NEW YORK--(BUSINESS WIRE)--Pave, Inc the innovative online lender, announces an initial coin offering (“ICO”), scheduled for mid-October to fund Pave’s Global Credit Profile project, which could provide a ground-breaking solution to the problems associated with credit reporting worldwide. Based on its deep knowledge of lending to individuals with limited credit history (“thin files”), Pave’s GCP will give consumers and credit institutions access to richer and more accurate personal financial data than traditional credit bureaus provide, while significantly improving data security. GCP has the potential to unlock access to credit for millions of people — such as millennials and immigrants — who are marginalized by the current financial system.
While the centralized systems of companies 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 and unnecessary administrative costs. Using blockchain and related technologies, Pave’s GCP will decentralize the storage and ownership of an individual’s financial data by placing the user in control. The GCP thereby removes the reliance on a singular record keeper making security breaches infinitely less likely.
With the GCP each individual's financial profile will become a personal asset, portable on a global basis, verifiable and secure. GCP will empower and incentivize people to enrich their profiles with a range of significant and trustworthy financial data that is currently ignored by most traditional credit bureaus.
Oren Bass, CEO of Pave, said, “It’s been estimated that 45 million people in the U.S. may be kept on the margins of the financial system because they do not have credit records that can be scored. Not only are they denied access to affordable credit, but they can face obstacles when obtaining a cell phone, renting an apartment, and even seeking employment. Our GCP will allow anyone to develop their holistic financial profile incorporating additional data, such as spending patterns, bank account usage and education. We expect that the GCP will generate a more relevant financial profile for consumers and unlock access to credit for millions of people worldwide.”
Read more at https://gcp.pave.com
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. Pave's innovative approach to lending enabled the company to successfully lend to nearly approximately 1700 individuals with "thin credit files" totalling close to $23 million in loans.