#USA #New York #Keeta SOLO PASS

Keeta and SOLO Develop the First Blockchain Credit Bureau

In a significant advancement for digital finance, Keeta, renowned for having the world’s most scalable blockchain, has announced a partnership with SOLO to create the first-ever blockchain-based credit bureau. This initiative aims to bridge the gap between traditional finance and the evolving digital asset landscape, enabling users to leverage their financial identities in unprecedented ways.

A Game-Changer for Financial Identity

The newly introduced credit bureau integrates SOLO's PASS, a digital certificate designed to unify numerous financial credentials into a single, verified identity. This innovative approach will allow asset owners—including those engaged in crypto transactions—to access traditional lending services like mortgages and small business loans through the expansive Keeta network.

Backed by Industry Leaders

Both Keeta and SOLO are supported by Eric Schmidt, former CEO of Google, highlighting the credibility and potential of this venture. The collaboration promises to provide immediate financial qualifications to verified users, streamlining their access to credit solutions using solely provable and permissioned data. As traditional financial institutions slowly adapt to the rise of cryptocurrencies, this offering positions Keeta as a pioneer in integrating conventional finance with the blockchain ecosystem.

Revolutionary Features of PASS

PASS serves as a robust financial identity layer that includes KYC (Know Your Customer), KYB (Know Your Business), income verification, crypto asset details, and business credentials. With this, users gain instant ownership of their credentials, allowing them to decide how, when, and to whom they share their financial information. Banks will now be equipped to support crypto-native clients effectively, offering them transparent visibility and financial controls.

Phase Rollout and Future Developments

The implementation of this credit bureau will occur in phases, with the launch of verified profiles expected in Summer 2025. Future enhancements will introduce a lending marketplace featuring verified user reputations and stablecoin-based loan guarantees, thereby providing real-world APR relief to users with crypto assets. Additionally, the partnership aims to integrate seamlessly with various banking systems, ensuring broad accessibility and usage for users worldwide.

Bridging Two Worlds

Ty Schenk, CEO and Founder of Keeta, expressed enthusiasm about the venture, stating that as the adoption of digital assets increases, their blockchain is designed to tackle the accompanying scalability and regulatory challenges of an on-chain credit scene. The framework allows for peer-to-peer lending, mortgages, and payments all linked by extensive security measures, setting a new standard for financial interactions in the digital space.

Georgina Merhom, Founder of SOLO, emphasized that this is a pioneering moment for financial credentialing. By making real-world concepts like income and identity verifiable and tokenized, the potential exists to transform lending practices, harnessing the next trillion dollars in finance through enhanced trust and utility in blockchain technology.

Conclusion

Keeta and SOLO’s partnership not only redefines the landscape of financial services but also signals a shift towards a more inclusive, technology-driven economic environment. As the world increasingly embraces digital methods of transaction, initiatives like these pave the way for mainstream adoption, bringing greater financial empowerment to individuals across various sectors. The introduction of PASS underscores a promising future where blockchain technology and traditional finance can coexist and thrive together.