Knit Finance is pleased to announce its participation in Celo, a worldwide payments infrastructure that makes financial tools available to anybody with a smartphone. As part of decentralized finance (DeFi), the Celo network enables smart contracts and decentralized apps (dApps).
Knit Finance is a decentralized system allowing users to create cross-chain wrappers entirely for the top-listed 200 assets. Users can deposit to custody and mint k tokens using Knit Finance.
Wrapped K-CELO Tokens for Cross-Chain Transactions
Celo is a finely constructed Blockchain ecosystem aimed at promoting the acceptance of Bitcoin among smartphone users. Celo offers Bitcoin to billions of smartphone owners worldwide, even those without access to banks, by utilizing phone numbers as public keys.
Knit Finance’s multi-chain APY optimization helps consumers optimize DeFi returns. Knit customers can increase the security of their assets by employing insured custody and access wrappers throughout their whole portfolio. Knit Finance supports the k token standard, a token wrapper designed for assets maintained underinsured custody.
Celo’s native coin, CELO, will be integrated into Knit Finance’s multi-chain platform as part of this exciting partnership. In the wrapped K-CELO token architecture, CELO tokens will be traded across several separate blockchains. The platform will consider adding support to all Celo stablecoin cEUR and cUSD as K-CUSD and K-CEUR in the future.
About Knit Finance
KnitFinance is a decentralized system that allows users to create cross-chain wrappers entirely dedicated to the top listed 200 assets. It provides all-market bridges to maintain asset fluidity across chains, enabling institutions and traders to mint Knit’s k tokens via trusted custody.
Celo is a user-friendly, open-source technology designed for mobile users and companies to create a financial system that fosters everyone’s success. The Celo ecosystem consists of the Celo Platform, a decentralized proof-of-stake Blockchain technology stack, native asset, a stablecoin, etc.