The digital asset lending and borrowing platform Cred has joined Visa’s Fast Track program and it plans to leverage Visa’s experience to enhance its services.
The cryptocurrency-backed lending and borrowing platform, Cred, announced today that it had joined Visa’s Fast Track program. The company plans to leverage several Visa features to facilitate lending and borrowing of digital assets globally.
Visa’s Fast Track program will provide Cred with features that could facilitate the borrowing and lending processes of cryptocurrencies. This includes sending interest payments directly to the customer bank account through Visa’s network.
Additionally, Cred would be able to issue Crypto Line of Credit (C-LOC) cards that enable clients to access a credit line without liquidating their digital asset holdings. The statement described it as an “easy way to acquire digital assets using Visa payment products.”
“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.” – commented CEO and Co-Founder of Cred, Dan Schatt.
Cuy Sheffield, Visa’s Head of Crypto, said that his company is “excited to help innovative fintechs like Cred harness the value of Visa’s network.”