Crypto lender Cred has joined Visa’s Fast Track program in a bid to enhance its lending and staking services for users.
According to the announcement, the San Francisco-based crypto lending and staking,firm has joined the Visa Fast Track program. This allows them to access Visa’s resources and network and expand upon their lending and borrowing services.
This new initiative will enable Cred users to send interest payments directly to customer bank accounts through Visa’s network while also making it easier to issue Crypto Line of Credit (C-LOC) cards. C-LOC cards provide users with the option to acquire digital assets using Visa payment products.
Dan Schatt, CEO and co-founder of crypto lender Cred, while expressing his excitement over joining the Visa program, noted that this change would ensure Cred gains more leverage on the market reach, capabilities, and security.
Crypto lender Cred to bridge gap between DeFi, centralised finance
Schatt further explained that crypto lender Cred was trying to bridge the gap between both decentralized finance DeFi space, and the centralized finance system. This bridging of the gap would ensure users can enjoy the benefit from both spaces.
Notably, Cryptocurrency lending has recently witnessed massive growth with the launch of the Ethereum-based lending platform, Compound. At press time, the current total value locked in lending and borrowing protocols makes up over 40 percent of the total value locked in DeFi.
Also, addressing the new addition, Cuy Sheffield Visa’s Senior Director and Head of Crypto explained that Visa was excited to establish the new partnership.
He further noted that the Fintech Fast Track program would assist Cred to utilize Visa’s solutions and improve the process of interest disbursements as well as creating new crypto credit products.
Cred to enable in-app staking
In related news, the San Francisco-based crypto lending and staking firm announced that, in partnership with the crypto wallet platform, Klever, users will be able to stake digital currency within the wallet.
The platform noted that the new feature will allow Klever users to pick from any of the staking programs listed on Cred, in return for monthly rewards. Once the in-app staking goes live, it will allow users to stake Bitcoin, Ether, and Tron without having to hold any minimum threshold.
Schatt noted that both firms were doing their best to unveil the project. When asked about the issue of profit, he explained that both companies are working with a revenue-sharing model. This invariably means that Klever would keep a commission of profit for facilitating the staking process for its users with crypto Cred accounts.