in crypto is precisely what allows Cred to garner so many funds for its clients. Various traditional lenders enforce long and complicated processes when acquiring money for customers. Also, factors like interest rates are always going to differ based on the fiat currency being issued and the individual terms of the lender.
Schatt explains, however, that while credit and background checks are inevitable, Cred’s procedure for securing capital is simpler in that cryptocurrencies possess the same properties no matter where you are. Therefore, the interest rates for Cred’s loans do not change, and people have more opportunity to secure their money and pay it back quickly.
Under the new partnership, the two will collaborate to further build a set of digital asset standards spearheaded by the Universal Protocol Alliance (UPA).
PwC will support the evolution of the UPA's standards. In turn, these standards might lead to more transparent reserve functions, new stablecoins, and low-cost, crypto-collateralized loans.
PwC is the latest firm to head on squarely into stablecoin, after companies like IBM and venture capitalist Andreessen Horowitz.