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
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.
The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.
Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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