December 11, 2018
Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced the launch of CredX, Cred’s developer platform, enabling any company or developer to turn their products into powerful financial applications for their customers. Crypto exchanges, crypto wallets, miner service providers, even traditional financial institutions have the ability to access Crypto Lending as a Service (CLaaS™) and create a rich set of customer experiences for their customers.
“Lending and Earning Crypto are hard businesses to get right, particularly in a bear market,” said Dan Schatt, Co-Founder of Cred and the Universal Protocol Alliance. “A crypto custodian, wallet, merchant or exchange business can now offer their customers compelling credit and treasury management features built directly into their own apps, powered by Cred. Businesses can choose to use their own balance sheets, or leverage Cred’s to provide credit and earning services to generate revenue, customer retention, cost saves and receive an instant settlement. Companies can also place their BTC with Cred to earn substantial interest. We look forward to continually adding new functionality that will appeal to new and existing customers of crypto. Even traditional financial institutions can benefit.”
Cred’s APIs will allow businesses of every size affordable access to low-interest loans using crypto as collateral. The platform provides the simplicity and reliability needed to navigate the complexity of blockchain financial services. Some of the companies currently building CredX services and LBA token utility in their applications include:
Uphold – Uphold has over 1 million users around the world and has traded over $4.1 billion on its digital money platform and reserve ledger. Uphold customers will be able to borrow dollars against their crypto and earn returns on their stablecoins via Uphold Borrow and Uphold Earn powered by Cred.
Acre – Acre is a crypto investment application that enables micro-investing in cryptocurrencies. Acre demystifies and democratizes the cryptocurrency space, making the value of crypto projects accessible to everyday people. Acre’s customers will be able to collateralize their crypto to access low-interest rate loans and earn a return on their tokens.
Heleum: Heleum is a financial software company that has developed investment applications that automate the process of buying, selling and trading crypto and fiat pairs. Heleum will leverage the CredX platform where funds borrowed through Cred can be invested automatically through Heleum and allow users who stake their LBA to earn returns that can offset their loan interest and principal.
“Cred is creating the next generation of platform APIs for the crypto community, something that venerable companies such as PayPal and Stripe are not providing today,” said Scott Thompson, Former President of PayPal. “The future of financial services require a more open and transparent approach to FinTech, and Cred’s former PayPal team is well positioned to meet a market need.”
“I’ve always felt that distributed ledgers are a natural outcome of social media, blockchain and open source,” said Brett King, Author of Bank 4.0 and Co-Founder and CEO of Moven Bank. “Happy to see that lending and earning are emerging as an excellent set of application services on the CredX platform.”
“The CredX platform enables our company to build some products that are very exciting for our customers– automated margin trading of fiat and crypto pairs, the ability to lower interest rates through LBA staking and the potential to generate income to pay back loans,” said Pace Ellsworth, Co-Founder, and CEO of Heleum. “We look forward to building many more future products with CredX.”
“We’ve been big fans of Cred from day one and foresee a huge opportunity to increase yields on crypto and fiat, and lower the cost of loans to Uphold customers in 180+ countries,” said JP Thieriot, Co-founder and CEO of Uphold. “Everyone wins when we can combine Cred’s best of breed credit and treasury management capabilities with Uphold’s crypto and fiat banking and investment services.”
“We believe crypto as an asset class will outperform traditional assets over the next 10 years, and our ability to tap into Cred’s platform to provide a combination of saving and investment features will provide more financial freedom and flexibility for our customers,” said Brendon McQueen, Co-Founder, and CEO of Acre.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $300,000,000 of global lending capital. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. For more information, visit mycred.io or follow us on Twitter, LinkedIn, or join our community on Telegram.