KiiChain Launches US Virtual Accounts With Dollar Transfers, Stablecoin Conversion

Blockchain finance platform KiiChain has launched a US virtual account service, allowing users to send and receive dollars on the platform and convert them into stablecoins without establishing a direct banking relationship with a bank.

KiiChain said on October 29 that it had introduced a feature on its Kii platform that lets users open and manage US virtual accounts. Users can send and receive funds through the US Automated Clearing House network, Fedwire, the RTP real-time payments network and SWIFT.

The service includes Federal Deposit Insurance Corp. coverage for eligible deposits held within partner bank infrastructure. The protection applies to qualifying bank deposits, not to the stablecoins themselves.

The launch follows KiiChain's expansion of its foreign-exchange and payments network in Latin America. The company has been building a 24-hour FX network through agreements involving Colombian financial institutions Financiera Juriscoop and Banco Agrario de Colombia. The aim is to secure local-currency liquidity and broaden the foundation for cross-border payments. KiiChain has also expanded connectivity with blockchain networks including Base, Tron and Polygon.

The company plans to broaden its services into cards and lending. It is developing a crypto debit card that can be used at Visa merchants, a credit card backed by digital assets and crypto-collateralized loans for small and medium-size businesses.

Daniel Arenas, KiiChain's co-founder and chief executive officer, said the company is delivering on its roadmap by expanding links between financial-institution networks and blockchain infrastructure and by launching US virtual accounts. KiiChain aims to build a global financial ecosystem that is accessible, secure and efficient, he added.