Cryptocurrency lending platform Cred joins Visa accelerator program, token price surges over 65%!

The cryptocurrency lending platform Cred has joined the Visa Fast Track program. By joining the program, Cred will be able to send interest directly to customers' bank accounts through Visa's payment network and issue physical credit cards called Crypto-Credit Line (C-LOC) cards. Following the announcement, the token LBA issued by Cred saw a peak increase of over 65%.

Visa Fast Track Program

According to the announcement by the cryptocurrency lending platform Cred released yesterday (8th), the company has officially joined Visa's Fast Track program to expedite the integration process with Visa. Cred claims that by joining this program, they will be able to more easily leverage Visa's service coverage, functionality, and security.

Visa's Fast Track program is an accelerator program launched by the company in mid-2019 aimed at providing development support for fintech companies owned by women, digital currency wallets, B2B and B2C startups. This allows these companies to leverage the speed, security, reliability, and coverage of the Visa network, shortening the entire business launch process from months to weeks.

Terry Angelos, Global Head of Fintech at Visa, stated:

"Our goal is to bring cutting-edge fintech into the Visa ecosystem to help them grow and expand their business quickly. Visa is committed to helping fintech companies, many of which are small, maximize their potential, rapidly enter the market so they can be prepared to deliver innovation and continue to drive the world forward."

Cred's Business Scope to Further Expand

Cred is a global lending platform with over $300 million in credit capital, dedicated to providing an open line of credit that is not limited by time or location. Last May, the company partnered with the Binance exchange, and as part of the agreement, besides introducing its services into the Binance ecosystem, Cred will also migrate some ERC20 LBA tokens to the Binance Chain mainnet, becoming the official lending platform of the Binance decentralized financial ecosystem.

After joining the Visa Fast Track program, Cred will be able to send interest directly to customers' bank accounts through Visa's payment network and issue physical credit cards called Crypto-Credit Line (C-LOC) cards, allowing users to use credit lines without liquidating their crypto assets. Dan Schatt, CEO and Co-founder of Cred, stated that joining Visa's Fast Track program will further enable the company to fulfill its mission of "providing fair financial services and expanding its lending services in the most efficient way."

Cuy Sheffield, Head of Cryptocurrency at Visa, mentioned in a statement:

"As the preferred network for digital currency wallets, we are excited to help innovative fintech companies like Cred leverage the value of the Visa network. Through the Fast Track program, we can provide Visa's expertise, technology, and resources to support Cred's expansion."

Since the announcement, the token LBA issued by Cred has surged by over 65% at its peak.