With the inclusion of Creditcoin (CTC), OKEx will be supporting a growing immutable, transparent and borderless blockchain network that provides mass access to crypto loans, especially to those with poor or no credit rating. OKEx started the listing process by enabling CTC deposits on the platform, starting 09:00 (UTC) on April 9, 2020. The platform will be enabling withdrawals at around the same time on April 13, 2020.
Announcing the new development, CEO of OKEx Jay Hao said, “Creditcoin is a perfect example of how blockchain technology can overcome the shortcomings of the traditional banking system, demonstrating how a decentralized finance model OKEx thinks it should be. We are glad to push forward the development of DeFi ecosystem with them.”
Partnerships between OKEx and other blockchain-based fintech players can prove to be very beneficial as the crypto trading platform is aiming to eliminate ‘unbankedness’ with the help of DeFi. Launched last year, Creditcoin is founded by the blockchain technology provider Gluwa and Aella Credit – a loan company, both of whom have also made significant investments in the project. The main aim of Creditcoin is to provide the unbanked with access to a traditional credit system, especially in the developing world. Aella Credit is backed by some of the tech industry heavyweights, including YouTube’s co-founder Steve Chen, Coinbase’s Brian Armstrong, and the CEO of Y Combinator Michael Siebel.
By providing access to an organized financial ecosystem for credit, Creditcoin is helping a lot of people avoid non-banking entities and individuals who are known to offer loans at higher interest rates. This will, in turn, help the unbanked as well as the economically weaker sections of the society to avoid debt pressure while building a credit history for themselves at the same time. The use of blockchain technology to record the credit history of users ensures smooth transactions between lenders and borrowers, in a secure environment. The CTC coin further acts as the native token of the Creditcoin ecosystem, to fulfill various operations and enable transaction fee payments.
“From credit, payment to asset management, we observe that DeFi is gradually changing the way the general public or retail customers obtain financial services with minimal constraints. Creditcoin is one of the first steps. We are looking forward to the day when blockchain can reshape the global credit and capital market, giving everyone equal availability and opportunities to access financial services. This is the vision OKEx upholds – #FinanceAll,” said Jay Hao while appreciating Creditcoin and acknowledging its future potential.
The listing of Creditcoin on OKEx opens up a lot of possibilities for the project. For starters, passing the platform’s stringent review process, the credibility of Creditcoin stands increased, which, combined with the wide geographical reach of OKEx, ensures that more traders from a lot of countries will soon start trading CTC against BTC and USDT. Apart from the increased liquidity and a strong community, there is also a potential for collaboration with OKEx as the exchange giant aims to provide financial access to all, using distributed ledger technology.
Learn more about Creditcoin at – https://www.okex.com/academy/en/creditcoin-reshaping-the-future-of-credit-building