Infinex has recently commenced a partnership with NEAR Foundation, an AI-focused blockchain platform. The collaboration focuses on integrating NEAR’s Chain Signatures into the DEX. The platform took to social media to disclose this collaboration.
There can be no future of DeFi until it’s abstracted away.That’s why the team at @infinex_app is integrating NEAR’s Chain Signatures tech, along with NEAR intents, to enable deposits and trading of non-smart contract and exotic assets on their platform pic.twitter.com/mlgHjFEx9v
— NEAR Protocol (@NEARProtocol) November 11, 2024
NEAR and Infinex Partnership Enables Cross-Chain Signatures
As a part of the partnership between NEAR and Infinex, the integration of Chain Signatures benefits users. It lets them sign transfers on 3rd-party blockchains from just one NEAR account.
Infinex pointed out that the partnership allows clients to conveniently work with Bitcoin, Litecoin, and other chains without smart contracts. XRP, Ledger, Dogecoin, and Cosmos chains stand among the rest of the chains that the Chain Signatures project supports.
Driving Decentralized Exchange Evolution
Jed Watson, the CTO of Infinex also discussed this endeavor. As per the executive, the platform’s smart contract architecture plays a key role in combining the on-chain funds recovery and transparency with the efficient UX. The partnership with NEAR can potentially offer the same operability to chains such as Bitcoin. Hence, this provides consumers with complete self-custody of local assets without any compromise.
Therefore, Infinex, which works under Kain Warwick (the founder of Synthetix) intends to deliver a CEX experience with a decentralized infrastructure. The platform operates as a monolithic forum that aims to accelerate the transition from centralized to decentralized exchanges. Warwick asserted that this partnership is a big move unlocking unique possibilities.
NEAR Foundation also expressed excitement about this collaboration as Infinex’s Chain Abstraction partner. It will reportedly help Infinex in achieving its objective to enhance DeFi accessibility and usability. NEAR has been promoting chain abstraction since the year 2018. Keeping that in view, this collaboration plays a crucial role in the platform’s further progress.
