This new offering was created by a partnership of Keeta, the company behind a blockchain that connects various Web3 and traditional financial systems, and SOLO, a credit data infrastructure platform backed by more than 100 banks, according to a Thursday (June 5) press release.
Both companies are backed by former Google CEO and Chairman Eric Schmidt, according to the release.
With their partnership, Keeta’s blockchain enables SOLO’s PASS, which is a digital certificate that consolidates financial credentials into a verified identity for lending, peer-to-peer credit and on-chain financial reputation, according to the release.
This collaboration aims to make an on-chain credit system accessible to crypto and Web3 builders, global earners paid in stablecoins, decentralized autonomous organizations (DAOs), venture capital firms (VCs), banks and others, the release said.
The partnership will launch verified profiles this summer, followed by a lending marketplace, stablecoin-based loan origination and bank integrations, per the release.
“As digital asset adoption accelerates, Keeta’s blockchain is the first to tackle the scale and regulatory overhead for an on-chain credit bureau, opening the door for lending, borrowing, mortgages, stablecoin payments and more,” Keeta CEO and Founder Ty Schenk said in the release.
SOLO Founder Georgina Merhom said in the release: “Our partnership with Keeta allows us to build the trust layer of blockchain with real-world utility and the potential to power the next trillion dollars in lending.”
Keeta announced in June 2023 that Schmidt was among its investors when the company launched with $17 million in funding.
In a press release announcing the funding, Schmidt said: “Keeta’s technology is orders of magnitude more scalable and efficient than existing solutions. I’m thrilled to support Ty and his team in their mission to modernize global payments.”
The convergence of blockchain technology, digital identity solutions and artificial intelligence-assisted cybersecurity is emerging as a potentially robust approach to protecting sensitive data, preventing fraud and ensuring compliance, PYMNTS reported in February.
By leveraging decentralized ledgers for identity management and security protocols, organizations are finding themselves empowered to rethink traditional cybersecurity frameworks and mitigate risks associated with centralized data storage, identity theft and unauthorized access.
