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The lending platform based on cryptocurrency Cred is opening up its technology to third-party developers, the company announced.
In a press release on Tuesday (11 December), Cred revealed the launch of its CredX development platform (not to be confused with the new credit card solution recently launched by Finexio). The Crypto-Lending-as-a-Service (CLaaS) solution allows other encrypted companies – including exchanges, cryptographic portfolios or mining services – integrate Cred's loan functionality into their own solutions. Its set of application program interfaces (APIs) allows companies to use cryptography as a guarantee to access corporate finance products.
In a statement, Co-founder of Cred and Universal Protocol Dan Schatt said technology can be particularly applicable to corporate finance fields.
"The encryption of loans and earnings is a difficult business to straighten out, especially in a bear market," he said. "A scriptholder, a portfolio, a merchant or an exchange can now offer its clients the credit and treasury management functions that are embedded directly in their app, supported by Cred".
Schatt continued: "Businesses can choose to use their balance sheets or leverage Cred's credit to provide credit and revenue services to generate revenue, customer retention, cost savings, and receive immediate liquidation. their [bitcoin (BTC)] with Cred to earn substantial interests. We are not looking forward to continuously adding new features that will appeal to new and existing crypto customers. Even traditional financial institutions can benefit from it. "
Scott Thompson, former president of PayPal, has provided a statement that emphasizes Cred's API for the cryptocurrency market, "something that venerable companies like PayPal and Stripe are not providing today," he said. "The future of financial services requires[s] a more open and transparent approach to FinTech and the former PayPal PayPal team is well positioned to meet the needs of the market ".
Other companies have launched their own third-party development platforms to encourage innovators to experiment and build with blockchain technology.
Amazon Web Services launched its blockchain templates for developers at the start of this year, while Mastercard developed several blockchain APIs in 2016 to promote blockchain exploration in areas such as payments and smart contracts .
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