PRESS RELEASE. The Kinetex team is thrilled to announce its integration with Gnosis Pay, the world’s first on-chain self-custodial account that connects the traditional payment rails to Web3 rails.
Fund Your Gnosis Pay Card Using Bitcoin
This article was published more than a year ago. Some information may no longer be current.
SHARE
Press release
This collaboration provides a straightforward and fast way to top up balances from Bitcoin, Ethereum, and other EVM-compatible tokens by swapping them to EURe via Kinetex’s Flash Trade. It enables users to fund the Gnosis Pay account seamlessly and, in turn, be able to spend their on-chain assets at any Visa merchant worldwide.
Kinetex’s Flash Trade is an intent-based trading protocol that leverages the power of ZK technology to ensure a seamless cross-chain trading experience. One of the most revolutionary features of Kinetex is its support for Bitcoin. By introducing BTCX, a ZK light client built with Succinct Labs’ infrastructure for programmable truth specifically for Bitcoin, the team was able to connect the first cryptocurrency to the ever-growing DeFi ecosystem.
Swapping via Flash Trade is instant, secure, and cost-effective thanks to the advanced ZK technology. This technology enables users to carry out transactions without the need for intermediaries, centralized validators, or complex smart contracts. The process is streamlined by implementing an intent-based approach that connects traders and market makers, making the latter responsible for ensuring liquidity, fast execution times, and low costs.
The integration between Kinetex and Gnosis Pay is set to change how crypto owners can use their assets, empowering them to spend crypto funds in their everyday lives. Together, Kinetex and Gnosis Pay contribute to accelerating both the mainstream adoption of crypto as a means of payment and the maturing of the DeFi industry.
About Kinetex
The integration of Bitcoin into the DeFi ecosystem marks a monumental development for the cryptocurrency industry. As the pioneer and most valuable cryptocurrency, Bitcoin has long been seen as 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, expanding Bitcoin’s use cases and acting as a bridge between orthodox finance and the new world of DeFi, thus unlocking its full potential.
Contributors to Kinetex Network are actively working on broadening the list of supported networks. Their goal is to encompass over a dozen networks, including popular L1 ones like 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. As for L2 Bitcoin networks, Merlin, Rootstock, Bitlayer, and others will be integrated soon. By increasing the number of networks users can access, Kinetex is breaking down the barriers between different chains, uniting the blockchain ecosystem and thereby significantly enhancing the global crypto user experience.
Kinetex Network: Website | Kinetex dApp
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
