ORLANDO – Kinto, the 100% KYC’ed Layer 2 blockchain that can support both modern financial institutions and decentralized protocols, has secured $5 million in funding to continue its mission as a fully secure and compliant blockchain for financial applications on the Ethereum network to push.
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This significant funding round, backed by Kyber Crypto Capital (a SALT family partnership fund), Spartan Group and Parafi, positions Kinto as a breakthrough player in the blockchain space, reinforcing the critical role of KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance in bridging the gap between traditional financial institutions and the decentralized finance (DeFi) world.
Kinto is committed to delivering on DeFi’s promise of “banking the unbanked” while safeguarding user privacy.
Kinto’s compliance-first approach
Kinto’s focus on compliance-first principles enables the creation of a faster, more cost-effective, and highly secure network designed to meet the demands of both the DeFi and traditional finance industries. Here’s how Kinto’s innovative approach is transforming the landscape:
Network-native KYC and Investor Accreditation Verification: Kinto offers 100% network-native KYC and investor accreditation verification, allowing institutional players to access capital within the Ethereum ecosystem and offer traditional financial services on the blockchain.
ID NFTs for privacy: Kinto’s ID NFTs do not store any personal information. Instead, they express user accreditation and identify potential AML violations within specific jurisdictions while maintaining user privacy.
Built-in Insurance: Kinto ensures that every smart contract and application built on its platform is protected against unforeseen events through built-in insurance, improving the security of the entire ecosystem.
Prevention of Sybil attacks: Kinto’s KYC process includes measures to address Sybil attacks at their core. These built-in practices discourage the malicious creation of user identities or nodes, preventing undue influence on the network.
Ramon Recuero, CEO and co-founder of Kinto, highlighted their vision, saying: “Kinto provides the ideal environment for the financial sector to thrive. We know that DeFi has the power to transform the global economy.”
“With Kinto, traditional financial users and institutions can finally access all the liquidity in the Ethereum ecosystem in a fully compatible and vetted environment.”
Ramon Recuero, CEO and co-founder of Kinto
Kinto’s innovative compliance-first approach aligns with the evolving financial technology landscape and promises a secure, seamless and inclusive financial future.
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About Kinto
Kinto is the groundbreaking KYC’ed Layer 2 solution, capable of accommodating both modern financial institutions and decentralized protocols. With an emphasis on security, compliance, and decentralization, Kinto offers a faster, more cost-effective, and highly secure network that meets the demands of both DeFi and traditional finance.
With native level KYC, built-in insurance and developer incentives, Kinto presents an attractive infrastructure for users, builders and investors from both financial domains. Discover more about Kinto at https://kinto.xyz/.