High transit blockchain Keeta and Credit Data Platform Solo, companies that are both supported by former Google CEO Eric Schmidt, introduce an on-chain credit agency to give owners of digital assets access to mortgages, small business loans and other traditional credit services.
Keeta and Solo have created Pass, a blockchain-based, bank-quality financial identity layer, with the help of know-Your-customer, income, crypto assets and business references, according to a press release on Thursday.
Blockchain infrastructure is synonymous with confidence, so it makes sense to use the technology to store financial login data from the real world and meet new digital paradigms within the lending.
The Pass -Product creates modern credit rails for portfolios, daps and embedded finances, while pseudonymous lending and borrowing is possible on the basis of trusted references, according to the release.
“This is the first time that a blockchain network has made real financial references, such as income, assets and identity, verifiable, tokenized and trusted for loans,” said Georgina Merhom, founder of Solo. “Pass delivers a portable, programmable credit agency, owned by the people for whom it was built.”
Eric Schmidt has been involved in the blockchain and crypto space for some time, after he was affiliated with Chainlink Labs as a strategic adviser at the beginning of 2023.