Swipe Launches Visa Loan Card with Defi

Oct 04, 2020 · 1 min read
Swipe Launches Visa Loan Card with Defi
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Decentralized technology seeks to diminish the importance and control of companies, governments and banking entities that greatly influence finances. For this reason, they work under structures such as crypto-currencies, which are independent systems, and in this case, their methods are used by the crypto-currency company, Swipe, to create a VISA card whose purpose is to offer credit funds.

In this way, the company owned by Binance, dedicated exclusively to the creation of bank accounts and with the offer of crypto-currency debit cards, now makes use of the blockchain technology to be able to expand its tools and functions with the creation of a card that gives its customers the option to opt for credits called “LendFi Visa Card”.

Protocols incorporated in the new Swipe card

The new mode consists of financial protocols that make use of DeFi technology to make access to accounts and loan balances faster and almost immediately. In turn, this is linked to the decentralized platform “LendFi”, specialized in loans, which allows account owners to connect with them from their cell phones.

In this way, after its launching it will incorporate the DeFi Compound system and according to the information that exists, this new modality will allow the authorization of loans that will later be deposited in the accounts. In the same way, LendFi has the option of adding virtual currencies considered as stable within the market, so that customers can spend them using their credit card.

Available in the United States

These are issued virtually and are available by downloading the relevant application, i.e. LendFi, to all U.S. borrowers who wish to access this service. All that is required is to register and complete the identification form that the page requests. Then, once users request their card virtually, they will be able to request a physical model.