Cred, the well-known cryptocurrency lending and borrowing platform, has announced to join the Fintech Fast Track program of the payment giant Visa. The digital assets firm plans to boost its cryptocurrencies’ lending and borrowing adoption worldwide by leveraging the features of the payment platform Visa through this Fast Track program.
Facilitating lending and borrowing of cryptocurrencies
As per the announcement made by the San Francisco-headquartered firm, the cryptocurrency lending and borrowing platform has become a part of the Fintech Fast Track program of Visa in an attempt to further grow its services. Through this Fast Track program, Cred will be able to enjoy the features of Visa that may accommodate the lending and borrowing of cryptocurrencies.
By using the network of Visa, it will become easy for Cred to send interest payments to the bank account of a customer directly.
Commenting on this, the Co-Founder and CEO of Cred Dan Schatt said that the company will be able to scale rapidly by establishing a relationship with the payment behemoth Visa. Dan Schatt 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.”
While on the other hand, the head of the cryptocurrency at Visa Cuy Sheffield said that they are very excited about offering their help and services to the digital assets firm Cred and other such kinds of innovative ‘fintech companies’. Sheffield said that we are “excited to help innovative fintechs like Cred harness the value of Visa’s network.”
Apart from this, Cred also plans to roll out Crypto Line of Credit (C-LOC) cards which will be beneficial for clients as they won’t have to liquidate their cryptocurrency holdings for accessing a credit line in the presence of these cards.
Cred has also joined hands with Klever the digital currency wallet providing company before tapping the Fast Track program of Visa.