San Francisco-based crypto lending and staking platform, Cred announced today that it has joined Visa’s Fast Track program, which according to the firm would speed-up the process of eventually integrating with Visa, a global payment tech company. According to co-founder and CEO of Cred, Dan Schatt, the firm’s acceptance into Visa’s program would allow Cred more leverage on the market reach, capabilities, and security that Visa offered.
— Dan Schatt (@dschatt) September 8, 2020
Senior Director and Head of Crypto at Visa, Cuy Sheffield said that as crypto lending continues to grow, the team at Visa was excited to welcome Cred into their Fintech Fast Track program and the program would help them utilize Visa’s solutions to improve the process of interest disbursements as well as create new ‘crypto credit products.’
This means that the partnership included sending interest payments directly to customer bank accounts through Visa’s network, issuing Crypto Line of Credit (C-LOC) cards that would allow customers to access a credit line without liquidating their crypto assets, the release stated.
Hoping that the program would further Cred’s mission of providing fair financial services Schatt said in the release:
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.
So far, Cred has allowed its users from across 190 countries to lend their crypto funds in return for monthly rewards in digital assets as well as fiat money. Cred also claimed to be a licensed lender that supported crypto exchanges as well as wallets and other financial applications.