The cryptocurrency industry provides access to all kinds of financial tools and services. Creditcoin, a borderless blockchain network granting access to crypto loans and building credit rating, is now listed on the OKEx exchange.
The Purpose of Creditcoin
With over 7,000 cryptocurrency projects in existence today, it becomes difficult to keep tabs on everything that goes on. Creditcoin, initially launched in April of 2019, bridges the gap between traditional finance and the unbanked population. To do so, the project makes use of blockchain technology, which lowers barriers to entry regarding cryptocurrency loans and credit rating building.
Recording a credit history on the blockchain makes a lot of sense and fills a much-needed void. Most people cannot make sense of their current or previous credit records. Using the blockchain, there is more transparency, while still granting access to additional security.
For those with limited or no access to the global monetary system, alternative solutions need to be found. Creditcoin can fill that gap, as it is a self-sustainable system capable of growing stronger as more transactions are recorded.
As a fundraiser, the option to create loan orders with preferential requirements is an appealing option. There is no extra debt pressure on those looking to borrow money. Given the success of the DeFi industry as of late, projects like Creditcoin can make a meaningful impact.
OKEx Listing Brings More Exposure
Earlier this week, the OKEx exchange confirmed it will list Creditcoin on its trading platform. Several trading pairs will be provided to users, including CTC/USDT and CTC/BTC. OKEx is currently the largest spot and derivatives exchange, thus these new trading markets can bring a lot of positive attention to this DeFi project.
OKEx CEO Jay Hao explains the decision:
“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.
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.”
As a blockchain and cryptocurrency project, getting listed on OKEx is never guaranteed. The exchange prides itself upon only listing projects of the highest quality and those that bring market liquidity.
Every individual project goes through a rigorous review process to protect the interest of traders. OKEx will always put the needs and desires of its customers above everything else.