Israeli fintech company Kima and Mastercard’s FinSec Innovation Lab have joined forces to develop a project that aims to connect decentralized finance (DeFi) tools with traditional financial services like credit cards and bank accounts. The goal of the project is to create a “DeFi credit card” that will allow users to seamlessly access both DeFi and traditional financial services. The project is being supported by the Israel Innovation Authority.
Kima is a peer-to-peer money transfer and payment protocol that operates on a blockchain without smart contracts. It plans to expand its existing protocol and launch a mainnet and token by the second quarter of 2024. FinSec, Is a program that is supported by the Israel National Cyber Directorate, Finance Ministry, and Innovation Authority. It works with fintech and cybersecurity startups and will be operating a Kima node and be a key shareholder in the network.
The collaboration between Kima and FinSec was announced in July 2023. The project will focus on building a bridge between DeFi and traditional finance, aiming to overcome the technical and regulatory barriers that currently hinder the adoption of DeFi. Eitan Katz, the co-founder and CEO of Kima, stated that for blockchain and DeFi to become more mainstream, there needs to be an easily accessible, secure, and affordable way to connect blockchain networks with traditional financial services.
Kima has been experiencing rapid expansion, announcing six integrations and 18 new partnerships in 2024. These partnerships include ventures in Vietnam and Thailand. Kima has joined the incubator of artificial intelligence protocol ChatGPT, using AI in its liquidity management algorithm. Kima is one of 16 companies that FinSec supports.
Mastercard, a major player in the financial industry, is involved in various blockchain development projects. It is currently partnering with US banks to work on tokenized settlements on a shared ledger. It has also teamed up with DeFi platform Nexo to create a crypto-powered credit card in the European Economic Area. Mastercard is collaborating with blockchain and payment providers to research central bank digital currency.
The collaboration between Kima and FinSec aims to bridge the gap between DeFi and traditional finance, providing users with an accessible and secure way to utilize blockchain networks alongside traditional financial services. With the support of the Israel Innovation Authority and the expertise of both Kima and FinSec, the project has the potential to drive the adoption of DeFi to a wider audience and revolutionize the way people manage their finances.
I applaud Mastercard’s involvement in blockchain development projects! It’s great to see such a major player in the financial industry embracing the technology.
Mastercard’s collaboration with Nexo to create a crypto-powered credit card shows their commitment to innovation! They’re actively exploring new possibilities in the financial sector.
I’m glad FinSec is involved in this project! Their expertise in fintech and cybersecurity will be invaluable in overcoming technical and regulatory barriers.
This project is probably just a waste of time and money. I don’t see the point in connecting decentralized finance with traditional financial services.
This sounds like another unnecessary and complicated project. Who needs a DeFi credit card anyway?
I’m tired of hearing about all these blockchain and DeFi projects that promise to revolutionize everything but never deliver.
More blockchain hype. I highly doubt this project will actually make a significant impact on the adoption of DeFi.
It’s clear that the Israel Innovation Authority is just throwing their support behind any project without considering its actual potential.
Kima’s expansion and partnerships are a testament to their commitment to innovation! They’re making waves in the financial industry and pushing boundaries.
Kima and FinSec are truly bridging the gap between DeFi and traditional finance! This collaboration has the power to transform the financial industry as we know it.
I’m loving the idea of a DeFi credit card! Being able to seamlessly access both DeFi and traditional financial services is a game-changer. Well done, Kima and FinSec!
This is such an exciting collaboration! Combining decentralized finance with traditional financial services is a game-changer!
The Israel Innovation Authority is backing this project, which speaks volumes about its potential! 💪 With their support, Kima and FinSec can make significant strides in driving the adoption of DeFi.
I’m excited to see how this project will revolutionize the way we utilize blockchain networks! Kima and FinSec are paving the way for a more inclusive and accessible financial future.
I highly doubt this project will overcome the technical and regulatory barriers. It’s just wishful thinking.
Seriously, another collaboration between fintech and cybersecurity startups? Haven’t we seen enough of these already?
Kima’s rapid expansion is impressive! 💥 Six integrations and 18 partnerships in 2024 alone? That’s remarkable progress. Keep up the great work! 👍
Why do we need another player in the already crowded fintech space?
A big thumbs up to Eitan Katz for recognizing the need for an easily accessible and secure connection between blockchain and traditional finance! This project has the potential to change how we manage our finances.