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Bitcoin PR Buzz News:Ā The blockchain alternative to the traditional credit bureaus offers unprecedented security and a more accurate record of consumerĀ credit worthiness
New York, NY (October 9, 2017).āĀ Pave, the innovative online lender, announces the start of the pre-sale period for its upcoming token sale scheduled for mid-October. This token sale will fund the launch of Paveās new product ā a Global Credit Profile (GCP,Ā http://gcp.pave.com). The pre-sale is restricted to accredited investors only.
While the traditional credit bureaus such as Experian, Equifax and TransUnion continue to perform a valuable service by acting as a reliable source of information for third parties, they are plagued with systemic problems including a lack of transparency and control over personal data, vulnerability to fraud and data theft.
One of the key benefits ofĀ Paveās new productĀ is the decentralized and encrypted storage of individualsā financial data in the blockchain. Rather than a corporation owning and controlling such sensitive information,Ā Paveās GCPĀ allows each user to store their own encrypted data securely and thereby removes the threat of a central attack affecting millions.
Oren Bass, Paveās CEO says: āPaveāsĀ new productĀ builds on our 5 year history of lending to those with limited credit histories.Ā GCPĀ will enable an individual to contribute to building a more complete and accurate picture of his financial health, than one provided by traditional credit bureaus. Those with limited credit history, such as immigrants, millennials and new to credit suffer most under the current system. They find themselves caught in a catch 22 situation of having to have credit to obtain credit. Consequently, lenders often only see a partial picture and view such borrowers as risky and ineligible to access prime credit.ā
It is estimated that just in the U.S. about 45 million people are kept on the margins of the financial system because they do not have credit records that can be scored. Shockingly 70% of the millennial population in the U.S. have subprime credit scores despite data showing them to have better credit risk than elder population.Ā Paveās GCPĀ uses data that is currently being ignored by traditional credit bureaus, such as bank account spending data, alternative payment data and educational achievements. By enabling a user to enrich their own credit profile theĀ GCPĀ would help to realize Paveās mission to unlock access to credit to millions of mispriced consumers.
About Pave
Pave, a VC-backed company, was founded in 2012 by with the mission to utilize technological innovation to democratize access to funding. Pave has created as an online lending platform focused on providing those with limited credit history access to credit. Paveās innovative approach to lending enabled the company to successfully lend to nearly approximately 1700 individuals with āthin credit filesā totalling close to $23 million in loans.
Presale for accredited investorsĀ āĀ ir@pave.com
Learn more about Global Credit ProfileĀ Ā http://gcp.pave.comRead the project White paperĀ https://s3.amazonaws.com/pave-external-static/Pave_Whitepaper_Abstract.pdfFollow us on TwitterĀ https://twitter.com/paveJoin us on FacebookĀ https://www.facebook.com/pave/
Media Contact
Contact Name:Ā Nastasya SavinaContact Email:Ā communications@pave.comLocation:Ā New York, NY
Pave is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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