Kinesis Announces Plans to add XDC tokens to the Kinesis Exchange and as a leading partner for development for cross chain interoperability.
As part of the proposed partnership, Kinesis will take a multifaceted approach towards extending its blockchain network to include additional blockchain protocols to operate its native KAU and KAG tokens.
In line with this strategy, Kinesis will first list the XDC and XRC20 tokens on the Kinesis Exchange providing XDC holders the ability to trade against precious metals tokens KAU and KAG, which are fully allocated physical gold and silver backed tokens, which hold real world utility for saving, or spending as global currency.
There are two separate phases which will develop the partnership. The first aims towards the enablement of minting Kinesis’ gold and silver-backed digital currencies (KAU and KAG respectively) on the XDC Network as XRC20 tokens, and integrating XRC20 KAU and XRC20 KAG tokens on the Kinesis Exchange platform for direct use and utility on the XRC20 protocol.
Additionally, XinFin and Kinesis will explore the development of a bridge between the XDC Network blockchain and the Kinesis contract on the Stellar blockchain to allow seamless interchange of these assets.
The integration comes at a time when many other Layer 2 projects are deploying on the XDC chain for its scalable, cost-efficient infrastructure and growing community. The XDC Network is recognized as a highly-accommodating Layer 1 Network, with inherent technological advantages and user-friendly mechanics, that complement the vision of the Kinesis ecosystem and partnership model.
Thomas Coughlin, CEO at Kinesis, said:
“The partnership with XinFin represents an opportunity to expand the utility of KAU and KAG into another trusted, sustainable and thriving digital asset ecosystem. We see many synergies and are eager to see where this partnership takes us.”
The upcoming integration will see the creation of a cross-chain bridge allowing interoperability between Kinesis' monetary platform and the XDC Network — bringing added functionality and liquidity to both ecosystems.
Billy Sebell, Head of Ecosystem Development at XinFin, said:
“We’re thrilled Kinesis has seen the XDC Network as a valuable integration and welcome the opportunity to bridge the two ecosystems. It is a key first step towards a more robust integration between both networks, and it further demonstrates the strength of our ecosystems.”
In addition to the bridge, Kinesis will add the XDC Network’s eponymous native token to its roster of assets, with the XDC token representing the next in a carefully devised list of select cryptocurrencies to be added to the Kinesis Money platform. With Kinesis’ oncoming debit card launch, the XDC token, like all cryptocurrencies on the platform, will gain a heightened liquidity as well as compatibility with Kinesis’ crypto overdraft and lending card features.
Combining Kinesis’ leveraging of precious metals with XDC’s financial protocol and blockchain innovation stands to make for highly attractive investment vehicles in the very near future.
XDC is a delegated proof-of-stake consensus network enabling hybrid relay bridges, instant block finality, and full compliance and interoperability with ISO 20022 financial messaging standards. The native token serves as a settlement mechanism for decentralized applications built on the network.
Kinesis Money is a bespoke stellar consensus protocol based global trading and digital asset utility platform, which facilitates the trade, management, and everyday spending of native physical gold and silver-based digital assets and cryptocurrency. The integration comes as part of Kinesis' mission to provide global access to modern digital currencies.
XDC Network (XDC)
XDC Network is a hybrid blockchain with a public and private state. The network is designed to meet the needs of enterprises seeking to enhance their business infrastructure, reduce costs and improve visibility through blockchain technology. As an EVM-compatible and delegated proof-of-stake powered network, it is both developer-friendly and scalable. XDC Network offers compatibility with ISO 20022 financial messaging standards, interoperable smart contracts, near zero fee transactions, double validation and high security, which all power a wide range of novel blockchain use cases.