Knit Finance partners with SparkPoint to integrate SRK tokens into the Multichain platform and enable Staking
Knit Finance is pleased to announce its partnership with SparkPoint, a project that aims to fast-track mainstream adoption of blockchain and cryptocurrency through an ecosystem of practical products and services.
Knit Finance unlocks the full potential of DeFI by bridging the entire crypto ecosystem to DeFi using a wrapped protocol.
Through this collaboration, Knit Finance will integrate SparkPoint’s native token SRK into its multi-chain platform by creating wrapped K-SRK tokens, while providing staking service after launch with K-SRK or KFT token rewards.
THE EFFECTIVENESS OF SRK TOKENS
SparkPoint aims to reinvent digital payments and build a better future for the people in terms of mobile payments, remittances, exchanges, gaming, etc. It has launched various blockchain-based products and services including SparkPoint Wallet, SparkLearn, SparkPlay, SparkEarn, and SparkDeFi.
Knit Finance is the next generation of DeFi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1. It creates a new standard that allows non-ERC-20 coins to be converted into wrapped ERC-20 tokens. By using Knit Finance’s wrapped protocol, stocks, gold, and even fiat among other real-world assets can be brought into the DeFi ecosystem. Through this partnership,SparkPoint will utilize the cross-chain interoperability enabled by Knit Finance, to allow its native SRK tokens to be transacted across multiple independent blockchains in a wrapped K-SRK token model.
Once Launched, the collaboration will allow Knit Finance to offer staking service to users wherein one can stake K-SRK tokens and earn K-SRK or KFT token reward as APY.
OVERALL CROSS CHAIN CONNECTIONS
The Knit Finance protocol bridges multiple real world and Crypto markets to allow convenient cross-chain asset fluidity based on insured custody. Its aim is to free DeFi from the constraints imposed by the lack of blockchain asset interoperability, thereby freeing up trillions of dollars in assets that cannot now be leveraged in DeFi services. Knit believes that true DeFi is possible only with the free movement of assets across blockchains.
Knit Finance also enables real-world assets, including stocks, gold, and fiat currencies, to be brought into the DeFi ecosystem. By offering these capabilities to banks and crypto newcomers, Knit hopes to further accelerate the transition from centralized to decentralized financial services.
SparkPoint or officially, SparkPoint Technologies Inc., is a duly registered corporation in the Philippines under the SEC. The project was launched on October 5, 2018 and is one of the pioneer cryptocurrency startups in the Philippines. The project aims to fast-track mainstream adoption of blockchain and cryptocurrency through an ecosystem of practical products and services.
SparkPoint started with initial funding of $50,000. With only this minimal capital combined with discipline, determination, and hard work, the team was able to launch various blockchain-based products and services including SparkPoint Wallet, SparkLearn, SparkPlay, SparkEarn, and SparkDeFi. These products and services have collectively reached hundreds of thousands of users and are steadily growing.
About Knit Finance
Knit Finance is a unique decentralized protocol that integrates its wrapped protocol across multiple chains, bridges, and real-world markets with yield farming, lending, trading, and margin services through smart contracts. Knit bridges multiple non-Ethereum blockchains, allowing both crypto and real-world assets to move across these chains as wrapped tokens.
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