Brave’s Built-in Crypto Wallet to Give 42M Users Access to DApps for EMV-compatible Chains

Brave’s Self-custody Built-in Crypto Wallet to Give 42 Million Users Access to DApps for EMV-compatible Chains

The wallet feature is currently limited to Brave’s desktop browser but will soon be added to its Android and iOS version as well. In 2022, the Brave Wallet will make Solana the default for DApp support.

Privacy-focused browser Brave has announced the support for a native cryptocurrency wallet in its browser and replaced the MetaMask wallet extension.

Brave announced the free self-custody built-in crypto wallet on Tuesday, enabling its 42 million users to store, manage, and swap their crypto portfolio from a single wallet.

“Crypto markets are booming, with various assets hitting multiple all-time highs in the past year. More businesses than ever now accept crypto, and there is significant adoption from institutional investors.”

With millions of people becoming crypto users, they all require a wallet to store their crypto.

As such, Brave will now allow its users to buy, sell, and trade cryptocurrencies, store their NFTs and interact with Web 3 right from their browser. The wallet mainly supports Etherem, EMV-compatible chains such as Polygon, xDai, Avalanche, and L2s.

For now, this means you can’t buy Bitcoin or Dogecoin though wrapped Bitcoin (WBTC) is an option. However, it says it is in the process of adding support for Bitcoin and other blockchains.

Already, Brave has partnered with Solana blockchain, as announced at Solana’s first conference Breakpoint last week in Lisbon, Portugal.

In 2022, the Brave Wallet will integrate the Solana blockchain, making it the default for DApp support, it said on Tuesday.

Being browser-native means, it doesn’t require extensions. Most crypto wallet extensions have inherent security risks and are more susceptible to asset theft, it said.

Brave’s crypto wallet, as such, reduces security risks and will also take up fewer CPU resources and memory compared to extension-based ones like Metamask and be less susceptible to phishing attempts.

Brave is also providing support for other wallets like Metamask and hardware wallets like Ledger and Trezor.

For the first time, Brave said its users would also have access to Web 3 decentralized apps (Dapps) without installing browser extensions. Through Brace Wallet, users can see live and historical market graphs powered by CoinGecko, enjoy built-in swap functionality, send and receive assets, buy with fiat via Wyre, and interact with DApps for any EVM compatible network.

“For the DApps out there… With Brave Wallet’s release today on Desktop (and soon on mobile), you suddenly have 42M new users with web 3 access on by default. That’s huge,” said Brian R. Bondy, co-founder & CTO at Brave, on Twitter.

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Author: AnTy

2.8 Million Coinbase Users Earnings Yield on Crypto with ETH2 Staking, Driving 109% Surge in Rewards Revenue

2.8 Million Coinbase Users Earnings Yield on Crypto with ETH2 Staking, Driving 109% Surge in Rewards Revenue

After a drop in Q3, in which users traded other cryptocurrencies more than Bitcoin and Ether, Coinbase projects retail MTUs, and total trading volume to be higher in Q4.

Coinbase reported a revenue of $1.24 billion for the quarter ended Sept. 30, 2021.

The leading cryptocurrency exchange in the US reported a drop in its monthly transacting users to 7.4 million, from 8.8 million in the second quarter, though up from 6.1 million a year earlier.

Transaction revenue in the third quarter was $1.1 billion, down from about $1.9 billion in the previous quarter.

Trading volume also fell to $327 billion from $462 billion in Q2. Bitcoin accounted for 19% of this volume, down from 24% in Q2, and Ethereum for 22%, dropping from 26% in Q2. Other crypto assets accounted for 59% in Q3, which is an increase from 50% at the end of June.

During the earnings call, CFO Alesia Haas said, “In lower volatility periods, we see our low-dollar traders become less active,” but at the same time, CEO Brian Armstrong said unlike 3-5 years ago when the crypto market was entirely speculative driven, today it is more driven by utility and adoption of crypto.

49% of our Coinbae’s retail MTUs engaged with non-investment products such as Staking, Earn, and Coinbase Card.

2.8 million users were earning yield on their crypto assets, said the company in its shareholder letter. Blockchain rewards revenue surged 109% to $81.5 million compared to Q2, largely driven by Staking, notably ETH2, which now makes up most of its staked assets.

Preparing For Improved Conditions

Assets on Coinbase jumped to $255 billion from $180 billion at the end of June, with 55% of it from institutional investors.

The company reported its revenue from subscription and services growing 41% quarter over quarter to $145 million, up from $103 million in Q2.

On NFTs, Coinbase said it will launch the platform in the next couple of quarters and sees the potential for NFT business to become bigger than its crypto business.

“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,” Armstrong said during the earnings call. “It could be as big or bigger.”

On exchange-traded funds (ETF), Coinbase said it could grow the pie more broadly by onboarding new institutional participants who can’t hold a spot. The exchange is also exploring how it can support ETF adoption.

The exchange expects retail monthly transacting users and trading volume in the fourth quarter to be higher than in the third.

“While we entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices, market conditions improved meaningfully later in the quarter, which we have continued to see into early Q4,” the company said.

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Author: AnTy

Privacy Browser Brave to Integrate Solana as Default Support

Brave browser is making moves to integrate the world’s fastest blockchain to support its 42 million active users and 1.3 million verified creators.

Brave’s Integration with Solana

On Monday, November 8, at Solana’s Breakpoint conference in Lisbon, Brendan Eich, CEO and co-founder of Brave and Bat, and Anatoly Yakovenko, CEO and founder of Solana Labs, announced the proposed integration of Brave’s Web3 desktop and mobile browser with Solana’s blockchain in the first half of 2022.

The privacy-centric browser turned to Solana for default support due to the blockchain’s high speed and low transaction costs.

Brendan Eich made a detailed explanation, stating how both projects would work together to provide more convenient ways to support potential crypto users to harness digital assets.

“With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”

The privacy browser was initially working on the Ethereum blockchain, but the increased interest in crypto and DeFi resulted in high transaction fees on the ethereum network, causing a drawback for some users.

However, with Solana offering faster transactions of up to 2300 transactions per second (tps) for as low as $0.001-$0.005 per transaction, the platform will provide significant cost savings for Brave browser users and encourage potential users to make use of the Solana blockchain.

Following the announcement, Brave’s native ethereum-based token, Brave Attention Token, BAT, has seen a 25% bullish run in the last 24hrs, according to CoinMarketCap.

The Integration also proves beneficial for Solana (SOL) as it would enable Brave’s 42 million active users to access the new Solana decentralized applications (DApps).

The CEO of Solana Labs, Anatoly Yakovenko, emphasized that integration with browsers will enable decentralized applications to build more convenient web experiences.

A ‘Brave’ Future for Solana

As a result of the partnership with Brave, it is expected that more mainstream crypto users will become aware of Solana’s network in the coming months, thereby increasing its valuation in the long run.

With Solana, developers can access decentralized exchanges (DEX) for Solana swaps via mobile and desktop browsers, enable NFT support, and promote BAT usage by their peers.

Additionally, the Solana Network would be able to implement the Themis protocol developed by Brave, a significant milestone in BAT 2.0.

Brave continues to build more on its privacy policies as it is currently regarded as the premium choice in terms of privacy for access to Web3. With the integration, Brave mobile users will be able to access Web3 more securely.

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Author: Jimmy Aki

India’s Largest Mobile Payments Platform with 333 Million Users Is Considering Bitcoin Offerings

India’s Largest Mobile Payments Platform with 333 Million Users Is Considering Bitcoin Offerings

India’s payment giant Paytm had about 333 million customers and a network of more than 21 million merchants as of July 2021, would consider Bitcoin offerings if regulatory uncertainty surrounding cryptocurrencies gets cleared.

The rules around crypto-assets remain in a “grey area,” said Chief Financial Officer Madhur Deora in an interview with Bloomberg.

“Bitcoin is still a regulatory grey area if not a regulatory ban in India.”

“At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”

Last year in March, India’s supreme court lifted the prohibition imposed by the central bank on the banks dealing with companies related to cryptocurrency.

In September came the reports that the government is drafting a new bill and planning to treat crypto commodities for all purposes, including taxation.

The company filed for an initial public offering (IPO) this summer, in which it aims to raise $2.5 billion. The listing is expected to be in mid-November. Paytm offers payment services, financial services, and commerce, and cloud services.

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Author: AnTy

140M People Opened ‘Wallets’ for China’s Digital Yuan and Used it for Transactions Worth $9.7B

140 Million People Opened ‘Wallets’ for China’s Digital Yuan and Used it for Transactions Worth $9.7B

While 1.55 million merchants, so far, can accept payments in e-CNY, Chinese police cracked the first case of e-CNY used to launder money.

China’s digital yuan has been used to make transactions totaling around 62 billion yuan ($9.7 billion) so far, said a senior Chinese central bank official this week. Also, about 140 million people had opened “wallets” to use China’s central bank digital currency (CBDC) as of October.

Still, there is no official launch date for the digital currency, e-CNY, said Mu Changchun, the director-general of the digital currency institute of the People’s Bank of China, at Hong Kong’s “Fintech Week” conference.

Mu further said that 1.55 million merchants can accept payments using eCNY wallets, including retail, transportation, utilities, catering, and government services.

Growing Enquiry

Speaking at the same ‘Fintech Week,’ the Hong Kong Securities and Futures Commission (SFC) Deputy Chief Executive Officer and Executive Director Julia Leung said they have received “a number” of requests from local companies in recent months to offer crypto-related ETFs to their private bank and professional clients.

The SFC director also pointed out regulatory issues involved with these products, including whether crypto ETFs should face additional restrictions compared to traditional ETFs and if retail users are allowed to access these products through online brokers.

Leung didn’t comment on the regulator’s decision on ETFs but said the agency is currently reviewing its regulatory regime for crypto to see if it is still “fit for purpose.”

Under the new regime, virtual asset service providers have to be licensed to operate in the region and can only offer their services to professional investors, those with a portfolio of over HK$8 million (US$1 million) or companies with more than $5 million in assets.

SFC-regulated fund managers can also invest up to 10% of their gross asset value in crypto, and if they wish to invest more, they can apply for a special license.

Money Laundering

In other news, Chinese police cracked the first case of e-CNY used to launder money, according to a local report. 11 suspects were detained in this case.

This was a case of telecommunications network fraud that occurred in Xinmi City, where the suspects called people to compensate them three times the original price of an item due to the product having quality problems. The victim followed the instructions and did multiple transfers, totaling more than 200,000 yuan, and then realized that he had been deceived.

The Criminal Investigation Brigade of the Public Security Bureau of Xinmi City found that payments were flowing to a specific electronic wallet, different from the previous one.

Investigators were able to apprehend the suspects after investigating the e-wallet, commercial banks, financial institutions, and third-party payment and settlement companies.

The money laundering criminal group reportedly used digital renminbi to launder money for the overseas fraud group hiding in Cambodia, said the authorities.

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Author: AnTy

Australia’s Largest Bank to Allow its 6.5 Million Users to Buy, Sell, & Hold 10 Crypto’s via its App

Australia’s Largest Bank to Allow its 6.5 Million Users to Buy, Sell, & Hold 10 Cryptocurrencies via its App

BTC, ETH, LINK, UNI, COMP, AAVE, MATIC, and other cryptos are allowed for now, with CBA planning to offer shopping with crypto next year.

The Commonwealth Bank of Australia (CBA) is the latest banking giant planning to integrate cryptocurrency into its CommBank app, allowing nearly 6.5 million customers to hold and use cryptocurrencies.

Currently, the pilot is only available “for CommBank staff members” with plans to “expand to a small number of pre-selected customers in the coming months,” said the bank on Twitter.

Australia’s biggest lender is partnering with New York-based exchange Gemini to offer crypto exchange and custodial service through a new feature in its mobile banking app. It would also work with the blockchain data platform Chainalysis for compliance efforts.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need,” Commonwealth Bank Chief Executive Matt Comyn said in a statement.

Joining In

CBA, along with its “Big Four” peers, National Australia Bank (NAB), Westpac Banking Corp, and Australia and New Zealand Banking Group Ltd, dominate the country’s banking sector, but it is the first one in Australia to start offering crypto services.

In September, the group faced criticism for refusing to do business with crypto providers.

“I am pleased the tide is turning as digital assets are mainstreamed,” said Liberal party Senator Andrew Bragg, who led an inquiry into the sector.

“For too long, banks have cast aside cryptocurrency as an illegitimate fringe pursuit.”

During hearings of the Senate committee, CBA said the blockchain technology that underpins bitcoin “will have a far-reaching impact for financial services” and recognizes that the fintech sector is growing rapidly.

“As the sector grows, there is both local and global interest in better understanding the growing risk of [money laundering/terrorism financing], particularly in relation to crypto-assets.”

More Features Coming

CBA said the growing demand from its clients drove this move to crypto and because local crypto services are being offered by fintechs like Paypal, Revolut, and Square.

“Nothing that I know, particularly from a bank of this size, enables retail clients to directly buy crypto through their platform, to the best of my knowledge. So it’s really exciting,” said Caroline Bowler, CEO of Australian crypto exchange BTC Markets.

CBA can’t afford to be left behind in the race to build “super apps” attractive to younger customers as an estimated 600,000 taxpayers have invested in crypto assets in recent years, according to the Australian Tax Office.

The bank will offer the ability to buy, sell, and hold selected ten cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Chainlink (LINK), Uniswap (UNI), Compound (COMP), Aave, Polygon (MATIC), Filecoin (FIL) Bitcoin Cash (BCH), and Litecoin (LTC), as part of the pilot this year. The bank said that more features would be rolled out next year with plans to explore crypto payments and options.

“We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping.”

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Author: AnTy

Terra Founder Sues SEC, Stablecoin Platform Is Burning $4B Worth of LUNA Tokens

The algorithmically-governed stablecoin platform Terra is proposing to burn 90 million LUNA, worth $4 billion at current prices and about 10% of the total supply, in the community pool to mint UST stablecoin for the network’s insurance protocol Ozone.

When the native stabilizing crypto asset of the network, LUNA, is burned to mint new Terra (UST) stablecoins, the amount of Luna burned is “seigniorage.”

Roughly every week, a portion of this seigniorage goes to fund the community pool controlled by Luna governance and reward Luna stakers.

According to the proposal called “Burn the community pool,” this proposal will burn all remaining funds in the community pool, route all future seigniorage to be burned instead of being routed to community/staking reward pools, and amortize the distribution of the existing reward pool to three years instead of the current one year.

“Next week, we will uphold Terra signal prop 44 and initiate a proposal to burn 90M Luna in the community pool to mint UST for Ozone. This will reduce Luna’s total supply by 90M and increase UST supply by roughly 3-4 billion,” said Do Kwon, founder of the project.

As of writing, TerraUSDT (UST) has a market cap of $2.75 billion. As we reported, Kwon has predicted UST’s market cap to exceed $10 billion by the end of this year.

Kwon further shared that a byproduct of this operation is that a lot of swap fees will accrue, which is expected to result in LUNA staking returns to 5x to about 15%.

“Pretty sure this is the largest burn ever,” commented Ryan Watkins of Messari, expecting this burn to increase UST’s supply to $6.7 billion overnight and put it within striking distance of DAI, which is $7.4 billion.

“This would also be the first DeFi blue chip to be flipped by a multichain competitor on its number 1 KPI. That said think there’s a place for both, and DAI continues to grow at an impressive pace, even before it’s tokeneconomic revamp.”

As a result of the news of this burn, LUNA rallied 30% to hit $45.25 on Friday. Currently trading at $42.46, LUNA is up 6,450% YTD but still down 14% all-time high of $50 earlier this month.

In other news, Terraform Labs and CEO Kwon are suing the US Securities and Exchange Commission (SEC).

Kwon confirmed this week that he was served a subpoena by the SEC at Messari’s Mainnet conference last month. According to the filing, the matter dates back a few months; it started in May when the SEC’s Enforcement Division emailed Kwon.

Terra’s decentralized finance (DeFi) platform Mirror Protocol is at the center of the lawsuit, on which synthetic stocks of major US firms are minted and traded.

The subpoena wants Kwon to provide testimony to US regulators, but as a South Korean resident, Kwon is contesting that.

“Rare case of a preemptive lawsuit against a regulator making sense,” commented Anderson Kill lawyer Stephen Palley.

The agency also told Terraform’s lawyers that they might sue the company with the suit saying,

“the SEC attorneys advised that they believe that some sort of enforcement action was warranted against TFL [Terraform Labs] and any cooperation, and implementation of remedial actions as to the Mirror Protocol, would result in a reduced financial sanction as part of any consent agreement.”

Kwon was served just five days later at the conference as he was exiting an escalator on his way to make a scheduled presentation that was not about the Mirror Protocol. At the time, Kwon had denied being served that day.

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Author: AnTy

UK Losses $200 Million to Crypto Frauds, Indian Exchanges Block Accounts Dealing in Malicious Activities

UK Losses $200 Million to Crypto Frauds, Indian Exchanges Block Accounts Dealing in Malicious Activities

Frauds related to cryptocurrencies surged over 146 million pounds ($200 million) in the first nine months of the year, said the UK Police.

The amount of money lost in 2021 so far is 30% more than all of 2020.

The Police also said that more than 7000 reports of crypto-linked frauds were reported to the U.K.’s national reporting center for fraud and cybercrime this year. More than half of these victims were between the age of 18 and 45 years, they added.

Additionally, fraudsters often used a fake celebrity endorsement to lure people in, with about 79% of all complaints reporting a fake endorsement.

“Reports of cryptocurrency fraud have increased significantly over the past few years,” said Temporary Detective Chief Inspector Craig Mullish.

“Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

Elsewhere, India’s three cryptocurrency exchanges WazirX, CoinDCX, and CoinSwitch Kuber, have blocked over 200,000 accounts in the past six months, citing malicious activities.

CoinSwitch Kuber alone suspended 180,000 accounts between April-September 2021 and is currently monitoring the daily activities of around 200k accounts that may be malicious, CoinSwitch Kuber CBO Sharan Nair told BusinessLine.

Binance acquired WazirX meanwhile has blocked 14,469 accounts. The exchange also received 38 requests from the law enforcement agencies of India and the US, UK, France, Austria, Switzerland, and Germany to block the accounts.

To track malicious activities, WazirX has collaborated with crypto compliance platform TRM Labs.

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Author: AnTy

Japanese Art Commission Platform With Over 1.5M Users is ‘Very Interested’ in Accepting Crypto

Japanese Art Commission Platform With Over 1.5 Million Users Is ‘Very Interested’ in Accepting Crypto as Payment

Japanese artwork commissioning service Skeb took to Twitter to share that it won’t be joining the non-fungible token (NFT) mania.

Last week, Skeb said that it has “no plans to issue NFTs,” and if it does, these digital artworks will belong to the creators. If they issue NFTs to clients, this will be the proof of “I requested it,” but the company noted NFTs can shift ownerships and that “will be meaningless.”

Non-fungible tokens are unique assets stored on a digital ledger that uses blockchain technology to establish a verified and public proof of ownership, and this year they have exploded into popularity and usage, recording more than $10 billion in sales.

“NFTs are now heating up as targets for investment, and creators may be issuing them without fully understanding how they work. It is also important to note that the ownership of NFTs is not in sync with the ownership of arts associated with them,” wrote the company on Twitter.

Skeb further said that NFTs are like museum memorabilia, and they should not be associated with copyrights or real properties. “NFTs should not be used as proofs of ownership of them,” it added.

As of Sept. 25, the company’s total number of registered users exceeded 1.5 million.

While not interested in NFTs, Skeb is “very interested” in using cryptocurrency as a payment method. This payment method will allow them to “keep the freedom of expression without any influence of credit card companies.”

This makes sense given that the platform accepts Visa and MasterCard but can’t accept PayPal as the payment giant doesn’t provide support to them. PayPal actually started offering crypto buying, selling, and storing last year, while Visa and MasterCard have also become crypto-friendly. This year, Visa also joined the NFT trend by buying a CryptoPunk and recently announced an NFT program to help creators.

“It isn’t that Skeb does not accept PayPal. It is that PayPal denied Skeb,” wrote the company on Twitter earlier this year.

As such, the company is actually currently having internal discussions regarding how it can be involved with cryptocurrency.

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Author: AnTy

NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance, a decentralized protocol for passive portfolio management on Ethereum, got hacked for $16 million worth of assets this week.

This resulted in a drop of over 35% in the price of its native token NDX, currently trading at $2.28. The coin is now down about 92% from its early February high of $27.71.

Late on Thursday, the Index Finance team released the post-mortem of the attack noting since the project’s first deployment in December, it is the first time they have been hacked.

The hack was made possible because the way to measure the pool value could be manipulated. A new token could be added to the pool, noted by blockchain security company PeckShield Inc.

Indexed Finance is a modified version of Balancer where the swap affects the balances and the weights of the tokens.

Two of the project’s indexes, DEFI5 and CC10, were targeted in the attack. In the first one, the hacker flash swapped the pool tokens, including UNI and others, and then manipulated its weighing by adding a new token, SUSHI, to control the majority weight of it.

“The actual bug is that the extrapolated value returned by the pool is unreliable. Therefore, any logic that depended on that value is fucked. One way to fix this would have been to use different weights for pricing in the AMM from the weights used in the extrapolated pool value.”

Mudit Gupta Core Developer of SushiSwap

To prevent any future attacks, the controller smart contracts will be modified, said the team. As for compensating the victims of the attack, the core team will discuss that with the community, with a proposal for governance soon coming.

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Author: AnTy