Cred will be the “Ant financial” on blockchain?
What is Ant financial services group?
Before the emergence of the Ant financial, the way, for most people, of financing is to put money in bank. Meanwhile, the way to get a loan through a bank is also tedious in process. What’s more, the interests are rather high. Under such circumstance, Ant financial has changed the people’s life to a large extent. It breaks through the whole credit system by using Internet and the big date.
In this way, the needs for loan and finance of ordinary people are completely satisfied. In the world of crypto currency Cred is doing the same thing. With technology of the blockchain, Cred will bridge legal tender with crypto currency. Users for financing services of crypto currency will be satisfied with inclusive and popular mode. The Ant financial has two trump cards: Yu’E Bao and Huabei. Yu’E Bao is a financing product and Huabei is a loan product. Cred, CredEarn is a financing product and CredBorrow is a loan product. Surely, the best product of Ant financial is Alipay, which gains trading fee as income from users and vendors. Identically, the biggest application scene is Cred’s token, LBA. With some sorts of Paypal’s help, the Cred team has a lot of experience on pay field. In the future, it may work with over 17 million of vendors through Paypal. It determines to reduce the trading cost of both global vendors and users.
The biggest reason for Ant financing’s success is based on Alibaba’s innumerable users. For Cred, it needs to cooperate with giant partners. This is what Cred is doing now.
In February, Cred obtained debit and credit license in California. In the traditional financial industry, licenses represent safety compliance. California’s lending license requires the team with core employees with years of experience in the financial industry. On the other hand, it also demands the team with strong assets. Cred has received a credit line of $300 million. Fortunately, Most of its members are from the PayPal team, who also are very familiar with regulations. Except the team, Cred cooperates with lots of excellent trustee agencies globally such as Xapo, BitGo, Ledger, Bittrex Enterprise and Cobo etc. Furthermore, Cred reaches strategic cooperation with PWC, one of the big four accounting firms, which will help Cred draw the blue blueprint of its development. So far, CreditEarn has been supported by cryptocureency, stable token such as XRP, ETH, BTC, BCH, UPBTC, TUSD, UPDUS, UPEUR, and legal tender such as EURO, USD, GBP etc.
Besides, Cred will reach an agreement with famous insurance company. They will launch insurance service, for example, if the user lost their coin on Cred, the insurance institution will fully refund. Another outstanding feature is transparency. In other words, every quarter, Cred will announce the plan of lockup and open. Every data is traceable.
Cred is a newborn species by combining Blockchain with finance. No matter when and where, people can acquire financial service with fairness and transparency. But, LuHua and Schat said, this attempt just begins. They see the deficiencies on Ant financial and PayPal. They believe that there is a huge space in debit and credit market. The goal of the development of Cred is to become the next “Ant financial” on blockchain.
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.