PRESS RELEASE
The Kinetex team is delighted to announce its partnership with Gnosis Pay, the world’s first on-chain self-custodial account that connects traditional payment rails to Web3 rails.
This collaboration offers a simple and efficient way to add funds to balances using Bitcoin, Ethereum, and other EVM-compatible tokens by exchanging them for EURe through Kinetex’s Flash Trade. It allows users to seamlessly fund their Gnosis Pay account and, in turn, use their on-chain assets at any Visa merchant globally.
Kinetex’s Flash Trade is an innovative trading protocol that utilizes ZK technology to provide a smooth cross-chain trading experience. One of Kinetex’s groundbreaking features is its support for Bitcoin. By introducing BTCX, a ZK light client developed by Succinct Labs specifically for Bitcoin, the team successfully connected the first cryptocurrency to the growing DeFi ecosystem.
Swapping via Flash Trade is instant, secure, and cost-effective thanks to advanced ZK technology. This technology enables users to conduct transactions without intermediaries, centralized validators, or complex smart contracts. The process is streamlined through an intent-based approach that connects traders and market makers, with the latter ensuring liquidity, fast execution times, and low costs.
The integration between Kinetex and Gnosis Pay is set to revolutionize how cryptocurrency owners can use their assets, empowering them to spend their crypto funds in their everyday lives. Together, Kinetex and Gnosis Pay contribute to the mainstream adoption of crypto as a payment method and the maturation of the DeFi industry.
About Kinetex
The integration of Bitcoin into the DeFi ecosystem represents a significant milestone for the cryptocurrency industry. Bitcoin, as the pioneer and most valuable cryptocurrency, has long been considered a store of value. However, with the rise of DeFi, Bitcoin’s potential for use in financial applications has soared. In this transformative landscape, Kinetex is leading the way by expanding Bitcoin’s use cases and bridging orthodox finance with the new world of DeFi, unlocking its full potential.
Contributors to the Kinetex Network are actively working on expanding the list of supported networks. Their goal is to encompass more than a dozen networks, including popular L1 networks such as Bitcoin, Solana, Aptos, Sui, BounceBit, and Berachain. They are also in the process of connecting various L2 Ethereum networks, including ZkSync, Linea, Base, Scroll, and Blast. Integration with L2 Bitcoin networks like Merlin, Rootstock, Bitlayer, and others will be coming soon. By increasing the number of accessible networks, Kinetex is breaking down barriers between different chains, uniting the blockchain ecosystem, and significantly enhancing the global crypto user experience.
Kinetex Network:
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Kinetex dApp
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