Knit Finance partners with Paid Network to develop wrapped K-PAID tokens in its Multichain Platform and utilize PAID’s Business Agreements

By KnitFinance | KnitFinance | 16 Apr 2021

e6e29c6abea18fd1f01e9b3f2e9c3a8dad3aaaa9279d5fc8756c23da3f1985f7.jpgKnit Finance is excited to announce its partnership with Paid Network, an ecosystem DAPP that leverages blockchain technology to deliver DeFi powered SMART Agreements to make businesses exponentially more efficient. 


Knit Finance is a unique decentralized protocol for creating cross-chain wrappers for the top-200 assets. With Knit Finance, Users can deposit to insured custody and mint k tokens.


Through this partnership, Paid Network (PAID) tokens will be integrated onto Knit Finance's multi-chain platform and wrapped K-PAID tokens will be developed. Additionally, PAID Network’s business agreements will be utilized by Knit Finance to streamline back-office operations. 


Wrapped K-PAID tokens and Paid’s Business Agreements


PAID is a decentralized protocol that will allow users to do business with anyone, anywhere in the world, without spending much on legal services. PAID’s platform will use SMART agreement templates, where users can fill in the terms and conditions and execute business contracts with other people using their desktop or mobile phone.


Knit Finance allows users to maximize DeFi yields with multi-chain APY optimization. Knit users can maximize collateral security using the insured custody, and access wrappers for their entire portfolio. Knit Finance enables the k standard for tokens, which is a token wrapper for assets held in insured custody. 


Knit Finance’s exciting collaboration will involve the integration of Paid Network (PAID) token on its multi-chain platform. This will allow PAID tokens to be transacted across multiple independent blockchains in a wrapped K-PAID token model.


Concurrently, PAID Network’s business agreements will be utilized by Knit Finance to streamline their back-office operations. 


Sainath Gupta, CEO of KnitFinance, had the following to say:


We have always ensured a convenient experience for our users, and this collaboration with PAID Network will further enhance our efforts to make our user experience the best. Our users will enjoy the benefits of PAID Network’s DeFi powered SMART Agreements while leveraging, wrapping, and minting digital and lockable assets. With PAID Network, we hope to explore more domains of DeFi and blockchain technology.


Kyle Chasse, CEO of PAID Network, had the following to say: 


“PAID and Ignition both practice and preach interoperability, so to see Knit Finance come into the space and enhance the ERC20 ecosystem the way they do, is more than exciting. We also love the way they assist in connecting the industry further through enhanced interoperability. 


This partnership brings that value to our community and will create massive DeFi opps for $PAID holders. Allowing our community to access K-PAID and the corresponding blockchains and DeFi opportunities, is massive. 


The interest we have seen so far in the commercial applications of PAID and our business legal toolkit has even surpassed our own expectations. Everyday more and more companies are reaching out to us for future integration and/ customization for their specific use cases and to form this partnership with Knit Finance, is another opportunity for us to showcase our solution.


It’s great to see the industry come together through these partnerships and work with one another to test, use and prove these new systems and technologies.” 


About KnitFinance


KnitFinance is a unique decentralized protocol for creating cross-chain wrappers for the top-200 assets. It delivers all-market bridges to ensure comfortable cross-chain fluidity of assets and allows institutions, developers, farmers, and traders to tap into trusted custody to mint Knit's k tokens. 


About PAID Network


PAID Network is a comprehensive business toolkit for all business transaction needs. 

It is a blockchain-based decentralized legal ecosystem, PAID aims to reduce the complexity associated with the current legal system by using the Smart Agreement template.

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