May AMA Recap: Top 10 Highlights

On May 20, Cred held its fifth AMA hosted by CEO and Co-Founder Dan Schatt. The discussion ranged from Cred pipeline updates to company suggestions shared by you, our valued community. We have listed the top 10 highlights discussed during the live event below. If you think of any additional questions, hold on to them. Dan and the Cred team will be back for our next AMA on June 17, 2020. As always, keep checking out the Cred social and Telegram channels for updates.

Top 10 Highlights

Q: Hello Dan, has the current COVID-19 situation been affecting Cred, for instance, have people removed their collateral, or did the number of people using CredEarn drop?

A: Morning! Sign-ups and CredEarn programs are continuing to grow – we are seeing a majority of customers re-enrolling. This data is an encouraging sign of belief in crypto and blockchain!

“Although we are in a global pandemic, and traditional financial institutions having near-zero interest rates, Cred will continue to offer highly competitive interest rates,” said Cred CEO, Dan Schatt. “It takes a good amount of underwriting competencies, risk management practices, compliance, etc, but we’ve got a great team that will continue to deliver.”

Q: Hi Dan, How is the current LBA situation looking?

A: We are seeing a record amount of LBA held with partners like Uphold. LBA is a utility token, it is still hard for most people to access LBA easily, and we’re planning to make that much more accessible through our platform.  

Q: How accessible is LBA across Cred’s partner platforms?

A: Good question, LBA is more accessible through some platforms more than others. We are working on a solution that would make it easier to purchase LBA for everyone, so everyone can benefit from premium rates.

Q: Hi Dan, I have noticed a few changes with the administration in the Cred Telegram channel, can you provide insight on that?

A: Yes, you may have noticed last month that we made a decision to bring the Telegram group in-house. We did this because we want to be closer to our community – and I’m hoping you have a chance to interact with some of our people, they are really great, competent people that have come to Cred from other blockchain projects.

Q: Hi Dan, where do our assets go after each period has started? Does a third-party service hold the wallet, or is it through the company?

A: We have several custodian relationships, but we do use Fireblocks quite a bit.

Q: Hi Dan, what is happening with the merchant solution project?

A: The merchant solution project has been delayed – merchants have had to postpone their work given the pandemic and lock-downs, but we will alert you when we have more updates.

Q: Dan, how does Omisego fit into Cred’s long term picture as members of the UPA? Are you looking into using the OMG network to remove trusted custodians and reduce compliance costs?

A: Great question, Omisego has a lot of promise as a Layer 2 network, but their network is only as strong as the endpoints they can set up. To date, there are not enough wallet endpoints, but as their network grows, we will work with them to leverage their efficient, low-cost network.

“Thanks, Dan, looking forward to the synergies the UPA will create, keep up the great work!” – Cred community member

Q: Hi Dan, I hope all is well with you. I proposed some ideas on further incentivizing LBA and LBA Tokenomics in general. A Cred team member replied and said he would include it in your next brainstorming session. I see a lot of further potentials with that. Otherwise, keep up the great work!

A: Thank you for your suggestions, we will add more utility, but the number one principle we started with is fairness, something that is in our DNA – we want to make sure that everyone can receive benefits with the same, easy structure of 10k LBA. Thanks for continuing to send your ideas, we definitely will discuss and think about anything we read.

Q: Is there a plan for Cred to join the Libra Association, do you think CredEarn could benefit from the massive amount of Facebook and WhatsApp users for lending?

A: We have no plans to join the Libra Association at this time, but we’re supportive of anyone trying to make a better overall financial system by leveraging blockchain. There are many ways to work with ecosystem participants aside from joining. We’re finding that many large organizations are interested in Cred because we can offer licensed, compliant lending and borrowing services on all tokens. That might include the Libra token in the future. Still, there would be no need to join an association to deliver that value, as we are collaborating with the entire ecosystem.

“Well said Dan thanks.” – Cred community member

Q: Hi Dan, is there an opportunity for Cred to include other metals, like silver or palladium?

A: Hi, good question. Something big is brewing there as well. All I can say at this point is to keep a lookout, we’ve got some interesting opportunities to support tokens backed by precious metals and backed by the government. We will continue to provide updates as they arise.

Cred community! We appreciate all the direct, open questions — our biggest challenge is really how to prioritize the opportunities. There are many exciting partnerships in the pipeline that we can’t wait to discuss when they’re announced. Every part of the ecosystem is involved, and increasingly we’re seeing lots of interest from companies that have nothing to do with blockchain but could make a huge impact! Be sure to monitor our Telegram and social channels, and as always, thank you for your continued support of Cred! 

“This is very comforting, Dan. Thanks for not letting us down!” – Cred community member