Cryptocurrency

Mastercard Partners Kima To Take One Step Closer to ‘DeFi Credit Card’

Mastercard and Kima have announced a partnership to take one step closer to integrating Defi Credit Card to enhance usability among cryptocurrency users.

BrandNewsDay reports that Kima and FinSec are collaborating to create a seamless connection between decentralized finance (DeFi) applications and traditional financial systems, such as bank accounts and credit cards.

Similarly, Mastercard announced on Wednesday that five startups around the world will join its Start Path Blockchain and Digital Asset program.

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The five startups include France-based Kulipa UK-based Parfin, Singapore-based Peaq, U.S.-based Triangle, and Belgium-based Venly.

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Mastercard’s FinSec Innovation Lab will run nodes on Kima’s Testnet. The main goal is to bring DeFi and everyday TradFi services like bank accounts, debit cards, and credit cards together in the way we know is possible. Yet, it hasn’t been done yet. Kima and Mastercard hope to be the first. Both the manner and full token access on exchanges (they had their TGE) are expected any day.

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About Kima Network

We’ve talked about Kima before and how innovative their approach is to cross-chain payments. We have not seen any protocols that try to manage cross-chain payments without either bridges or smart contracts. Until now. Because Kima does. Kima uses a combination of vaults and liquidity rebalancing to allow any payment on-chain and even fiat money from bank accounts.

Here is a visual of how they describe it.

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