By Laura Adams
Over the past few years, the rising growth and adoption of “crypto lending” has provided consumers with newfound financial freedom and opportunity thanks to the benefits of blockchain technology and decentralized financial protocols.
Crypto lending creates tremendous opportunities for local and national businesses, state and federal governments and — above all — consumers. Not only does it create jobs and reduce financial costs for businesses, but crypto lending provides access to capital for individuals in underserved communities and helps establish a new pool of investment opportunities for all participants.
By allowing individuals to use their crypto assets as collateral to borrow cash, crypto loans are revolutionizing the lending industry by giving access to consumers that have been shut out of conventional lending for far too long. Over 6% of U.S. households, or a total 14.1 million American adults, are unbanked, according to the National Survey of Unbanked and Underbanked Households by the Federal Deposit Insurance Corporation (FDIC). And according to data from the Consumer Financial Protection Bureau (CFPB), 45 million American adults are considered “credit invisible,” meaning they either have no credit score …
Full story available on Benzinga.com