ORLANDO – Kinto, the 100% KYC’ed Layer 2 blockchain capable of supporting both modern financial institutions and decentralized protocols, has secured $5 million in funding to propel its mission as a fully secure and compliant blockchain for financial applications on the Ethereum network.
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This significant funding round, backed by Kyber Crypto Capital (a SALT family venture fund), Spartan Group, and Parafi, positions Kinto as a pioneering player in the blockchain space, emphasizing the crucial 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 fulfilling DeFi’s promise of “banking the unbanked” while safeguarding user privacy.
Kinto’s Compliance-First Approach
Kinto’s focus on compliance-first principles empowers the creation of a faster, more cost-effective, and highly secure network designed to meet the demands of both the DeFi and traditional finance sectors. Here’s how Kinto’s innovative approach transforms the landscape:
Network-Native KYC and Investor Accreditation Checks: Kinto offers 100% network-native KYC and investor accreditation verification, enabling institutional players to access capital within the Ethereum ecosystem and provide traditional financial services on the blockchain.
ID NFTs for Privacy: Kinto’s ID NFTs do not store personal data. Instead, they express user accreditation and identify potential AML violations within specific jurisdictions, all while preserving 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, enhancing the security of the entire ecosystem.
Sybil Attack Prevention: Kinto’s KYC process incorporates measures to address Sybil attacks at their core. These built-in practices deter the malicious creation of user identities or nodes, preventing undue influence on the network.
Ramon Recuero, CEO and Co-founder of Kinto, emphasized their vision, stating, “Kinto provides the ideal environment for finance to thrive. We know that DeFi has the power to transform the global economy.”
“With Kinto, traditional finance users and institutions can finally access all the liquidity in the Ethereum ecosystem in a fully compliant and vetted environment.”
Ramon Recuero, CEO and Co-founder of Kinto
Kinto’s innovative compliance-first approach aligns with the evolving landscape of financial technology, promising a secure, seamless, and inclusive financial future.
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About Kinto
Kinto stands as the pioneering KYC’ed Layer 2 solution, capable of accommodating both contemporary financial institutions and decentralized protocols. With a focus on safety, compliance, and decentralization, Kinto offers a faster, more cost-effective, and highly secure network that meets the demands of both DeFi and traditional finance.
Featuring native-level KYC, built-in insurance, and developer incentives, Kinto presents an enticing infrastructure for users, builders, and investors from both financial realms. Explore more about Kinto at https://kinto.xyz/.
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