Kyber announced a partnership with Torus Labs on Mar 25, to enable easy one click on-boarding of new users. The service has been integrated with KyberSwap – the automated liquidity provider service component of Kyber network. The move will enable wider adoption of Kyber services by allowing users to sign up with their social media (Facebook, Google, Reddit, Discord or Twitch) accounts to create wallets and start purchasing crypto-assets with their credit / debit cards or instantly start swapping tokens. All users can start swapping between 70 crypto-assets currently supported by Kyber, including most major cryptocurrencies. This will enable easy purchase, conversion and management of crypto-assets. The teams have announced prizes for early users, who start using the services.
We have integrated @TorusLabs!🥳 Users can now enjoy a seamless 1-click wallet creation & management process by just using gmail or social media logins + multiple options(@MoonPayHQ @sendwyre @RampNetwork) to purchase crypto with fiat! #KyberTorus $ETH 🔥
https://t.co/XICUdJNuoR— KyberSwap (@KyberSwap) March 25, 2020
Significance Of Kyber/Torus Labs Partnership
The crypto-adoption and on-boarding of new users has been plagued by the relative complexity of the blockchain technology, which makes it somehow difficult for users with basic knowledge to enter the crypto-world. For new users, it can be somewhat difficult to create wallets to hold crypto-assets, to purchase them and/or swap them for one another.
Torus Labs technology solves the major part of the problem, for the new users. It enables them to utilize something they already have and are familiar with – social media accounts. So, users can simply create wallets by signing in with their social media accounts for holding and managing their crypto-assets. Its technology is fast, efficient and non-custodial. Further, Torus Labs allows users to purchase crypto with FIAT through its integrations with Wyre, MoonPay, Ramp Network and Simplex.
Kyber network’s KyberSwap does the rest. Thanks to the automated liquidity provider technology, which requires no counter-party to execute the swap or delving into complex order-books and exchanges. The users can simply and instantly start converting tokens, at the best price, to acquire and get exposure to different assets. All the conversion can be done in a few clicks and without KYC.
