DeFi

Kima Network Breaks DeFi Fragmentation with Verida’s Secure Identity Technology

Published

8 months ago

28 May, 2024

Kima Network Breaks DeFi Fragmentation with Verida's Secure Identity Technology

May 28, 2024 2:41 p.m. | 3 minutes of reading

Kima, a blockchain-based protocol designed to address fragmentation issues in the cryptocurrency and broader finance industries, announced a groundbreaking partnership with Verida, a pioneer in self-sovereign identity solutions. Backed by Mastercard’s Finsec Innovation Labs, this powerful alliance aims to revolutionize Kima’s KYC/AML processes and unlock its global expansion. By leveraging Verida’s technology, Kima can create an open infrastructure with secure user identities, paving the way for seamless cross-chain application development and broader market adoption.

This strategic partnership addresses a critical challenge for institutions entering the crypto space: navigating complex KYC/AML regulations across multiple jurisdictions. Verida’s innovative ecosystem of KYC partners and technologies provides Kima with the perfect solution, ensuring full compliance with KYC/KYB regulations, including background checks, AML checks and continuous monitoring. Kima will leverage Verida’s wallet for secure KYC credential management, giving users greater privacy control.

Kima estimates a potential 10x reduction in KYC/KYB verification costs using Verida’s technology. The streamlined KYC process will result in faster customer onboarding, reduced abandonment rates and real-time revalidation. This efficiency is crucial in a user-centric industry like DeFi, where smooth and efficient identity verification is paramount. According to Kima CEO, “Verida’s KYC solution streamlines the process for our users and alleviates the burden of manual checks on our compliance team. This partnership not only improves the user experience, but also allows us to confidently expand our DeFi sharding solution to new markets, knowing that we have a robust and compliant KYC infrastructure.

Kima will explore the integration of Verida’s KYC/KYB solutions into its transaction flows to ensure compliance and streamline user verification processes, as well as the use of Verida’s private information storage solutions to improve security and the confidentiality of its users’ data. Additionally, Kima can use Verida Wallet to manage KYC credentials and link them to transactions, improving real-world trust and reputation for financial transactions.

To improve its payments infrastructure, Verida will consider adopting Kima’s cloud and liquidity management solutions, secure messaging and universal payment rails. Both parties will collaborate on the development and implementation of a PoC to demonstrate the feasibility and benefits of the proposed integrations.

This partnership between Kima and Verida is poised to significantly improve the DeFi landscape by providing a secure, efficient and compliant framework for financial transactions. With Kima’s innovative interoperability solutions and Verida’s robust identity management technology, the future of decentralized finance looks brighter and more interconnected than ever.

By leveraging Verida’s reusable KYC credentials and Kima’s regulatory expertise, the partnership paves the way for a future where trust and compliance go hand in hand. This collaboration marks an important step towards a more efficient, user-friendly and secure financial landscape.

About Kima

The Kima protocol defragments DeFi by providing open infrastructure and building blocks for cross-chain applications: robust technology infrastructure, predefined feature blocks, tokenomics, and applications. Kima supports Know Your Transaction (KYT) and aims to expand support to multiple jurisdictions. For more information, visit Kima Network.

About Verida

Verida is a pioneering decentralized data network and self-custody wallet that puts users in control of their digital identity and data. With cutting-edge technology such as zero-knowledge proofs and verifiable credentials, Verida provides secure, autonomous storage solutions and innovative applications for various industries. Verida’s ecosystem of partners and KYC technologies is ideally suited to help Kima expand into new markets, streamlining processes and efficiencies for compliant transactions. For more information, visit Verida.

This article was written by an external contributor and does not represent the views of Benzinga and has not been edited for content. This contains sponsored content and is for informational purposes only and is not intended to constitute investment advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and coins with small market caps are inherently riskier than large cap cryptocurrencies. These tokens are subject to greater liquidity and market risks.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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