Blockchain
Mastercard and Kima take one step closer to a ‘DeFi credit card’
Kima, the asset-agnostic, peer-to-peer money transfer and payment protocol, joins the FinSec Innovation Lab, a fintech and cybersecurity accelerator by Mastercard, and receives a grant from the Israel Innovation Authority (IIA) to fund an initiative to connect decentralized finance (DeFi) applications with fiat systems. The collaboration between Kima and FinSec focuses on developing a use case linking traditional financial instruments, such as bank accounts and credit cards, to DeFi protocols, platforms, and services.
Decentralized finance has been recognized for its creativity in applying innovative financial instruments through blockchain and digital assets. However, technical, financial, and regulatory red tape cause blockchain protocols to remain isolated—turning DeFi apps into fragmented liquidity silos locked within the boundaries of the host network and smart contracts. Furthermore, the absence of a convenient bridge between DeFi and mainstream financial systems contributes to a poor and complicated user experience.
Kicking off in late 2023, the grant powers Kima and FinSec to utilize its infrastructure to explore and develop methods to easily link everyday bank accounts and credit cards to a wide range of DeFi tools. The collaboration aims to expand on Kima’s existing payment protocol—which facilitates direct money transfers via blockchain and bank accounts without using smart contracts.
As part of the project, FinSec will operate a Kima node and serve as a key stakeholder in its burgeoning cross-ecosystem network. FinSec’s participation in the network further bolsters Kima’s payment protocol and expansive settlement layer ahead of its upcoming token and mainnet launches slated for Q2 of 2024.
Kima’s settlement layer is built to handle wide-ranging applications including cross-border transfers, crypto payment rails, DeFi borrowing and lending, gaming, RWA marketplaces, wallets, and exchanges.
“Kima and FinSec are embarking on an exciting journey together—one which we are confident will lead to major breakthroughs in how people interact with DeFi,” says Eitan Katz, CEO and Co-Founder of Kima. “The only way blockchain and DeFi will become fixtures outside the niche world of Web3 is if there is an easily accessible, secure, and affordable way to bridge blockchain networks with traditional financial means. The Israel Innovation Authority and Mastercard recognize the value and potential of our vision, and we are proud to have their support.”
“We are delighted to have Kima as a startup in the FinSec Lab and to support the initiative to seamlessly connect decentralized finance (DeFi) applications with fiat systems. We are thrilled to see Eitan and his team’s development and happy to see the success of their innovative solutions,” says Sidney Gottesman, CEO of FinSec.
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Blockchain
Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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Blockchain
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