Person attributes
Dan Schatt is the CEO and Co-Founder of Cred. Dan is a recognized expert in payments, mobile commerce, and retail financial services innovation and has been recognized as one of the top 13 “Innovators To Watch” in the payment industry by Bank Innovations Magazine. He is the best selling author of “Virtual Banking, A Guide to Innovation and Partnering” and a frequent financial technology speaker and advisor. In addition to Cred, Dan is also the Co-Founder of the Universal Protocol Alliance.
Dan Schatt is a fintech and Peace Corps veteran. Hailing from California, he studied law, international relations and business at Columbia University. His career includes a six-year tenure at PayPal as general manager of financial innovations and another five years as the chief commercial officer of Stockpile. Since 2018, he has been involved in the blockchain industry and advocacy groups, co-founding crypto lending company Cred that same year.
Columbia University in the City of New York
Master of Business Administration (MBA)
Columbia University in the City of New York
Master of International Affairs (MIA)
UC Santa Barbara
Bachelor of Arts (BA), Law and society
Co-Founder and CEO
Earnity
2021 – present time
Co-Founder
Universal Protocol Alliance
2018 — Dec 2020
Member Board Of Directors
Uphold Inc.
2018 - 2020
Member Board Of Directors
GiftofCollege
2018 - 2020
Member Board Of Directors
Blockchain Advocacy Coalition
2018 - 2020
Co-Founder, CEO
Cred
2018 - 2020
Chief Commercial Officer
Stockpile Inc.
2013 - 2018
GM Financial Innovations
PayPal
2007 - 2013
Member Board Of Directors
mFoundrym
2007 - 2013
Senior Industry Analyst
Celent
2005 - 2007
General Manager
Yodlee
2002 — Dec 2005
Co Founder
CrossFunds
2001 - 2002
Senior Investment Banking Associate
Salomon Smith Barney
1998 - 2001
Country Director
Financial Services Volunteer Corps
1995 - 1997
2020 started quite well for Schatt, whose company was able to benefit from increasing interest in crypto lending solutions. Cred partnered with several notable promoters, including NBA player Spencer Dinwiddie.
Unfortunately, Schatt’s fortunes came crashing down toward the end of the year. As solvency issues gradually began coming to light in October, Cred quickly collapsed in November, filing Chapter 11 bankruptcy. A “fraudulent incident” resulted in the company being unable to service its debt; out of a maximum of $100 million in assets, its liabilities total up to $150 million.
Many of the platform’s users are now locked out of their funds, with few prospects of a reimbursement.
Cointelegraph hopes that Schatt can repair at least some of the damage to customers caused by his company’s demise. The damage to his reputation, however, may be too great for a return to the scene in 2021 — or possibly, ever.
Nonetheless, Schatt’s story in 2020 served as a crucially important reminder of why crypto’s ideals of self-custody — and the extension of those ideals through decentralized finance — are so important. Though DeFi carries its own set of risks, the transparency and trustlessness inherent to the movement make it ultimately superior to crypto neobanks.
