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New York, NY, Jan 14, 2022 - (ACN Newswire) - CreDA (Credit DeFi Alliance), the leading decentralized credit rating service and FilDA, the largest ever DeFi lending platform on HECO with a peak TVL of over US$2 billion, have partnered to offer exclusive lending rates to CreDA users. Users who mint their Crypto Credit Score as a Credit NFT (cNFT) will have access to leveraged lending and low or no-collateral loans directly within the CreDA platform.

The partnership comes only a few months after CreDA officially launched its platform and demonstrates the value Crypto Credit Scores can have by removing many of the barriers in traditional banking and the DeFi space. According to Bank of America, over 200 million users are now part of the digital asset universe, yet very few financial institutions would provide them with a loan. Even within the DeFi space, lenders operate in an over-collateralized manner with typical loan-to-value (LTV) ratios below 50 per cent.

Modeled after traditional consumer credit agencies, CreDA introduces the concept of personal credit scores into the $250 billion decentralized finance (DeFi) ecosystem.

Leveraging existing blockchain infrastructure, CreDA provides a trust architecture for the relatively young and volatile MetaFi ecosystem that includes emerging areas such as DeFi, GameFi and SocialFi.

"While our core business is focused on supporting the overall ecosystem through trusted and verifiable credit scoring, ours is a new concept for this space. By partnering with FilDA we hope to demonstrate the value and viability of the CreDA Credit Score to reward both users and lending institutions by brokering more transparent and trusted relationships," explains Fakhul Miah, incoming Chief Executive Officer. "We like to say that we're finally giving credit where credit is due."

How to get leveraged, low or no-collateral loans

CreDA allows users to link their wallets, mint a credit NFT (cNFT) and borrow at industry-defying rates, all from within the same platform.

CreDA provides on-chain credit ratings using the CreDA Oracle, which employs artificial intelligence (AI) to examine the user's assets, historical transactions and behavior in the crypto space across multiple blockchains. This data is used to calculate a credit score that is then minted into a secure non-fungible token called a credit NFT (cNFT). The cNFT enables the user to unlock preferential rates and incentives.

The FilDA partnership lets users access leveraged lending and low or even no-collateral loans based on the users Crypto Credit Score. The score represents a user's ability and willingness to pay back loans, de-risking Filda's exposure and rewarding the user for good on-chain behavior.

One major focus for CreDA is ensuring a safe and secure experience for users. To do this, data is fully protected, secured by industry leading, W3C compliant Decentralized Identifications (DIDs), which are linked to a user's cNFT. CreDA recently underwent a strict security audit with leading blockchain security group, CertiK.

About CreDA

Built on the Ethereum Layer 2 network, CreDA operates on Arbitrum with developers aiming to launch across multiple chains including, BSC (Binance Smart Chain), Ethereum mainnet and ESC (Elastos Sidechain) in Q1 of 2022 with more to follow throughout the year.

CreDA's Credit Oracle has already retrieved the data of billions of on-chain activities related to more than 90 million addresses across the largest blockchains. This large initial data pool helps to build a reliable and trusted credit model that will continue improving as more data is collected from additional chains and users who connect and mint their credit scores. The CreDA protocol is designed to compute a user's Crypto Credit Score while protecting their identity through the use of a DID, which does away with KYC (know your customer) checks.

The aim for the CreDA protocol is to eventually combine traditional (off-chain) and blockchain (on-chain) data to compute a holistic user credit score that allows for more flexibility and access between people's virtual and 'real world' lives. This will become even more relevant as technology advances and society continues to embrace virtual spaces, such as the Metaverse.

"As Benjamin Franklin once said, 'If you want to know the value of money, try borrowing some!' said Cassie Zhang, Chief Operating Officer during CreDA's launch in late 2021.

"The DeFi landscape is quickly evolving, but there is still one factor that is missing -- credibility. The CreDA protocol enables DeFi and other Web 3 platforms to model risk profiles across their user base and offer personalized rates and services, making them more competitive versus industry peers."

Social Links
Twitter: https://twitter.com/credafinance
LinkedIn: https://www.linkedin.com/company/creda-finance
Discord: https://discord.com/invite/eSvTm6a6kb

Media Contact
CreDA (Credit DeFi Alliance)
E-mail: [email protected]
Website: www.creda.app

SOURCE: CreDA

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% against the U.S. dollar. Near Foundation Gets a $150 Million Capital Injection The team behind […]