Security

At Credible, we ensure security and compliance through DeFi contract audits by Sec3, KYC/AML checks, risk scanning with Webacy, SOC 2 certification, and non-custodial asset management.

At Credible, we prioritize the security and compliance of our platform to ensure that both borrowers and lenders can confidently participate in the decentralized finance (DeFi) ecosystem. Our security framework is built on a combination of rigorous auditing processes, adherence to financial regulations, and continuous efforts to improve transparency and risk management. Here are the key security features that Credible implements:

DeFi Contract Audits by Sec3

Credible’s smart contracts, which power our DeFi protocols, are thoroughly audited by Sec3, a leading security firm specializing in the review of blockchain and DeFi contracts. These audits are designed to identify vulnerabilities, potential exploits, and ensure that the contracts operate as intended. By working with Sec3, Credible ensures that our smart contracts meet the highest standards of security and reliability, providing peace of mind to users when interacting with our platform.

Adherence to KYC/AML Compliance

As part of our commitment to operating in a secure and compliant environment, Credible collaborates with licensed financial institutions to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) checks for borrowers. This is particularly important for ensuring that all parties involved in lending and borrowing activities are verified and that illicit activities, such as money laundering and fraud, are prevented. Our KYC/AML processes are designed to adhere to global standards, ensuring compliance with regulations in the jurisdictions where we operate, while maintaining privacy for users.

Risk Exposure Scanning with Webacy

To further safeguard against potential risks and illegal fund sources, Credible integrates with Webacy, a leading blockchain security provider. Webacy scans lending wallets for risk exposure, ensuring that all funds used on the platform are from legitimate sources. This risk assessment system helps to detect and prevent illicit activities, such as funds originating from hacks, fraud, or other illegal activities, which is critical to maintaining the integrity of our ecosystem. By performing continuous wallet monitoring, Webacy helps ensure that only trustworthy funds are involved in our lending and borrowing activities.

Roadmap to SOC 2 Certification

Credible is committed to maintaining the highest level of operational security and transparency. To achieve this, we are working toward SOC 2 certification, a leading standard for data security, confidentiality, and privacy. Achieving SOC 2 compliance will demonstrate that Credible has implemented rigorous controls and procedures to safeguard user data and ensure the secure operation of our platform. This certification will further enhance trust and accountability with our users, institutional partners, and regulators.

Ongoing Audits and DeFi Security Partnerships

As Credible continues to grow, we are expanding our security measures to ensure continuous improvement. We have a roadmap in place to undergo additional audits from other reputable DeFi auditors, strengthening our platform's security posture. These audits will focus on various aspects of our operations, including smart contract security, risk management, and compliance. By continuously working with top-tier auditors, Credible ensures that we stay ahead of emerging security risks in the rapidly evolving DeFi space.

Transparent, Non-Custodial Security

Credible operates as a non-custodial platform, meaning that users maintain full control over their assets. We never take custody of users’ funds, which helps to mitigate the risks associated with centralization and custodial breaches. By utilizing smart contracts, we allow users to securely interact with DeFi protocols while keeping their assets in their own wallets. This approach enhances both security and transparency for all parties involved.