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.
Judge John Dorsey of the Delaware Bankruptcy Court rejected a motion to appoint a Chapter 11 trustee to oversee Cred’s restructuring.
Cred’s bankruptcy filing mainly blames fraud by an outside party. The full picture painted by former employees is more complex, and highlights the risks of the budding crypto lending market.
James Alexander was employed as the CCO of Cred, a crypto lender that filed for bankruptcy in November.
In October, the lender published a cryptic letter saying it has experienced “irregularities” in the handling of “specific” corporate funds by a “perpetrator of fraudulent activity.”
Decentralized lending platform Cred says it's cooperating with law enforcement over a "loss of funds."