Kima aims to create a more manageable user experience by bridging the gap between traditional and Web3 banking.

Israeli fintech Kima, Mastercard lab look to develop ‘DeFi credit card’

A project to create a use case for connecting traditional services like credit cards and bank accounts with decentralized finance (DeFi) technologies has been initiated by Israeli fintech Kima and Mastercard's FinSec Innovation Lab. The project's description said, "Making a 'DeFi credit card' a reality." The initiative has the backing of the Israel Innovation Authority.

According to its website, Kima is a peer-to-peer payment and money transfer system that runs a blockchain without smart contracts. It is considered "buggy and experimental." In the second quarter of 2024, it plans to introduce a mainnet and token in addition to expanding its current technology. FinSec is a major network stakeholder and will run a Kima node.

FinSec is supported by the Israel National Cyber Directorate, Finance Ministry, and Innovation Authority. It works with financial and cybersecurity entrepreneurs. The project with Kima was made public in July of 2023.

The project's main goals will be to assist users in overcoming technological and legal obstacles to the adoption of DeFi and to build a bridge between DeFi and traditional banking. Eitan Katz, co-founder and CEO of Kima, stated in a statement:

"In order for blockchain and DeFi to become commonplace outside of the Web3 niche, a cost-effective, safe, and easily accessible method of connecting blockchain networks with conventional financial methods must exist."

Kima is growing very quickly. In 2024 alone, it has revealed six integrations and eighteen new collaborations. These include travels to Thailand and Vietnam. It has also joined ChatGPT, an artificial intelligence protocol incubator. Kima's liquidity management algorithm makes use of AI.