EMURGO is proud to welcome Credmark , the newest batch member of the dLab/EMURGO startup accelerator in 2020. Credmark aims to bring valuable credit data to the blockchain & cryptocurrency industry. This important data is the lifeblood of the global financial industry. Without credit data, it’s impossible for lenders to answer questions like who is credit trustworthy, who deserves better lending & borrowing terms, and who to do business with. Currently, traditional credit data doesn’t translate to cryptocurrencies. In order for a cryptocurrency-based financial ecosystem to flourish, trustworthy credit data & credit lending are essential. Credmark solves this problem by providing the data companies need to help the maturation of the cryptocurrency ecosystem.
“So What?” For Cardano Ada Holders
Credit has been a pillar of human economies for thousands of years. However, widespread consumer credit is a relatively recent phenomenon. According to the U.S. Federal Reserve:
“Few financial institutions in the nineteenth and early twentieth centuries were willing to extend consumer credit; lenders did not have sufficient information to assess the creditworthiness of most individual borrowers, and the costs of managing such loans in any number would have been prohibitively high.”