A multinational professional services network PricewaterhouseCoopers (PwC) has ventured into a joint business tie-up with Cred not only to develop cryptocurrency trading but build more trust in the digital currency space. The exclusive collaboration of both the globally-acclaimed organizations aims to attract more traders by progressing stablecoin technology.
As the cryptocurrency market is bullish, many investors are looking for crypto assets, which can be pegged to an unchanging fiat currency like the US dollar. The objective of Cred is to provide an open access to digital currency-based credit options irrespective of the seekers’ locations. So far, crypto loans are not provided by the banks like any other loans as the financial institutions still do not recognize crypto as a real asset class. This association will assist people to borrow any digital currency the way they would fiat and manage it like any other asset class. Alternatively, PwC will provide its accounting expertise to ensure the dollar-back coin of Cred is able to offer 100 percent transparency and value substantiation.
According to the ex-PayPal executive, Dan Schatt, the President and Co-Founder of Cred, the volatility exists in the cryptocurrency market as it lacks liquidity and trading can often give rise to price swings. Due to this volatility, one of the major drawbacks, many institutional investors take back step thinking that financial investments will disappear due to consistent price drops and upheaval in the market.
“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain,” PwC’s US blockchain and cryptocurrency leader, Grainne McNamara said, as mentioned in the press release on PwC website.
Cred is known for often taking multiple steps in enhancing cryptocurrency trading for the mass consumers. It launched a mobile app in July this year that allows the users to invest a small amount of money in the digital currencies. The mobile app for iOS and Android is claimed to be solving the main problems that the consumers confront in terms of access, understanding and transparency with purchasing cryptocurrencies, Venture Beat noted.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]