Cred, a digital asset lending and borrowing platform, revealed on September 8, 2020, that it has joined Visa’s Fintech Fast Track program, in order to speed up the process of integrating with the payment giant’s global network.
As mentioned in a release shared with CI, acceptance into Visa’s program will allow Cred to “more easily leverage the reach, capabilities, and security” that the multinational payments firm provides.
The announcement noted:
“Through Fast Track, Cred will leverage several Visa capabilities to facilitate lending and borrowing of digital assets around the world. This includes sending interest payments directly to customer bank accounts through Visa’s network, issuing Crypto Line of Credit (C-LOC) cards that allow customers to access a credit line without liquidating their crypto assets, and an easy way to acquire digital assets using Visa payment products.”
Dan Schatt, CEO and Co-Founder at Cred, said that the company will be able to reach its goal of offering “fair” financial services by joining Visa’s Fast Track. Cred will also be able to further expand its online lending and borrowing services in a more efficient manner.
Schatt added that Cred aims to offer a sort of bridge between traditional banking services and blockchain-enabled financial services. He confirmed that the company now has a direct business relationship with Visa, which will enable it to scale operations a lot faster to support the considerable growth taking place with digital asset lending.
Cuy Sheffield, Head of Crypto at Visa, remarked:
“As the preferred network for digital currency wallets, we are excited to help innovative Fintechs like Cred harness the value of Visa’s network. Through the Fast Track program, we can support Cred with access to Visa’s experts, technology, and resources to scale with efficiency.”
Last month, Bitcoin.com, a leading crypto wallet provider, had partnered with Cred to allow users to earn interest on digital asset deposits. In June 2020, crypto lender Cred hired former US National Security Agency and Western Union executives.