- Kima launched its SDK to create a unified financial settlement layer.
- Its approach eliminates the need for smart contracts.
- Kima also joined FinSec Innovation Lab by Mastercard and Enel X.
In a significant move towards simplifying crypto-fiat accessibility, Kima, an asset-agnostic peer-to-peer money transfer and payment protocol, has launched its SDK. This development comes as Kima joins forces with FinSec Innovation Lab, a joint venture by Mastercard and Enel X, to advance research and development in financial technology and cybersecurity.
Kima’s SDK and Its Impact on Crypto-Fiat Accessibility
On Tuesday, June 6, 2023, Kima launched its software development kit (SDK) for a unified financial settlement layer. The new protocol would enable direct money transfers via blockchain addresses and bank accounts rather than smart contracts.
Sponsored
Kima asserts that DeFi protocols accounted for 82 percent of the nearly $4 billion in stolen crypto funds from hacks in 2022. By eliminating the need for smart contracts, Kima hopes to bypass the security issues they pose to facilitate cross-network transfers.
The firmโs approach brings together blockchains and traditional financial institutions whose infrastructures are incompatible with smart contracts. Unlike other crypto bridges, such as centralized swaps and on-ramp/off-ramp services, Kimaโs smart transactions are not tied to specific networks or exchanges.ย
The launch of Kimaโs SDK for crypto-fiat payments coincides with the company joining FinSec Innovation Lab, a joint venture of Mastercard and Enel X. This partnership will support projects advancing research and development in financial technology and cybersecurity.
On the Flipside
- While Kimaโs approach simplifies crypto-fiat accessibility, the broader adoption of this technology will require significant regulatory and technical advancements.
- The success of Kimaโs SDK will largely depend on its acceptance and integration by traditional financial institutions and blockchain networks.
Why This Matters
Kimaโs SDK launch stands to simplify crypto-fiat transactions and therefore has the potential to play a key role in onboarding institutions to the crypto industry, a crucial step for widespread adoption.
Read more about Decentralized Finance (DeFi) and its potential:
What Is DeFi? Uncovering the Mysteries of Decentralized Finance
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