Crypto firm Cred joins Visa's Fast Track program to develop lending services


Digital asset lending platform Cred has joined Visa's Fast Track program — a program that will give the firm access to Visa's resources and network to expand its lending and borrowing services. 

According to an announcement today from the San Francisco-based platform, Cred will now be able to send interest payments directly to customer bank accounts through Visa's network, as well as issue Crypto Line of Credit (C-LOC) cards that enable users to acquire digital assets using Visa payment products. 

According to Cred CEO and co-founder Dan Schatt, Cred's entry into Visa's Fast Track program will allow the firm to further its mission of "providing fair financial services and expand its lending and borrowing services in the most efficient way possible."

"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," Schatt said in a statement. 

"As the preferred network for digital currency wallets, we are excited to help innovative fintechs like Cred harness the value of Visa's network," said Cuy Sheffield, Head of Crypto at Visa, in the announcement. "Through the Fast Track program, we can support Cred with access to Visa's experts, technology, and resources to scale with efficiency."

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Aug 11, 2021, 5:18PM UTC