January 2019 Monthly Report

3 min read

Welcome to the Cred Monthly Report. The Cred team publishes these reports to keep our community up to date on the latest activity.

January 2019 At-A-Glance

2018 was a big year, with Cred’s Lend-Borrow-Asset token offering, the pilot program launch in Asia, many rewarding partnerships, and the launch of the CredX platform APIs.

But January 2019 was the biggest month yet for Cred. On January 16, 2019, we launched CredEarn on Uphold! CredEarn is a revolutionary product where Uphold users can earn an annual return of up to 10% from their digital assets. CredEarn offers yields on three cryptocurrencies (BTC, XRP, ETH), two fiat currencies (USD & EURO), and even one commodity (Gold). In only a few short weeks, CredEarn welcomed users in 105 countries with the biggest class being XRP.

To put this amazing earning opportunity in perspective, the most common interest rate on savings accounts in the United States is 0.01%, although some credit unions and online banks will offer higher rates based on your net worth. In Europe and Japan, savings account owners are living in a world of negative interest rates, where you literally are paying your bank to save your money for you.

In Venezuela, citizens are dealing with the government’s insane 13,000% hyperinflation rate, which has rendered the local currency, the bolivar, nearly worthless. In Great Britain, Brexit uncertainty and a 0.75% Bank Rate have led many citizens to seek interest rates on their savings outside of bonds — or gilts as they are called in Great Britain.

Thousands of customers from over 100 countries have already signed up for CredEarn. The Cred team is constantly striving to democratize fair lending and borrowing practices and bring it to the general public. If you haven’t yet, join Uphold and activate CredEarn now.

New Reporting Format

The purpose of the informational reports that we publish is to keep our community and LBA token holders abreast of what is going on behind the scenes at Cred and what is to come. We examined the consistency, product and engineering data that was shared by the Cred team, and engagement metrics and readership, and realized that these could all be improved.

The reports were previously published on a weekly basis but will be published on a monthly basis going forward. Most public companies publish reports and schedule investor calls on a quarterly basis, but we thought that quarterly was too few and far between. In the blockchain space, we move at lightning speed and feel that the monthly cadence will provide the most consistent quality for our community.

Quality always wins over quantity. That being said, let’s get into the details of what each team has been working on.

Product Updates

  • The small but mighty product team had an extremely busy January. They launched a fully integrated CredEarn web application to Uphold users in EU, Asia, and Latin America regions.
  • Operationalized support of 6 loanable assets: XRP, BTC, ETH, USD, EURO, GOLD.
  • Automated mechanisms of assets clearing and settlement at programs commencement events
  • Ran all Know-Your-Customer (KYC) activities for CredEarn.

UX/Design and Marketing Updates

The Design/UX and Marketing teams have been incredibly busy over the past month.

  • In January, we designed the CredEarn app for Uphold and the template for CredEarn email notifications.
  • We are building out an improved user experience for the CredEarn application. This includes increasing support for both mobile and tablet users.
  • We are building out a branding language for the CredEarn and CredBorrow sub-brands. This will make it more clear to users as we continue to scale the product.
  • We are redesigning the Cred website experience. The new version of the site will explain in greater detail the benefits of CredEarn and CredBorrow.
  • The marketing team ran a live stream with JP Thieriot of Uphold and our own Dan Schatt, President of Cred. The live stream garnered around 10k views on Uphold’s twitter feed and the purpose was to announce CredEarn on Uphold.
  • We ran a series of marketing emails announcing the launch of CredEarn in both English and Spanish, as well as drip emails to encourage people to enroll their assets in CredEarn.
  • Marketing storyboarded and scripted a video explainer on CredEarn which is currently in production.
  • Ran a press release which garnered significant website traffic (1.6 overall potential readerships) with 100% positive sentiment from readers. Read the CredEarn press release on BusinessWire here:

Engineering Updates

  • The engineering team is currently building the CredEarn Platform API for partners to integrate with Cred similar to the CredBorrow platform API which launched in early December.
  • Successfully provisioned the first batch of CredEarn programs on Feb 1 1:00 AM EST.
  • Currently building features that allow customers to leverage LBA token across the platform and Uphold CredEarn product.
  • Improving KYC to seamlessly onboard customers across the globe with few clicks.

Cred Shanghai

On February 19–22, Cred’s CEO & Co-founder Lu Hua was invited by Binance to attend Binance Blockchain Week in Singapore. The purpose of Cred’s CEO Lu Hua attending was to share the latest progress of Cred and share insight with hundreds of influential guests in the crypto industry.

The Binance Conference was a 2-day summit where the most dedicated, extraordinary and creative minds in the blockchain space gathered to discuss current industry trends, hot topics and continue to seek an innovative solution to explore further development of blockchain ecosystem. It hosted over 50 influential speakers, senior management of Binance as well as many industry leaders.

Looking Ahead

January was epic, but February is already panning out to be even better. Uphold started their marketing push to get CredEarn out to their users, which will continue to increase brand awareness for Cred overall. We will also be announcing the addition of two more interest-earning capabilities on CredEarn, and have some exciting news coming soon for US residents. LBA token holders should also get excited too because we have been working hard to use the utility token to its full power in our product.

Disclaimer: CredEarn is the trade name for a service offered to non-US persons by Cred LLC, which is an entity distinct and separate from Cred (US) LLC. CredEarn allows you to extend a loan to Cred LLC. The purpose of the loan is to allow you to earn an enhanced yield on your crypto assets, such as Bitcoin. Cred LLC is not a bank and CredEarn services are not insured by the FDIC. CredBorrow and C-LOC™ are trade names for lending products of Cred (US) LLC, a licensed lender and a wholly-owned subsidiary of Cred LLC. Loans, loan amounts, terms, and rates are not available in every jurisdiction, or for every collateral type. The availability of rates, crypto types, loan amounts, and other terms are subject to change. Loan applicants are subject to AML and KYC screening. Terms, conditions, and restrictions apply. Loans made or arranged pursuant to California Finance Lenders Law License 60DBO-58789.