High throughput blockchain Keeta and credit data platform SOLO, companies both backed by former Google CEO Eric Schmidt, are introducing an on-chain credit bureau to give digital asset owners access to mortgages, small business loans, and other traditional lending services.
Keeta is facilitating SOLO to create PASS, a blockchain-based, bank-grade financial identity layer, using know-your-customer, income, crypto assets, and business credentials, according to a press release on Thursday.
Blockchain infrastructure is synonymous with trust, so it makes sense to use the tech to store real world financial credentials, and cater to new digital paradigms within lending.
The PASS product creates modern credit rails for wallets, dApps, and embedded finance, while allowing for pseudonymous lending and borrowing based on trusted credentials, the release stated.
“This is the first time that a blockchain network has made real-world financial credentials, like income, assets, and identity, verifiable, tokenized, and trusted for lending,” said Georgina Merhom, Founder of SOLO. “PASS delivers a portable, programmable credit bureau, owned by the people it’s built for.”
Eric Schmidt has been involved in the blockchain and crypto space for some time, having joined Chainlink Labs as a strategic adviser back in early 2023.