Visa Adds Crypto Lender Cred to Fast Track Payments Program

Decentralized lending platform Cred is the latest crypto firm to join Visa’s Fintech Fast Track Program with the goal of scaling faster.

By Sandali Handagama

Sep 8, 2020 at 4:00 p.m. UTC

Updated Sep 14, 2021 at 9:53 a.m. UTC

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Crypto lending platform Cred has joined Visa’s Fintech Fast Track Program to speed up payments and borrowing, Cred said Tuesday.

According to the statement, entry into the fast track program will allow Cred to “more easily leverage the reach, capabilities and security that Visa offers."
By integrating its services with Visa, Cred can send interest payments directly to customer bank accounts in Visa’s network as well as issue crypto credit cards that will let customers access a line of credit without having to liquidate their crypto assets.
On Tuesday, Cuy Sheffield, head of crypto at Visa, tweeted the firm's endorsement of Cred saying the program will help Cred utilize Visa's solutions to "improve the process of interest disbursements as well as create new crypto credit products."
The Visa Fintech Fast Track Program, launched in the U.S. in July 2019, works as a vehicle for innovative fintech startups to leverage Visa’s vast network, resources and services to scale quickly.
In April 2020, Visa added shopping app Fold to its fast track program to issue a card that offered bitcoin rewards instead of points.
Since then, two bitcoin lightning startups Strike and LastBit also joined the program.

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