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.