Keeta and SOLO, companies supported by former Google CEO Eric Schmidt, are introducing an on-chain credit bureau on the high throughput blockchain Keeta and credit data platform SOLO. This initiative aims to provide digital asset owners with access to mortgages, small business loans, and other traditional lending services.
According to a recent press release, Keeta and SOLO have collaborated to create PASS, a bank-grade financial identity layer based on blockchain technology. This layer incorporates know-your-customer verification, income data, crypto assets, and business credentials.
By utilizing blockchain technology, which is renowned for its trustworthiness, the project aims to securely store real-world financial credentials and adapt to the evolving digital landscape in lending.
The PASS product establishes modern credit pathways for wallets, decentralized applications (dApps), and embedded finance. It enables pseudonymous lending and borrowing based on verified credentials, as highlighted in the press release.
Georgina Merhom, Founder of SOLO, emphasized the groundbreaking nature of PASS, stating, “This marks the first instance where a blockchain network has tokenized and validated real-world financial credentials such as income, assets, and identity for lending purposes. PASS offers a portable, programmable credit bureau that is owned by its intended users.”
Eric Schmidt’s involvement in the blockchain and cryptocurrency sector is not new, as he previously served as a strategic advisor at Chainlink Labs starting in early 2023.