Decentralized money transfer protocol Kima has partnered with MonaBit, a leading Colombian crypto wallet and marketplace, to expand crypto options for Latin American users.
The partnership marks a significant stride towards bridging the gap between traditional financial systems and the burgeoning crypto ecosystem in the region.
Amidst the backdrop of Latin America’s persistent financial volatility, characterized by currency devaluations and soaring inflation rates, the collaboration between Kima and MonaBit emerges as ‘a beacon of innovation’.
According to Kima, the partnership is uniquely positioned to leverage the growing grassroots crypto movement sweeping across the region, especially among the underbanked population heavily reliant on remittances.
At the heart of this collaboration lies the integration of Kima’s decentralized protocol into MonaBit’s ecosystem, thereby expanding the cryptocurrency payment options available to wallet users and proprietary Mastercard-powered credit card holders.
This move addresses the limitations imposed by centralized exchanges, offering users a more diverse range of digital assets and fostering a seamless transition between fiat and cryptocurrencies.
“Latin America has become a hub for crypto adoption with Brazil, Argentina, Colombia, and Ecuador all ranking in the top 20,” remarks Eitan Katz, CEO and Co-Founder of Kima.
Katz’s statement underscores the growing significance of the region in the global crypto landscape and the strategic importance of partnerships like the one forged with MonaBit.
“Our ground-breaking approach ensures users interact with their preferred dApps, oblivious to the complex interoperability facilitated by Kima in the background,” Eitan added.
The collaboration between Kima and MonaBit not only facilitates crypto-fiat compatibility but also provides practical, real-world applications for crypto users across Latin America.
By leveraging Kima’s peer-to-peer payment and transfer protocol alongside MonaBit’s credit card infrastructure, users can now seamlessly convert their crypto holdings into fiat at any establishment accepting Mastercard payments.
Juan David Urrea, CTO of MonaBit, highlights Kima’s interoperability solutions as the catalyst for their decision to partner. “Kima’s protocol emerges as the quintessential backbone for our ambitions to simplify and enhance the crypto user experience in Latin America,” says Urrea.
This sentiment underscores the pivotal role played by Kima in enabling streamlined transitions between fiat and digital currencies, thus democratizing access to financial services in the region.
Kima’s protocol, often celebrated as “Financial Interoperability 2.0,” represents a paradigm shift in how digital and traditional financial ecosystems interact. By seamlessly bridging the gap between disparate blockchain networks and centralized computing systems, Kima introduces a new era of financial inclusivity, efficiency, and transparency.
Looking ahead, Kima’s collaboration with MonaBit sets the stage for the protocol’s mainnet launch, slated to occur in Q2 of 2024.
With a team boasting rich pedigrees from leading entities across the finance and technology sectors, Kima aims to mobilize $280 trillion in real-world assets, paving the way for a more interconnected and resilient global financial ecosystem.
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