Cryptocurrency lending and borrowing startup Cred has hired former PayPal executive as its chief financial officer (CFO), according to an announcement Monday.
The executive, Joe Podulka, worked as head of finance for PayPal Europe and PayPal New Ventures during 2010-2014, according to his LinkedIn profile. Podulka also had a stint at eBay in his 20+ years of experience.
“Cred is solving concrete problems for individuals, companies, and governments,” said Podulka, adding that it is also “insured, licensed, and compliant.” The startup has also hired Dan Wheeler, a former partner at the international law firm Bryan Cave Leighton Paisner LLP, as its general counsel.
Founded by former PayPal veterans - Dan Schatt and Lu Hua, Cred offers two products “Borrow” and “Earn.” The former allows users to borrow fiat currencies such as U.S. dollars and euros with cryptocurrencies as collateral, while the latter offers interest-earning opportunities on cryptocurrencies such as bitcoin (BTC), ether (ETH) and XRP, as well as on fiat currencies.
Backed by notable investors including Binance Labs and Arrington XRP Capital, Cred claims to have raised over $300 million of lending capital. Earlier this year, crypto exchange Binance also partnered with Cred to offer lending and borrowing services across its ecosystem.