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Crypto Company Cred Joins Visa’s Network to Facilitate Payment Services

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Cred, a digital asset lending platform, has decided to join Visa’s Fast Track program to expand its network and offer better borrowing and lending services.

The announcement that came on September 8 from the San Francisco-based platform Cred revealed that the aim was to ride on the extensive reach of Visa to expand and fast track adoption of borrowing and lending of various cryptocurrencies.

Visa’s head of crypto Cuy Sheffield even expounded how Cred would benefit from such a combination.

He stated:

“Through the Fast Track program, we can support Cred with access to Visa’s experts, technology, and resources to scale with efficiency.”

Via the reach and security that the payment giant provides, Cred will increase the popularity of its crypto loans – lending and borrowing of various cryptocurrencies in a decentralized ecosystem.

Fast Track Program Offered by Visa Is Enormously Beneficial to Cred

Besides relying on Visa’s network to send interest payments directly to customer bank accounts, Cred will now enable customers to use Visa payment products to acquire digital assets easily. Meaning, customers will no longer need to liquidate their crypto assets in order to access a credit line instead they will use the Crypto Line of Credit (C-LOC).

In a statement issued to Cointelegraph, Dan Schatt – Cred’s CEO and founder – said that Cred’s mission is to create a bridge between the traditional centralized financial system and the very dynamic and evolutionary DeFi space. He further added that Visa, together with its banking links, will facilitate interest payouts in local fiat currencies for Cred customers. Such kind of feature was earlier restricted only to certain areas.

Cred, as a financial service provider, is renowned for supporting a couple of well-known blockchain organizations globally in terms of financial applications, crypto exchanges, foundations, and wallets. Heading to 2021, the FinTech hopes to enter into viable partnerships that would enable it to harness blockchain’s power and use it to provide various credit facilities efficiently.

Before this event, LastBit and Strike – Bitcoin lightning startups – had joined the program.

DeFi Popularity Is Increasing

Soon after the launch of Compound, the Ethereum-based lending platform, as well as crypto lending and borrowing popularity shot up. From the total value locked in DeFi, more than 40% represents the total value locked in lending and borrowing protocols.

Only $1 billion worth of funds existed across various DeFi applications in the first week of June. Today, the DeFi market is estimated to worth over $7.9 billion, just three months later. Even more interesting is the fact that, at one point, during the first week of September, it rose to an all-time high of $9.5 billion.

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Coin Stock Jumped 6.16% Yesterday, 2% Up Now, Coinbase Acquires Data Aggregator Zabo

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Founded back in 2018, Zabo provides developers with an application programming interface (API) to connect to any cryptocurrency exchange, digital wallet, protocol, or account seamlessly.

Coinbase Global Inc (NASDAQ: COIN) stock closed Wednesday trading at $224.36, 6.16% higher than the opening price. However, COIN stock had retracted approximately 1.66% during today’s premarket trading session before gaining 2% when the market opened today. Although several factors contributed to yesterday’s pop, among them is the announcement of the Zabo acquisition. Notably, Coinbase announced the strategic acquisition of Zabo, however, it did not disclose the transaction details. As a result of the acquisition, Zabo’ score team comprising up to 10 members will be joining Coinbase.

“We’ve been lucky to know multiple folks on the Coinbase team for years,” said Christopher Brown, the other co-founder. “We saw that there were amazing opportunities to work together, which led to us officially joining forces.”

Zabo and Coinbase Bigger Picture

Founded back in 2018, Zabo provides developers with an application programming interface (API) to connect to any cryptocurrency exchange, digital wallet, protocol or account seamlessly.

Both companies have a similar objective of bringing the cryptocurrency industry to the mainstream market. However, Coinbase has been working towards widening its revenue collection avenues as competition grows in the crypto industry.

Moreover, its stock market has significantly depreciated since going public during the first half of the year. However, most of its investors remain optimistic in the future growth prospects, including Ark Invest led by Cathy Wood.

The acquisition is strategic as Coinbase seeks to venture into more crypto-related businesses. Furthermore, Zabo has been perfecting its services for the past three years. “Over the last three years, with the help of our amazing team, customers, investors and partners, we succeeded in establishing the Zabo API as the world’s most powerful tool for connecting to any crypto exchange, wallet, protocol or account,” noted Christopher and Alex, Co-Founders at Zabo.

Notably, Zabo raised $2.5 million last year to grow exponentially in the cryptocurrency industry. A year later, the investment has paid off after the acquisition by Coinbase.

Moonshots Capital co-founder and general partner Craig Cummings referred to the Coinbase deal as a huge milestone. On the other hand, he referred to the deal as a successful exit for the Zabo platform.

Coinbase has a reported market valuation of approximately $48.4 billion with 141.79 million outstanding shares. The valuation has given the company a chance to make more acquisitions in the past few months. Notably, the crypto exchange has in the recent past acquired Tagomi, a crypto exchange firm, and Skew among others.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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JPMorgan Provides Private Bitcoin Fund for Wealthy Clients Despite CEO’s Disinterest in Crypto

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Banking giant JPMorgan has partnered with the NY Digital Investment Group to provide access to a Bitcoin Fund, despite Dimon disposition towards crypto.

JPMorgan Chase & Co (NYSE: JPM) now offers its private banking clients an opportunity to invest in an in-house Bitcoin Fund. The multinational investment bank is making this available in partnership with New York Digital Investment Group (NYDIG), a leading digital investment group. A subsidiary of Stone Ridge alternative asset managers, the NYDIG offers a host of activities which includes asset management and execution within a secure framework. 

The leading bank only made this announcement yesterday in a conference call to advisers. So far, JPMorgan has not received any investments from its target clients into the fund.

According to JPMorgan, the Bitcoin Fund will be presented in “the safest and cheapest bitcoin investment vehicles available on the private markets”. In addition, the private fund will seamlessly ease into a Bitcoin exchange-traded fund down the line. The bank already has plans in motion for such a product but does not currently have an ETF bid before the Securities and Exchange Commission (SEC). However, NYDIG has filed one, which is now under review.

JPMorgan CEO Is Anti-Crypto

According to JPMorgan, its recent developments do not change the skepticism the bank harbors towards cryptocurrencies. In the bank’s opinion, it is solely a business move designed to cater to the growing interests of its clients to invest in crypto. When media reports concerning the news first came out in May, Company CEO Jamie Dimon made his sentiments known shortly after that. He said: “I don’t care about bitcoin. I have no interest in it. On the other hand, clients are interested, and I don’t tell clients what to do.” 

In the past, Dimon has even shared stronger sentiments concerning digital currencies. Back in May, Dimon cautioned investors about Bitcoin and the entire digital currency industry. Speaking in congressional testimony to the United States House Financial Services Committee, Dimon however said that the bank will offer crypto services to clients and customers, regardless of his personal opinion. He said:

“My own personal advice to people is: stay away from it. That does not mean the clients doen’t want it. This goes back to how you have to run a business. I don’t smoke marijuana but if you make it nationally legal, I’m not going to stop our people from banking it.”

JPMorgan Bitcoin Fund Marks Growing Trend in the Financial Industry

Despite what its CEO or thinks about digital currencies, JPMorgan continues to enter the world of cryptocurrencies. Last month, the company began to allow its financial advisors to assist its wealth management clients with crypto investments. The JPMorgan Private Bank provides services that include access to Bitcoin funds, such as GBTC, through a JPMorgan brokerage account. Also, JPMorgan added crypto exchanges Coinbase and Gemini Trust Co. as banking clients last year.

JPMorgan’s recent move reflects an increasing number of traditional financial institutions making moves into the world of digital currencies. There has been a surge in client demand in recent times and an increase in the value of the tokens. In addition, other financial institutions like Morgan Stanley and DBS Group Holdings Limited are also getting into crypto.

 

 

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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Fidelity Buys 7.4% Stake in Marathon Digital Holdings

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Marathon is a well-liked stock among institutional asset managers. Two days ago, the company declared a 66% rise in its Bitcoin month-over-month production.

American multinational services company Fidelity Investments has bought 7.4% stakes of Marathon Digital Holdings, which is a patent-holding company and the parent firm of Uniloc.

Marathon Digital Holdings currently functions as a digital asset technology company. The firm mines cryptocurrencies, targeting the Blockchain ecosystem and the production of digital assets. It manages 19000 miners, with an additional 100,000 electronic devices to be implemented in the next 12 months.

The agreement for the deal was concluded at $20 Mn on 22nd July. The shares were distributed across four index-based funds- The Extended Market Index Fund, Fidelity Nasdaq Composite, Fidelity Total Market, and Fidelity Series Total Market Fund. The exchange hoists Fidelity at par with companies like Vanguard Group, Susquehanna, and Blackrock, which already own 7.58%, 2.7%, and 1.59% stakes in Marathon. Even though the percentage distributed to each Index is small, most of the funds are famous in the retirement accounts.

Fidelity holds a top position as one of the world’s largest financial service companies. It has $4.9Tr in assets under a responsibility with more than 35 million clients all over the world. It is known to manage businesses, especially indulging in mutual funds and brokerage services. The purchase reflects the increasing trend among investors to conform to the crypto industry via traditional equity or debt securities.

According to ETF.com, Marathon is a well-liked stock among institutional asset managers with 18 exchange-traded funds currently held by the Marathon group. During a recent interview, Chief Executive officer Fred Thiel exclaimed at the recent affirmation gained by his firm. Thiel said that the past year has witnessed a skyrocketing increase in possession of the company’s stocks. He also added that the company focuses on deploying resources to utilize mining equipment, therefore it prefers to select partner agreements with hosting and power facilities.

Shares in mining stocks have become a public favorite due to their ability to follow the Bitcoin market with heightened instability. Two days ago, the company declared a 66% rise in its Bitcoin production (month-over-month). Marathon has mined 442.2 BTC priced at $16.6 Mn. The company holds a total of 6,225.6 Bitcoins at present, which are valued at $245 Mn. Where BTC increased to 240% since the beginning of this year, Marathon’s shares have peaked at 660% at the very same time.

The credit for the drastic increase in mining activities can be given to China’s recent clampdown on mining activities in the country. This resulted in a prominent decline in Bitcoin’s network hash rate since miners began immigrating to other crypto-friendly nations.

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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.



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