Cardano’s commercial and R&D arm Emurgo has now a new member, Credmark, in its dLab/Emurgo startup accelerator program.
Emurgo announced the news to crypto community in a blog post published on its official website on Thursday, April 16. Credmark is the newest member in the batch for year 2020.
According to Emurgo, Credmark is filling a giant hole in the emerging crypto financial system by providing valuable credit data to the blockchain and cryptocurrency industry. The credit data is of much value for crypto businesses as, without data:
“it’s impossible for lenders to answer questions like who is credit trustworthy, who deserves better lending & borrowing terms, and who to do business with,” said Emurgo.
Lack of customers credit data was a problem for traditional banks in past and crypto industry is facing that same problem. The additional hurdle is that traditional data cannot be translated for crypto industry.
Credmark, based in Singapore, came forward to address this problem in 2018. The company sells verifiable credit data belonging to certain blockchain addresses that may belong to individuals or business. The company currently offers three product—Credmark Wealth, Credmark Clear, and Credmark Clear for Businesses—that provides data about customers wealth, credit-worthiness of a customer, and credit information of business respectively.
Emurgo said:
“Credmark can address the entire range of possible use-cases and securely analyze credit data pertaining to blockchain addresses. This data can then be used by DeFi lending projects, consumer lenders, and institutional lenders.”
Emurgo’s dLabs accelerator program will support Credmark to fulfil its mission by providing seed funding, best-in-class advisory with technical and business insights, leveraging EMURGO’s vast global network of industry partners.
Emurgo’s dLab was founded in 2018 to provide capital and resources to selected startups who are working on Blockchain and other decentralization technologies. The team is made up of investors, product builders, and technology experts from both organizations. dLabs is also backed by SOSV, a venture capital and investment management firm that provides seed, venture and growth stage funding to startup companies in the technology sector.
The dLabs accelerator program provides $200k of seed funding ($130k cash + $70k program costs) and intensive on-site programming for startups building on any protocol. According to dLab, through its accelerator program, selected startups also have access to global mentorship network including crypto industry superstars and partners with deep vertical expertise, syndicate investor network, an alumni community network of over 2000 founders across the globe, perks from leading infrastructure providers, and expert workshop sessions.
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