Knit Finance and Celo Collaboration
Knit Finance is excited to announce its development on Celo, a global payments infrastructure that makes financial tools accessible to anyone with a mobile phone. The Celo network allows for the creation of smart contracts and decentralized applications (dApps) as part of decentralized finance (DeFi).
Knit Finance is a unique decentralized protocol for creating cross-chain wrappers for the top-200 assets. With Knit Finance, users can deposit to insured custody and mint k tokens.
Through this work, Celo will be integrated on Knit Finance’s multichain platform to allow CELO to be transacted across multiple independent blockchains as wrapped K-CELO tokens.
Wrapped K-CELO tokens for Cross-Chain Transactions
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. By using phone numbers as public keys, Celo introduces the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.
Knit Finance allows users to maximize DeFi yields with multi-chain APY optimization. Knit users can maximize collateral security using the insured custody and access wrappers for their entire portfolio. Knit Finance enables the k standard for tokens, which is a token wrapper for assets held in insured custody.
Knit Finance’s exciting collaboration will involve the integration of Celo’s native token, CELO, on its multi-chain platform. This will allow CELO tokens to be transacted across multiple independent blockchains in a wrapped K-CELO token model. In the future, the platform will look to add support for Celo stablecoins cUSD and cEUR in the form of wrapped K-CUSD and K-CEUR.
About KnitFinance
KnitFinance is a unique decentralized protocol for creating cross-chain wrappers for the top-200 assets. It delivers all-market bridges to ensure comfortable cross-chain fluidity of assets and allows institutions, developers, farmers, and traders to tap into trusted custody to mint Knit’s k tokens.
About Celo
Celo is a mobile-first, open-source ecosystem of technologies, organizations and individuals that all share a common mission of building a financial system that creates the conditions for prosperity for everyone. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), a stablecoin (cUSD) and the Celo Alliance for Prosperity, with over 140 organizations around the world, including Deutsche Telekom, Andreesen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem.
📰 INFO
