Monolith, a project that makes it easier to spend ETH and ERC-20 tokens in real-life, announced Tuesday that it has partnered with Kyber Network (KNC) on numerous integrations Decentralized Banking.
Monolith and Kyber Bring DeFi To The Masses
According to the announcement, KNC can now be used to buy goods or services using Monolith’s Visa debit card. Monolith users are able to do this by exchanging and loading KNC onto their cards. Monolith users have the option to participate in voting and governance on KyberDAO with KNC tokens.
TKN, the native token of Monolith, is now a part of Kyber’s on-chain liquidity pool, which includes 70+ tokens. Besides TKN, Kyber’s on-chain, non-custodial DEX supports trading for DAI, USDC, TUSD, USDT, DGX, MKR, LINK, KNC, WBTC, among other tokens.
Both projects share a common goal to advance the global adoption of decentralized banking finance. Monolith’s product is helping expand crypto adoption to mainstream consumers as well as brick-and-mortar retail stores, restaurants, and various other businesses globally.
Meanwhile, Kyber is building the technical infrastructure necessary to improve liquidity aggregation for Ethereum-based projects. CEOs of both projects expressed their excitement for this partnership.
According to Loi Luu, CEO of Kyber Network,
“We’re glad to work with Monolith to allow KNC tokens to be used in stores around the world while bringing TKN liquidity to our ecosystem of decentralized Banking applications.”
Mel Gelderman, CEO of Monolith said,
“We admire Kyber’s efforts in creating a leading decentralized exchange. It will be a key feature in Monolith’s non-custodial banking replacement.”
“Having TKN listed on Kyber, and KNC listed on the Monolith Visa Card makes sense due to our shared vision of the benefits of decentralized finance.”
To promote this new partnership, Kyber and Monolith are giving away $30 in KNC to 30 different Monolith users with another bonus being added for users with Monolith Wallets.
Monolith’s Growing Role In the DeFi Market
Monolith’s Visa debit card, formerly TokenCard, is demonstrating how practical crypto can be for payments around the globe. For users in the UK and other 30 countries in Europe, there are no fees for initial card activation & shipping, monthly activation, or even for domestic purchases.
The team emphasizes transparent, upfront pricing for card users. The process to sign up for a Monolith Visa debit card is designed to be simple for end users. According to Monolith’s website, the application can be completed in three minutes or less. Currently, the card supports payments for other ERC-20 tokens beyond KNC and TKN, including ETH, MKR, DAI, DGD, and DGX. Monolith’s wallet now supports storage for the vast majority of ERC-20 tokens.
The company’s wallet has features that distinguish it from many of its competitors. Instead of storing tokens with a private key, Monolith allows users to deploy their own contract wallets, which compares to deploying a bank vault onto the Ethereum network. In the future, the project will support ENS addresses, meaning its users will no longer need to attempt to remember lengthy 0x addresses in order to send and receive ETH and ERC-20 tokens.