Market › Posted card › Cred

Cred

Takes as collateral: bitcoin

cefi_cred · lending desk · operated by Cred Inc. · defunct

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

not applicable

Dollar debt against bitcoin

not applicable

Aggregate LTV

not applicable

Borrow rate (USD loans)

not applicable

Lend rate (USD loans)

not applicable

Liquidates at

not applicable

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

BTC collateral of Posted card

Dollar debt against bitcoin of the market — Posted card 7.3%, 5.0% of its bitcoin collateral

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.

Price

What does credit cost here, and how is the price formed?

Rate formation	posted_card source As the desk operated before it failed (2020-04-20). negotiated per loan (no posted rate card). No rate card was published: the product page sends the applicant to a 'Cred Concierge' call 'to learn about rates', and the rate is then written into the schedule of the individual agreement. The examiner records a typical 3% origination fee. Evidence: "Simply schedule a call to learn about rates, pledge your collateral, and get your cash." — mycred.io/borrow (CredBorrow product page), Wayback snapshot 2020-08-07, 2020-08-07 (http://web.archive.org/web/20200807220557/https://mycred.io/borrow/?utm_source=nomics&utm_medium=&utm_campaign=crypto_product_guides); 2 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Term structure	fixed_term source As the desk operated before it failed (2020-04-20). Fixed term, but the length differs by source: the retail product page and the examiner say a 3-year credit line with payments due annually; the UpgradeYa contract matures 12 months after the collateral pledge, renewable only by the lender's written notice. The borrower could prepay at any time without fee. The 2020 website footer reserves to Cred a discretion to extend the term of any loan or pledge. Evidence: "Lastly, use your credit line for 3 years, with interest payments due annually." — mycred.io/borrow (CredBorrow product page), Wayback snapshot 2020-08-07, 2020-08-07 (http://web.archive.org/web/20200807220557/https://mycred.io/borrow/?utm_source=nomics&utm_medium=&utm_campaign=crypto_product_guides); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Rate certainty	fixed_at_origination source As the desk operated before it failed (2020-04-20). Fixed rate set per loan. Representative rates: 6% per annum on the UpgradeYa line (April 2020); the examiner says CredBorrow loans typically bore 9%-14% a year plus a typical 3% origination fee; the website advertised 'sub-10% APR' (Nov 2019 and Aug 2020). Caveats in the contract: the rate may be increased if the line is not renewed and is termed out, and a default rate of five points over applies. Evidence: ""Interest Rate": 6% per annum." — Loan and Security Agreement, Cred (US) LLC (Lender) and UpgradeYa Investments LLC (Borrower), effective 2020-04-20; Exhibit A to the Parrish Declaration, D.I. 91-1 (the desk's own executed contract, filed in court), 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.91.1.pdf); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	single source As the desk operated before it failed (2020-04-20). The contract marks collateral at a 'Fair Market Price' that the lender itself determines: the average of the closing price on two consecutive days on which a price is posted on the applicable Bloomberg US-dollar spot page 'or other price quote source, as confirmed by Lender'. One named reference, lender's discretion over substitutes, two-day averaging (not a TWAP in the usual sense). The website says LTV was calculated monthly. Established from the UpgradeYa contract only. Evidence: "The term "Fair Market Price" means the average of the closing market price for the relevant cryptocurrency on 2 consecutive Exchange Business Days, as determined by Lender." — Loan and Security Agreement, Cred (US) LLC (Lender) and UpgradeYa Investments LLC (Borrower), effective 2020-04-20; Exhibit A to the Parrish Declaration, D.I. 91-1 (the desk's own executed contract, filed in court), 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.91.1.pdf); 2 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Default & liquidation	threshold source As the desk operated before it failed (2020-04-20). UpgradeYa contract: 50% maximum LTV at origination; after a first valuation event the maintenance ceiling is 75% LTV; the borrower has 3 business days to cure by repaying or (at the lender's discretion) posting more collateral, failing which it is an event of default; at 91% LTV the lender sells all collateral automatically and any price it obtains is deemed fair. The lender (Cred) is the only liquidator. The examiner describes CredBorrow generally as lending up to 50% of collateral value. Evidence: ""Initial Collateral Minimum Percentage" (initial maximum loan-to-value ratio): 50%" — Loan and Security Agreement, Cred (US) LLC (Lender) and UpgradeYa Investments LLC (Borrower), effective 2020-04-20; Exhibit A to the Parrish Declaration, D.I. 91-1 (the desk's own executed contract, filed in court), 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.91.1.pdf); 5 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Custody & backing	custodial_with_reuse source custodial_with_reuse (criteria v1.2): the desk held the collateral, told borrowers it would be lent on, and pooled and lent it. Whether title passed was argued and not decided. As the desk operated before it failed (2020-04-20). The borrower transferred the coins to Cred. Cred's page said they were held in a Cred account secured by custodian BitGo; the UpgradeYa bitcoin went to Fireblocks wallets Cred designated. Cred's own page told borrowers the pledged assets would be lent on and transacted with, and in practice Cred pooled all customer coins, placed them with outside asset managers and often converted them to dollars or USDT to lend to moKredit. On title: the contract on its face grants a security interest (a pledge), not an outright transfer; in the bankruptcy the debtors argued ownership had passed to Cred and that nothing restricted its use of the coins; the court expressly declined to decide. Evidence: "Your pledged assets are used to lend to and transact with a variety of customers, including retail borrowers and money managers with well-established track records." — mycred.io/borrow (CredBorrow product page), Wayback snapshot 2020-08-07, 2020-08-07 (http://web.archive.org/web/20200807220557/https://mycred.io/borrow/?utm_source=nomics&utm_medium=&utm_campaign=crypto_product_guides); 6 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Recourse	recourse source As the desk operated before it failed (2020-04-20). Full recourse in the UpgradeYa contract: the borrower agrees to pay any deficiency left after the collateral proceeds are applied, and indemnifies the lender. High confidence for that contract; medium for the product as a whole because the standard retail 'Multi-Tranche Credit Agreement' was not found. Evidence: "to the extent permitted by law, to pay any deficiency after application of the proceeds of the Collateral to the Indebtedness." — Loan and Security Agreement, Cred (US) LLC (Lender) and UpgradeYa Investments LLC (Borrower), effective 2020-04-20; Exhibit A to the Parrish Declaration, D.I. 91-1 (the desk's own executed contract, filed in court), 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.91.1.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
Track record	unknown (this dataset postdates the venue. The venue is defunct and carries a terminal_date but no first_date, because it was never observed while trading. A span inferred from the terminal date would be a guess, and would understate exactly the history this dataset exists to measure.)

Composition

Who and what makes up this market?

Collateral accepted	BTC (desk-held; the desk lent it on) source As the desk operated before it failed (2020-04-20). Bitcoin was accepted: the UpgradeYa line was secured by 531.30 BTC (478.17 BTC after a partial return in August 2020). The product page refers to 'every collateral type' without listing them. In the insolvency the collateral was gone: by the petition date Cred held about 89 BTC in total and the court recorded that the debtors were no longer holding UpgradeYa's pledged bitcoin. Under the confirmed liquidation plan a customer's claim is a general unsecured claim except to the extent of a valid setoff right (i.e. a borrower could at most net the lost collateral against the loan it owed); the UpgradeYa dispute ended in a settlement approved at D.I. 870, whose terms were not read. Evidence: "secured by Bitcoin pledged by UpgradeYa as collateral in an amount equal to an initial maximum loan-to-value ratio of fifty percent (50%)" — Motion of UpgradeYa Investments, LLC for Relief from Stay, D.I. 89, 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.89.0.pdf); 5 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json. Loan book at failure: About $8 million of CredBorrow loans were owed to the debtors, which the plan itself treated as possibly uncollectible because the collateral could not be returned. The largest identified loan was UpgradeYa's fully drawn $2m line against 478.17 BTC (about $7.3m at the petition date). Against that, Cred held about 89 BTC in total. No schedule of all CredBorrow loans or of collateral by asset was found. What failed: Cred turned customers' crypto into dollars and lent about half its assets to moKredit, a Chinese micro-lender owned by its co-founder, hedging the resulting short crypto exposure with derivatives; the March 2020 crash wiped out the hedges and moKredit could not return capital (about $39m was still owed at the petition). A fraud in which 800 BTC were sent to an impostor asset manager, and the October 2020 rise in bitcoin against an unhedged book, completed the insolvency.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: partial — Posted rates recoverable from Internet Archive snapshots as archived_card. NOT YET INGESTED. ⚠ Cred failed in 2020, BEFORE the 2022 cohort, so it is the earliest venue on this surface and its rates predate every other series held. quantity: partial — Bankruptcy docket only, as a one-time snapshot. NOT YET INGESTED. composition: none — Loan-level composition unobtainable for a wound-up desk.

What the loans are denominated in

US dollars — as the venue's filings state itAssets: USD (fiat). "Cred launched the CredBorrow program in December 2018 as a mechanism to offer customers loans in U.S. dollars (USD) using a customer's cryptocurrency as collateral for the loan." — Examiner Report (R. Stark), Bankr. D. Del. 20-12836 Doc 605, https://cases.stretto.com/public/x117/10695/PLEADINGS/1069504102180000000042.pdf, read 2026-10-05

Each currency is a separate book; the dollar equivalents compare sizes and are never added together.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

desk established — the desk · custodial_with_reuse
source
attribute · custody_model = custodial_with_reuse
custodial_with_reuse (criteria v1.2): the desk held the collateral, told borrowers it would be lent on, and pooled and lent it. Whether title passed was argued and not decided. As the desk operated before it failed (2020-04-20). The borrower transferred the coins to Cred. Cred's page said they were held in a Cred account secured by custodian BitGo; the UpgradeYa bitcoin went to Fireblocks wallets Cred designated. Cred's own page told borrowers the pledged assets would be lent on and transacted with, and in practice Cred pooled all customer coins, placed them with outside asset managers and often converted them to dollars or USDT to lend to moKredit. On title: the contract on its face grants a security interest (a pledge), not an outright transfer; in the bankruptcy the debtors argued ownership had passed to Cred and that nothing restricted its use of the coins; the court expressly declined to decide. Evidence: "Your pledged assets are used to lend to and transact with a variety of customers, including retail borrowers and money managers with well-established track records." — mycred.io/borrow (CredBorrow product page), Wayback snapshot 2020-08-07, 2020-08-07 (http://web.archive.org/web/20200807220557/https://mycred.io/borrow/?utm_source=nomics&utm_medium=&utm_campaign=crypto_product_guides); 6 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.
sub_custodian incomplete
no borrow card for this venue names one
reuse established — the desk
the desk may lend, pledge, sell or take title to the collateral — from its terms or its own statements
source
attribute · custody_model = custodial_with_reuse
custodial_with_reuse (criteria v1.2): the desk held the collateral, told borrowers it would be lent on, and pooled and lent it. Whether title passed was argued and not decided. As the desk operated before it failed (2020-04-20). The borrower transferred the coins to Cred. Cred's page said they were held in a Cred account secured by custodian BitGo; the UpgradeYa bitcoin went to Fireblocks wallets Cred designated. Cred's own page told borrowers the pledged assets would be lent on and transacted with, and in practice Cred pooled all customer coins, placed them with outside asset managers and often converted them to dollars or USDT to lend to moKredit. On title: the contract on its face grants a security interest (a pledge), not an outright transfer; in the bankruptcy the debtors argued ownership had passed to Cred and that nothing restricted its use of the coins; the court expressly declined to decide. Evidence: "Your pledged assets are used to lend to and transact with a variety of customers, including retail borrowers and money managers with well-established track records." — mycred.io/borrow (CredBorrow product page), Wayback snapshot 2020-08-07, 2020-08-07 (http://web.archive.org/web/20200807220557/https://mycred.io/borrow/?utm_source=nomics&utm_medium=&utm_campaign=crypto_product_guides); 6 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

Recourse: recourse

source

attribute · recourse

As the desk operated before it failed (2020-04-20). Full recourse in the UpgradeYa contract: the borrower agrees to pay any deficiency left after the collateral proceeds are applied, and indemnifies the lender. High confidence for that contract; medium for the product as a whole because the standard retail 'Multi-Tranche Credit Agreement' was not found. Evidence: "to the extent permitted by law, to pay any deficiency after application of the proceeds of the Collateral to the Indebtedness." — Loan and Security Agreement, Cred (US) LLC (Lender) and UpgradeYa Investments LLC (Borrower), effective 2020-04-20; Exhibit A to the Parrish Declaration, D.I. 91-1 (the desk's own executed contract, filed in court), 2020-11-25 (https://storage.courtlistener.com/recap/gov.uscourts.deb.183348/gov.uscourts.deb.183348.91.1.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	not applicable — there is no pool of deposits here to be drawn
Intermediation margin	not applicable — needs both a borrow and a lend rate; the borrow rate is not served here
Trailing realised average (7/30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Rate volatility (30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Spread to the pair aggregate	not applicable — this venue has no borrow rate to compare
Spread to matched Treasuries	not applicable — this venue has no borrow rate to compare
Origination flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Repayment flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Aggregate and distributional LTV	not applicable — the venue is defunct: it no longer lends, and this tile describes a live book
Residence distribution	unknown (not published by the venue) — the venue publishes no loan durations
Liquidation incidence	unknown (not published by the venue) — the venue publishes no liquidations
Top-10 concentration share	unknown (not published by the venue) — the venue publishes no borrower distribution

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/cefi_cred
MCP	get_venue({ venue_id: "cefi_cred" }) get_venue({ venue_id: "cefi_cred", include: ["axes", "headline"] })

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Orientation · CredHolder · CredTreasurer · CredAnalyst · CredRisk · Cred

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