Crypto Credit API

Our aim at SmartCredit.io is to create a liberating credit system. Cryptocurrencies have entered the lending worlds and the number of people who want to obtain loans in decentralized blockchain ecosystems is continuously increasing. However, more than 50% of the crypto-lending is based on custodial platforms.

Custodial platforms can have the following disadvantages:

1. Custodial platforms control the private keys of their users – meaning these platforms own the assets
2. Custodial platforms are rather part of the centralized financial system and not part of the decentralized financial system
3. Custodial platforms cannot produce APIs and widgets that can be integrated with other platforms

This last point of the APIs and widgets is exactly where SmartCredit.io adds a lot of value to the ecosystem. SmartCredit.io DeFi system is advantageous not only for lenders, borrowers, investors, or merchants but also for other platforms that offer solutions related to cryptocurrency systems. Other platforms can integrate SmartCredit.io Crypro Credit API and/or widgets and can offer directly decentral credit to their users.

What Can You Do with Crypto Credit API?

If you are the owner of a platform that offers cryptocurrency-based solutions, you can integrate the crypto credit service into your platform using Smart Credit APIs and widgets. This integration will allow your platform to earn loan origination fees – your platform will earn half of the loan origination fees. The other half of the loan origination fees will go to the SmartCredit.io.

The crypto projects are usually building their own applications for specific capability – for payments, wallets, exchanges, social media, etc. All of them will have the same key issue – how to monetize their user base? For example – the crypto wallets are free. So, how should the crypto wallets generate the revenues?

One way is to introduce the premium models, but most of the projects choose not to do this. The other, more preferred way is to integrate value-added services:

• Free crypto wallets could integrate exchange services and credit services. That’s what ca 1/3 of crypto wallets are doing – they do integrate the exchange services and they earn additional revenues via this
• Crypto payment providers could integrate exchange services and credit services. Payment providers would earn additional revenues on the bid-ask spread and on the loan origination fees
• Social media providers could integrate exchange services, credit services, and on the payment services

This approach would allow every service provider to add value providing services and to monetize their user base. SmartCredit.io will be the key pillar for this approach because SmartCredit.io offers the credit-services.

How to integrate SmartCredit.io Crypto Credit API?

There are two ways of integration:

• Integration via the widgets – this is user interface based integration, for example, you can integrate SmartCredit.io widgets into your crypto payment platform or into your social media platform. Your users could then take or give credit directly from your website
• Integration via the API – your platform would have to call our platform via the API and you could develop the User Interface as you would like. Your users could then take credit or give credit directly from your website as well

The first approach is much faster:

• SmartCredit.io would generate API keys for you (you would have to keep them in the secure storage)
• For every your user you would have to call the “registerUser” call from our API
• And for every session, you would have to call the “getSecurityToken” call from our API

How SmartCredit.io Crypto Credit API Works?

The platforms which integrate SmartCredit.io will earn additional revenues via the loan origination. These platforms can monetize their user base. The key idea of SmartCredit.io is to become the backbone of the credit – it’s about focusing on the credit risk and loan origination. The user acquisition would be via a high number of the partners, which would earn half of the loan origination fees.

What are the Key Advantages of the Credit As A Service API?

1. Integrating partners will bring the users and will earn 50% of the loan origination fees
2. Integrating partners will bind their users to their platforms – users do not need to switch to other platforms for the value-adding services
3. Integrating partners do not need to build up and develop credit and credit risk management systems
4. SmartCredit.io takes care of the credit risk management

Example Case Uses Credit As A Service API – SpendTrack.com

All of the benefits detailed above will allow third parties to monetize their user bases. For example, let’s consider a blockchain-based social media platform. The Credit As A Service API, which is integrated into this type of platform, can enable more users to try the credit service in a short time, the platform to generate more revenue and increase its traffic. At the end of the day, this API enhances both the Smart Credit and the platform using the API.

SpendTrack, as a new generation blockchain-based social media platform, is a system that allows existing cryptocurrencies to be distributed to users through content creation and other engagement rates. SpendTrack is one of the platforms that use Smart Credit’s Credit As A Service API on its system.

Who can benefit from Smart Credit APIs and Widgets?

Widgets offered as Credit As A Service can be used by the following platforms:

1. Wallet providers
2. Exchanges
3. Crypto Payment providers
4. Crypto Banks
5. Marketplaces

All these platforms can strengthen their client relationship and earn revenues at the same time