Cision PR Newswire
Kinto Launches as a Layer 2 in Arbitrum Ecosystem
News provided byArbitrum Foundation
Nov 21, 2023, 9:00 AM ET
The DeFi solution is built as an L2 via the Arbitrum Nitro technology stack; migrates after its testnet launch in a separate ecosystem six months ago
NEW YORK, Nov. 21, 2023 /PRNewswire/ -- Today Kinto, an Ethereum Layer 2 (L2) rollup designed to accelerate the transition to an on-chain financial system, announced its migration to the Arbitrum ecosystem leveraging the Arbitrum Nitro technology stack. Built by veterans in the DeFi industry, Kinto boasts stringent regulatory and compliance requirements, as well as an improved user experience built to bridge the gap between industry players in traditional finance and decentralized ecosystems.
Kinto features permissionless KYC/AML and native account abstraction to solve the two biggest blockers to mainstream adoption - compliance and user experience. Given Kinto's focus on security and maturity, partnering with the most advanced roll-up technology stack was a significant driver in transitioning to Arbitrum. The migration comes shortly after a change in the Arbitrum Orbit structure that granted the Foundation greater autonomy in negotiating L2 deployments.
Ramon Recuero, Kinto Founder, commented on today's news: "Arbitrum is the indisputable leader in the rollup space regarding adoption, TVL, and technology maturity. Arbitrum is a community-driven ecosystem with thousands of projects being built by crypto-natives and we are excited to add Kinto into that discussion. We seek to extend a bridge for TradFi into DeFi without alienating the principles and ethos of crypto and Arbitrum is the best place to do so."
When reviewing ecosystem options, Kinto identified the ability of Arbitrum-powered systems to match the guarantees of traditional finance infrastructure, increase network availability, and decrease the friction and costs associated with traditional asset issuance. Arbitrum's ability to provide a credibly neutral, efficient, and mature platform, with a strong understanding of decentralized finance, made it a perfect fit for the foundation of Kinto.
Anuja Khatri, Head of Growth at Arbitrum Foundation added, "With Kinto launching on Arbitrum, the ecosystem is adding another pioneer in the DeFi space, playing a critical role in bridging decentralized finance and traditional financial institutions. Kinto will drive innovation and deliver cutting-edge solutions that empower users and advance the adoption of blockchain technology and we're happy that they elected to do so within the Arbitrum ecosystem."
Kinto is decentralized, open-sourced, and non-custodial, giving developers the tools to build open financial applications. With its migration, Kinto will bring additional institutional partners to both the Arbitrum and Ethereum ecosystems. Through mandatory KYC and a security first mindset, Kinto reduces the risk of smart contract exploits and scams, providing built-in insurance for all smart contracts.
For more information, please visit: engen.kinto.xyz
About The Arbitrum Foundation
The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum. Arbitrum One—a leading Ethereum Layer-2 scaling solution initially developed by Offchain Labs—offers ultra-fast, low-cost transactions with security derived from Ethereum through Optimistic Rollup technology. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 54%+ TVL in the L2 segment. 2000+ DeFi and NFT projects are live in the ecosystem to date. In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.
Kinto is a decentralized L2 rollup to facilitate an orderly transition to the on-chain financial system. Kinto is focused on serving the needs of sophisticated financial applications, including KYC and AML, while remaining decentralized and credibly neutral. Kinto's architecture minimizes the risk of smart contract hacks and simplifies the user experience to onboard the next wave of retail adoption. Kinto was started in February of 2023, and has received $5M in funding. Kinto's launch is scheduled for Q1 2024.
SOURCE Arbitrum Foundation; Kinto
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