Excessive throughput blockchain Keeta and credit score knowledge platform SOLO, firms each backed by former Google CEO Eric Schmidt, are introducing an on-chain credit score bureau to offer digital asset house owners entry to mortgages, small enterprise loans, and different conventional lending companies.
Keeta is facilitating SOLO to create PASS, a blockchain-based, bank-grade monetary identification layer, utilizing know-your-customer, revenue, crypto property, and enterprise credentials, in accordance with a press launch on Thursday.
Blockchain infrastructure is synonymous with belief, so it is smart to make use of the tech to retailer actual world monetary credentials, and cater to new digital paradigms inside lending.
The PASS product creates trendy credit score rails for wallets, dApps, and embedded finance, whereas permitting for pseudonymous lending and borrowing primarily based on trusted credentials, the discharge said.
“That is the primary time {that a} blockchain community has made real-world monetary credentials, like revenue, property, and identification, verifiable, tokenized, and trusted for lending,” stated Georgina Merhom, Founding father of SOLO. “PASS delivers a transportable, programmable credit score bureau, owned by the folks it is constructed for.”
Eric Schmidt has been concerned within the blockchain and crypto house for a while, having joined Chainlink Labs as a strategic adviser again in early 2023.