Cred Joins Visa’s Fintech Fast Track Program
- The lending platform will leverage Visa’s Fast Track Program to scale more effectively and rapidly.
- Cred will now be able to freely send interest payments directly to bank accounts in the Visa network.
VISA logo at the company’s headquarters in Foster City, California, photographed on December 10, 2018. Tada Images/Shutterstock
On September 8, CoinDesk reported that crypto lending organization Cred has joined Visa’s Fast Track Program. Using Visa’s reach, capabilities, and security, the company has announced the introduction of many new features.
According to the report, by integrating with Visa, Cred will now be able to freely send interest payments directly to customer bank accounts in Visa’s network. Moreover, the platform will now issue crypto credit cards that will let customers access a line of credit (C-LOC) without needing to liquidate their assets.
The Head of Crypto at Visa, Cuy Sheffield, welcomed the partnership:
“As crypto lending continues to grow, we are excited to welcome Cred into our Fintech Fast Track program and help them utilize Visa’s solutions to improve the process of interest disbursements as well as create new crypto credit products.”
The Visa Fintech Fast Track Program was launched last year on July 31. As the importance of fintech had grown across the financial community, the program was created with the aim to speed up the process of blockchain integration and allow for startups and established businesses to easily leverage Visa’s capabilities in order to scale more quickly.
At present, companies within the program can make use of Visa’s various crypto-related services, such as card issuance, PCI Compliance, and Know Your Customer (KYC) and AML support.
Since Visa added Fold to its arsenal of collaborators, the company has drawn in two other major bitcoin lightning startups, Strike and LastBit. With its addition to the program, Cred is expected to scale rapidly.
- The payments giant has proposed the creation of new self-custodial wallets, called “delegable accounts”, using the “account abstraction” (AA) method.
- As Ethereum does not yet support AA, Visa implemented its new wallet type on layer 2 scaling solution StarkNet, and successfully enabled automated recurring payments.
Close up of VISA sign at global headquarters in Silicon Valley, Foster City, CA, 24 August 2019. Sundry Photography/Shutterstock
- The “Visa Global Back to Business Study – 2022 SMB Outlook” revealed that 73% of small businesses thought new digital payments were important to their growth.
- 24% are already planning to accept crypto as payments, while 82% said they would implement “some” form of digital payments in 2022.
- Visa’s Universal Payment Channel (UPC) will connect multiple blockchain networks.
- Once launched, the new concept will allow for a quick and seamless transfer of CBDCs and stablecoins between various networks.