Markets

Port to change banking services, Credora to fix cryptocurrency lending

Two companies have announced their ambitious plans to transform critical aspects of crypto-native lending and banking.

UK-based startup Harbor announced its launch on Wednesday launch A new banking platform powered by digital currencies. The new service claims to build a smoother connection between TradFi and crypto services.

Harbor 1.0, which is scheduled to launch in the summer, will introduce a native crypto checking account, allowing users to manage all their assets in one app.

The Harbor platform will also provide a USDC debit card and account, and the app will be compatible with Android and Apple devices. The platform also holds fiat and crypto funds in remote insolvency accounts to ensure transparency and security. Harbor eventually aims to provide proof of assets on-chain, and allow users to check balances independently.

Traditional banks are usually conservative when it comes to cryptocurrencies. Recently, banks have placed restrictions on customers who purchase cryptocurrencies. This reticence on the part of traditional retailers opens the door for start-ups with innovative products and services.

Retail banks often have a low opinion of cryptocurrencies.

Credora Assisting Lenders

Credora also has it announce $6 million strategic funding round with major investors, including S&P Global and Coinbase projects. The funding will go toward improving Institutional Rails of Credit and enhancing Credora’s own account technology.

Credora uses zero-proof privacy to sharpen lenders’ ability to assess credit risk in real time. It claims to solve a major problem in financial markets: information asymmetry.

In most scenarios, borrowers are not willing to share important information. This makes it difficult for lenders to make good decisions about who makes loans. Zero knowledge guides allow lenders to learn more about counterparties without giving borrowers too much information.

The funding round also included the participation of several other investors interested in promoting financial innovation. Participants included Amber Group, CMT Digital, KuCoin Ventures, Pirata Capital, Breed VC, WAGMI Ventures, and others.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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