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.
The San Francisco-headquartered company announced its latest milestone in a press release shared with CryptoPotato. According to it, upon joining Visa’s program, Cred will speed up the integration process with the giant American financial services corporation.
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.”
Shortly prior to joining the Visa’s Fast Track program, Cred partnered with the cryptocurrency wallet provider – Klever. The two companies will jointly offer seamless in-app staking and interest to the reported 250,000 daily users on the Klever App.
The app won’t require a minimum amount of deposited funds in Bitcoin, Ethereum, or other digital assets. The interests will be paid out monthly, and users will be able to choose whether they prefer to receive them in ERC-20 stablecoins, cryptocurrencies, or fiat currencies.
The firms also plan to enable Klever users to earn interest with Cred by sending funds directly from their Klever wallet to Cred’s staking program of their choice.