Knit Finance Partners with e-money to enable stablecoin Cross Chain Interoperability
We are pleased to inform you that we have partnered with Knit Finance, with this partnership Knit Finance will have access to e-Money’s multi-currency stablecoins that will propel adoption of Knit Finance amongst the European user base. Additionally, the Knit Finance — e-Money collaboration will provide awareness to each other’s communities on their respective projects.
e-Money will be integrated on the Knit Finance multichain platform encouraging more users within the region to join the platform and use their native currency to facilitate transactions. These stablecoins are also interest-bearing, indicating that the interest earned on the underlying assets is reflected in the token’s value, allowing token holders to make financial gains. Furthermore, quarterly audits by Ernst & Young will guarantee the integrity and transparency of e-Money stablecoins, ensuring Proof of Funds.
Knit Finance will also enable it’s partner’s assets to get stake on Knit Finance partners platform and generate rewards to users for staking their stackable token assets and create greater reach in the audience.
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, lend, trade, and margin services through smart contracts. KnitFinance bridges multiple non-Ethereum chains with wrapped tokens. Any asset can be leveraged within Ethereum DeFi and implemented into liquid lending and trading.
Knit Finance further lowers the entry barrier for traditional investors to participate in yield farming, lending, trading, and other financial services in the fast-growing DeFi ecosystem. By unlocking the value of real-world assets like stocks, gold, and fiat currencies, Knit Finance provides a way for the masses to shift towards DeFi while they enjoy the benefits of centralized finance.
The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. Each token is backed by a reserve of assets denominated in its underlying currency. e-Money currently supports the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK), and the Danish Krone (DKK) with a host of additional currencies pegged for release throughout the year. The project is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.
Unlike most existing stablecoins which aim to maintain a static 1:1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually shifts in line with the interest accrued on the reserve assets. This means that holders benefit from the interest accrued on their assets while they sit securely in your wallet. The e-Money blockchain supports instant payments at scale and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and expects to integrate with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon, and Elrond in 2021.