Cred’s API Platform Poised to Back Mobile Payments Operations

December 13, 2024         By: Steven Anderson

The development of the mobile payments field requires development in general, and thanks to the sheer range of options involved in mobile payments, we have a lot of development going on all over the spectrum. Cred recently sent word our way about its application programming interface (API) platform, which is known as CredX, opening up to outside users. Already, several takers have stepped in.

Cred is a firm focused on “crypto-backed lending,” sufficiently so that it’s got over $300 million in credit facilities to its name. The CredX system, meanwhile, is a series of APIs that can be readily put to work by just about any company to modify a current app into a top-notch financial tool. Already, several firms have stepped in to put CredX to work, with some notable results.

Uphold, for example, has traded over $4.1 billion so far on its digital money platform, but can now not only allow users to borrow fiat dollars against their crypto stash, but earn interest on stablecoins already in place with the newly-minted Uphold Borrow and Uphold Earn. Meanwhile, Acre allows for micro-investment in cryptocurrencies—not bad given the $3,386 price tag on bitcoin as of this writing—and with CredX, Acre can now likewise offer loans against crypto and interest on stored crypto. Heleum rounds out the list, bringing out a new tool to automate the purchase of crypto pairs.

Bearing that last part in mind, the value of CredX overall should be quite apparent. It’s allowing crypto-related and financial service organizations to bring more options to their end users, the kind of move that should create extra value. Creating extra value both encourages current users to stay in the fold and potentially new ones to come in, helping to ensure the overall longevity of the apps in question.

In a field where “longevity” is almost a pipe dream on par with five-figure bitcoin, CredX’s tools are helping add value to current operations with comparative ease. How long that will make for a competitive advantage remains to be seen, especially when most anyone can take advantage of CredX, but for now, this could give some firms a real edge.