Partnerships are the lifeblood of the cryptocurrency industry. Gone are the days when every project was fending for itself. Now is the time to look into interoperability, which is just what Swipe and Kava Labs are doing.
Kava Labs and USDX
Not everyone will be familiar with Kava Labs and its USDX stablecoin, Kava Labs is a DeFi platform that has a very different approach compared to all other market participants. Rather than focusing on Ethereum, it aims to introduce support for collateral in the form of Binance Coin, Bitcoin, XRP, and ATOM. None of these liquidity avenues have been properly tapped into by competing projects.
In the first stage, BNB holders can mint the USDX stablecoin through Kava’s platform. It has proven to be of interest, as over $20 million in assets is locked in the pool. Yearly yields can go well over 100% annually, further fueling demand for exploring this option. To bring more use cases to USDX, Kava Labs and Swipe have entered a strategic partnership
The Swipe Partnership
As part of this collaborative effort, Swipe will introduce USDX into its ecosystem of products. It will be treated as a preferred stablecoin across all product lines. This includes the SwipeFi service, which will be coming to Binance Smart Chain in the near future.
Swipe CEO Joselito Lizarondo states:
“We are excited to work with Kava Labs to bring their innovative products into the Swipe product line. Being part of the Binance ecosystem, we know that this strategic partnership will continue to push innovative platforms in the market.”
Swipe has become a key player in the DeFi space. A range of applications and services will be introduced over the coming months. Adding USDX and the KAVA token to the Swipe Wallet is a first big step. Both tokens can be purchased with a link bank account or payment card. Moreover, these two assets, as well as the native SPX token, are all spendable through Swipe’s Visa Card.
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