Summary: Credit Data Alliance (CreDA), a leading decentralized credit rating service, has announced the appointment of Fakhul Miah as its new CEO, as reported by Cointelegraph. Fukhul Miah was previously global vice president at Morgan Stanley. In addition to his traditional banking experience, Miah was instrumental in establishing crypto futures for Morgan Stanley in 2017, including ...

Credit Data Alliance (CreDA), a leading decentralized credit rating service, has announced the appointment of Fakhul Miah as its new CEO, as reported by Cointelegraph. Fukhul Miah was previously global vice president at Morgan Stanley.

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In addition to his traditional banking experience, Miah was instrumental in establishing crypto futures for Morgan Stanley in 2017, including operational flows, product architecture, risk modeling and margin methodologies. He also serves as an elected council member for the Elastos Cyber Republic decentralized autonomous organization.

Miah saw first-hand the challenges faced by families without access to traditional banking services. This made him a strong advocate for financial inclusion and ultimately attracted him to Decentralized Finance (DeFi) and CreDA.

Miah said, “The implementation of credit scoring has the potential to impact billions of the world’s underbanked. This was the promise of decentralized finance since its inception. However, the reality is that over-collateralization and the lack of trust are creating new barriers. CreDA changes this by using blockchain’s transparency and immutability to analyze a person’s assets and behaviors, establishing a trust score that allows lenders to offer low or no-collateral loans.”

CreDA brings the concept of personal credit scores to the more than $250 billion DeFi ecosystem. More importantly, the protocol also has the potential to provide a trust architecture for the relatively young and volatile MetaFi ecosystem, which includes emerging fields such as DeFi, GameFi, and SocialFi.

Miah said: “The DeFi landscape is quickly evolving, but there is still one factor that is missing — credibility. The CreDA protocol enables DeFi and other Web3 platforms to model risk profiles across its user base and offer personalized rates and services, making them more competitive versus industry peers.”

CreDA provides on-chain credit ratings using the CreDA Oracle, which employs artificial intelligence (AI) to examine users' assets, historical transactions and behavior in the crypto space across multiple blockchains. This data is used to calculate credit scores, which are then minted into secure credit NFTs. Credit NFTs enable users to unlock preferential rates and incentives.

The Filda partnership allows users to obtain leveraged loans and low or even no-collateral loans based on their crypto credit score. This score represents a user's ability and willingness to pay back loans, reducing Filda's risk and rewarding the user for good on-chain behavior.

A major focus of CreDA is ensuring a safe and secure experience for users, and CreDA recently underwent a rigorous security audit by Certik, a leading blockchain security organization.

By Amy Liu