Uphold and Cred Bring Crypto-Backed Credit to Consumers and Businesses
If you haven’t yet heard of Uphold, you may hear about them soon! Uphold is a global crypto banking powerhouse, operating in 184 countries, facilitating billions of transactions, allowing their customers to access and transact with all of their assets in one place — crypto, fiat, precious metals and more! We love the convenience, transparency, and value that Uphold provides to its users. Cred shares a similar mission as Uphold, to make financial services transparent, affordable, inclusive and global.
That’s why it was an easy decision for Cred to select Uphold as its first global partner to offer credit and lending products. We are planning to introduce a series of credit products to Uphold customers that will make it very easy to borrow, lend and build a credit history on the Ethereum blockchain. A few years from now, it will be common for crypto banks, exchanges and wallets to offer credit and lending services to their customers, but it’s fitting to have Uphold help us pave the way, since they have been pioneering transparent ledger technology for years and they have perfected the art of transacting in crypto, gold, USD, Euros, and much more. Having made XRP available recently on its platform, Uphold is now turning its attention to listing LBA so all Uphold and Cred customers will have easy access.
Why is this a valuable partnership?
Uphold and Cred are comprised of financial services veterans that know the inner workings of banks, lending and credit platforms. We know that if any asset class is to become mainstream, it needs to be easy to access and it needs liquidity. Just as traditional banks provide much-needed liquidity to the traditional economy, Cred and Uphold will provide liquidity to crypto assets by valuing and collateralizing tokens and lending in fiat and stablecoins. This will lessen volatility and provide an opportunity for the average customer to save, earn a return and build a credit rating. It won’t be necessary to sell crypto and incur a tax liability — rather, customers will be able to borrow at low rates and preserve their crypto investments. It is apparent to us that crypto will become a significantly larger asset class in the coming years, particularly as the tokenization of existing asset classes occurs (e.g. precious metals, fiat, equities). It will also come from assets that have traditionally been out of reach for most people. Commercial real estate, artwork, and other investments will allow eventually be available in the form of tokens. They will simply a better technology by which to store, transfer, record, audit value.
We’re grateful to have so many industry luminaries supporting and validating Cred’s efforts to build a lending ecosystem that can propel the crypto industry forward! We should mention that we are particularly humbled by PwC’s active involvement in our release as they haven‘t talked about any crypto client offering or relationship *ever* in the press to date.
Just a few examples of support:
“We are happy to see companies like Uphold and Cred make progress with products that bridge traditional financial services with blockchain, while addressing legal and regulatory requirements. Credit and liquidity will benefit the crypto community and lead to more mainstream financial service offerings.”
Grainne McNamara, Principal and Head of Blockchain and Digital Assets at Pricewaterhouse Coopers
“This isn’t an incremental advance over what’s out there. It’s a massive paradigm shift. Cred is bringing the credit market to an asset class that will grow to trillions in the next few years. You need a seasoned team to pull this off, and these guys know how to execute. We’re thrilled to be supporting Cred and their partnership with Uphold for the long haul as the implications for financial access are profound.”
Richard Liu, Investor in Cred and Partner at FBG Capital
“This is the most excited I’ve been since PayPal introduced credit to its customers. Every crypto bank and exchange will benefit from Cred’s capabilities”
Scott Thompson, Advisor to Cred, and former President of PayPal and former CEO of Yahoo
“Cred has built a user experience that is easy, affordable to all and will provide significant value for our members.”
JP Thieriot, Co-founder of Uphold
Cred now has a presence in San Francisco, Shanghai, Singapore, Sydney, and Munich.
Thank you to the Cred Community, thank you for your inspiration, your ideas, and your loyalty. We won’t let you down! Keep the ideas coming on Telegram and our other social channels!
Dan Schatt, Co-founder, Cred
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