TransUnion and Spring Labs team up to bring credit checks to crypto loan industry

TransUnion and Spring Labs team up to bring credit checks to crypto loan industry

Credit scores are about to become even more relevant, particularly in the cryptocurrency space, thanks to a partnership between TransUnion and Spring Labs.  TransUnion announced today that it will be utilizing ky0x Digital Passport service to conduct credit checks for cryptocurrency loans. Spring Labs owns ky0x.

When implemented, blockchain lenders will be able to view a potential borrower’s credit score.  Credit scores are not only useful for assessing creditworthiness, but high credit scores can help borrowers secure larger loans with lower interest rates and more favorable terms.

Speaking about the partnership, Spring Labs CEO John Sun remarked, “We want to foster greater trust (and adoption) in DeFi products and services, so we created the tool suite that makes available off-chain reputation (e.g. KYC/AML, credit) data on public blockchain that preserves the user’s privacy and anonymity.”  He added, “With TransUnion’s identity and credit data, we’re providing the first building block to bringing reputation on-chain, in turn helping create a more efficient DeFi lending environment that can offer better loans, more available liquidity, and ultimately accelerate adoption in the space.”

TransUnion President of US Markets Steve Chaouki said, “We believe in the growth potential of DeFi. Providing credit and identity data on-chain is a huge step towards improving the financial products available in the space. Working with Spring’s ky0x, we now have a solution for users to control and share their data on blockchain in a privacy-preserving way, enabling them to safely interact with a broader set of financial products.”

More information about Spring Labs and TransUnion can be found at springlabs.com and www.transunion.com.

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