1. Why did we create a decentralized lending ecosystem?
Decentralization, Tokenization, and Digital Asset Security
Although most people have heard of Bitcoin, Ethereum, or another type of cryptoassets — digital assets are still within the early stages of use and adoption. Despite untapped potential and growing popularity, traditional lenders still rely heavily on past credit rating methods that do not utilize cryptoassets.
Digital assets are fast, highly efficient, and secure — credit services from traditional lending institutions simply do not meet the needs of digital asset holders.
As the global lending market shifts towards digital assets, credit system services need to evolve to reflect the needs of crypto investors. Entering a new era of global lending, decentralization is an important milestone.
Information from traditional institutions is centralized, meaning it is under the control or authority of one party.
Breaches in security can result in the loss of a large amount of assets, even if the traditional financial institution spends a lot of money on security measures like firewalls. Blockchain technology allows cryptoasset users to be worry free. Their assets are handled by smart contracts, decentralized and fully secure. A decentralized ledger that can effectively reduce the synchronization and trust problems caused by data dispersing in different organizations and databases.
Empowering the Unbanked and Financial Inclusion
Approximately 2 billion people worldwide do not use formal financial services.
More than 50% of adults in the poorest households are unbanked. Lacking access to traditional financial services and products such as savings, remittance, and credit creates unnecessary difficulties for individuals and communities, and inhibits economic and social opportunity. We believe that everyone has a right to economic independence, wealth building, and security.
2. What has Cred Accomplished?
Q2 of 2018 was a busy time for us. Due to the success of our institutional fundraising and oversubscribed public token sale, we were able to meet our hard cap of $26.4 million USD quickly. We also released the beta version of our desktop loan platform and performed pilot testing. With our community's valuable feedback, we were able to release our desktop platform early in Q3. We've already issued $1.5 million USD in loans to over 19,000+registered users.
We also announced some strategic partnerships during Q3:
Libra Credit Partners with Uphold to Bring Crypto Backed Credit to Consumers
Binance Labs and Libra Credit Partner to Address Growing Demand for Liquidity of Crypto
The last few months have been productive, but this is only the beginning!
3. Who is Cred?
The Cred core team has grown from three members to fifteen, and we've added seven members to our advisory board. For more detailed information on our team or project, you can check out our official website.
And of course, we couldn't talk about who we are without including the Cred community — 100K+ strong and growing! You have been a vital sounding board for our growth — we appreciate all your enthusiasm and feedback. Thank you!
4. How Does It Work?
Cred offers a quick and seamless digital lending process that can be completed online or in a mobile application in five easy steps. Borrowers may pledge any crypto-assets as collateral and receive loans in their desired asset.
Can I Use the Lending Platform?
Cred's desktop lending has been launched! You can apply for a loan here. Our mobile application release is on track and scheduled for Q3. You can check out our Weekly Report for detailed updates.
5. Where is Cred?
Cred's presence is expanding rapidly — we've now has a presence in San Francisco, Shanghai, Singapore, Sydney and Munich! If you’re interested in partnering and helping us develop the ecosystem, we’d love to hear from you! Please reach out to us at partnerships@libracredit.io!
Our global loan platform is currently available in English, Chinese, and Korean. At this very moment, we are developing other language functions to reflect the vast diversity of our amazing global community. Although our company is evolving, our mission remains. Credit shouldn't be complicated. Everyone deserves access to credit, anytime they need it.
Connect with Cred
- Telegram: https://t.me/libraofficial and https://t.me/libraofficiallink
- Twitter: https://twitter.com/LibraCredit
- LinkedIn: https://www.linkedin.com/company/libracredit/
- Twitter: https://twitter.com/LibraCredit
- Medium: https://medium.com/libracredit
- Reddit: https://www.reddit.com/r/Libra_Credit/
- For questions, suggestions, or just to say hello, please email us.
- MEDIA CONTACT ONLY: media@libracredit.io
- Visit our official website.
