Cred Joins Forces with Visa
In a groundbreaking twist for decentralized finance (DeFi), Cred has officially hopped on board the Visa Fintech Fast Track program as of September 8. This collaboration means that Cred will leverage Visa’s expansive payment network, nifty toolkits, and deep expertise to streamline the world of crypto loans. The idea? Make crypto lending and borrowing as easy as pie—or at least as easy as explaining what a blockchain is to your grandma.
A Booming DeFi Landscape
Cryptocurrency lending has gained serious traction recently, particularly spurred on by platforms like Compound, which allows users to earn interest on their crypto assets. Currently, around 40% of the total value locked in DeFi markets is funneled through lending and borrowing protocols. If that doesn’t sound impressive, just remember this: back in June, all of DeFi was only worth a mere $1 billion. Flash forward three months, and it’s ballooned to over $7.9 billion—though it has seen a bit of a dip from its peak earlier this month.
Bridging DeFi and Traditional Finance
Dan Schatt, the CEO and founder of Cred, is on a mission. His vision includes merging the decentralized world of crypto with the more familiar landscape of traditional finance. “We’re trying to bridge this divide, so users can enjoy the perks of both worlds,” Schatt told Cointelegraph, sounding like the kind of diplomat you’d want at the next blockchain conference.
Interest Payouts Direct to Your Bank Account
One of the most exciting developments from this partnership is the ability for users to receive their interest payouts directly into their bank accounts in good old-fashioned fiat currency! However, don’t get too excited just yet; this feature will initially be rolled out in selective areas, with plans to expand further throughout 2021 as Cred collaborates with banking partners in different jurisdictions. You won’t need a PhD in finance to appreciate that this could simplify the process tremendously.
The Road Ahead for Cred and Visa
As Cred sails forward in collaboration with Visa, it promises a future where lending and borrowing cryptocurrencies could reach an even wider audience. With more people entering the DeFi space, the potential for growth is staggering. So, let’s keep one eye on our wallets and another on Cred as they aim to reshape the crypto lending landscape—because who wouldn’t want to earn interest while sipping a latte?
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