Crypto lender Cred in a bid to enhance its lending and staking services for users had announced its addition to Visa’s Fast Track program.
According to the announcement the San Francisco-based crypto lending and staking,firm has joined the Visa Fast Track program, which would enable it to access Visa’s resources and network to expand its lending and borrowing services.
Notably, the new initiative will enable Cred users to send interest payments directly to customer bank accounts through Visa’s network. Also, it would enable easier issuing of Crypto Line of Credit (C-LOC) cards that enable users to acquire digital assets using Visa payment products.
Dan Schatt, CEO and co-founder of crypto lender Cred while expressing his excitement over joining Visa program noted that the platform addition into Visa’s Fast Track program would enable Cred more leverage on the market reach, capabilities, and security that Visa offered.
Crypto lender Cred to bridge gap between DeFi, centralised finance
Schatt further explained that crypto lender Cred was also trying to bridge the gap between the fast-rising and evolving decentralized finance DeFi space and the centralized finance system to enable users to 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 said, Visa was excited with the new partnership.
He further noted that its Fintech Fast Track program would assist Cred to utilize Visa’s solutions to improve the process of interest disbursements as well as create 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 will enable users to stake digital currency within the wallet.
According to the platform it’s users would be able to stake Bitcoin (BTC), Ether (ETH), Tron (TRX) and other digital currency in Cred’s staking programs from within the wallet.
The platform noted that the new feature will allow Klever users 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. And when asked about the issue of on profit, he noted that both companies are working with a revenue-sharing model, invariably meaning Klever would keep a commission of profit for facilitating the staking process for its users with crypto Cred account.