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Financial services built as open code rather than as companies. Lending, exchange and yield with no application form, and equally no support desk and no deposit insurance.
The whole banking product set, unbundled and rebuilt as software anyone can use or fork.
When a stablecoin slips away from its dollar value, usually because the market doubts the reserves behind it. Most depegs are brief and recover. Some never do.
A bank run. The deposits were only ever worth what the assets behind them could be sold for that afternoon.
Malaysia's instant transfer and QR scheme, reaching bank accounts and e-wallets through one code.
Sending tiny amounts to many wallets, either to track how the funds move afterwards or to set up an address poisoning attempt.
When a terminal abroad offers to charge you in your home currency instead of the local one. It sounds helpful and it is almost always the worse rate, because the merchant's provider sets it and keeps the margin.
Identical, and just as costly. The rule of thumb is unchanged: always choose the local currency.
Whether a product is open to you, usually decided by where you legally reside rather than where you happen to be standing.
Account opening criteria. Residency, age and a completed identity check.
In Kite: The Kite card is available to residents of Malaysia, the Philippines, Singapore, Thailand, Vietnam, Japan, South Korea, Taiwan and Australia, aged 18 and up, with KYC complete.
A company that matches buyers and sellers and holds your funds while you trade. Convenient, and it means someone else is holding your money.
A broker with a client money account. Your positions are real, the custody is theirs.
The point past which a payment cannot be reversed. Blockchains reach it in seconds to minutes, and after that no one, including the network, can undo it.
Irrevocability. A cleared cheque, past the point where it can bounce.
The percentage added on top of the real exchange rate when you spend in a currency your account does not hold. It is charged on the whole amount, so it scales with your holiday.
The foreign transaction fee on a bank card, typically stated as one number that quietly bundles the network's cross-border charge and the bank's own margin.
In Kite: US dollar spends carry no added fee. Everything else is a flat 1.8%.
What the network charges to include your transaction in a block. It goes to whoever is running the infrastructure rather than to the app you are using, and the price climbs whenever the chain is busy.
The interchange and network fee inside a card payment, or the SWIFT charge on a wire. Always there, usually invisible, occasionally enormous.
In Kite: Gas fees are on us. You do not hold a separate token to pay them.
The rate you are charged for each unit of computation. Bid higher and you get processed sooner, which is why fees spike when everyone wants in at once.
Paying for a priority wire instead of standard clearing, or courier express instead of next week.
A token that turns holding into voting power over how a protocol is run, from fee levels to upgrades.
A small physical device that keeps your keys offline and signs transactions without exposing them. Suited to savings you rarely touch, not to buying coffee.
A safety deposit box. Excellent for the deeds to your house, inconvenient for bus fare.
A wallet on an internet-connected device. Convenient, and the right tool for money you actually spend, which is why the sensible pattern is a small hot balance and a cold store for the rest.
The cash in your pocket versus the money in your account. Nobody carries their savings in their wallet.
The shortfall a liquidity provider ends up with compared to simply holding the two tokens, caused by the pool rebalancing as prices move. The name is optimistic.
The opportunity cost of being contractually held to a fixed asset ratio while the market moves away from it.
One code that every app can read, instead of a separate sticker per provider. It is the reason QR payments took over in Asia and stalled elsewhere.
Why any card works in any terminal. Cards solved this in the 1970s and QR schemes have been solving it country by country ever since.
What a card costs to get. Many crypto cards charge for the plastic, for the virtual card, or for a tier that unlocks either.
A card issuance or replacement charge on a bank account.
In Kite: Ours is zero. No issuance fee, no maintenance fee, no annual fee.
The company that mints a stablecoin, holds the reserves and honours redemptions. For USDC that is Circle, for USDT it is Tether. The token is only as good as the issuer standing behind it.
The bank whose name is on your deposit, or the e-money institution whose licence makes your app balance a legal claim rather than a favour.
Proving who you are with an ID document and usually a selfie, before a regulated service will let you move money. It is a legal requirement, not a preference.
Opening a bank account. The same passport, the same proof of address, the same wait.
In Kite: You complete KYC once, then request your card in the app.
The base blockchain that settles everything, such as Ethereum. Maximum security, and the most expensive place to do anything small.
A central bank's real-time gross settlement system. Everything ultimately settles there, and you would not use it to split a taxi fare.
A faster, cheaper network built on top of a base chain, which batches transactions and posts them down for final settlement. Base and Polygon are where most everyday stablecoin movement happens.
An instant payment rail that nets throughout the day and settles to the central bank at the end of it.
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