Crypto Trading App, Abra Rolls Out Bitcoin & Ethereum-Backed Loans in 35 US States

Crypto Trading App, Abra Rolls Out Bitcoin & Ethereum-Backed Loans in 35 US States

Crypto trading app, Abra, introduces a fiat borrowing feature using crypto collateral assets.

Announced on Tuesday, Abra Borrow allows users to borrow fiat loans using their crypto assets as collateral directly. The lending and borrowing platform lets users take out US dollar loans using their Bitcoin (BTC) and Ethereum (ETH) coins as collateral.

The service will first be available to 35 states across the U.S., with more states to follow as the year progresses. The California-based crypto firm stated more countries would support the lending service in the future. The interest rate on a loan is calculated based on the loan-to-value ratio, whereby the more the collateral, the lower the interest rates. Moreover, the shorter the loan term, the lower the interest rate charged.

Abra aims to increase financial access to everybody; hence there are no employment checks or credit score checks to receive a loan. According to a spokesperson, the platform allows users to directly use their crypto to “tap to their gains without foregoing future prices or selling their crypto to realize gains.”

The platform allows a maximum borrowable amount of $110,000, with the rates starting at 3.65% APY and the loan term ranging from six to 24 months.

Abra crypto trading app introduced interest-earning accounts on stablecoins allowing you to earn up to 9% APY on your savings.

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Author: Lujan Odera

Popular Ethereum Wallet, MetaMask, Rolls Out V2 Token Swapping Feature for Smartphones

Popular Ethereum Wallet, MetaMask, Rolls Out V2 Token Swapping Feature for Smartphones

MetaMask has finally rolled out the token swap feature for iOs and Android phone users.

The company said that users can now swap tokens inside their mobile wallets using the Swaps feature.

MetaMask Brings DeFi Closer With New Add-on

MetaMask token swaps are achieved with a combination of data from automated and professional market makers and individual decentralized exchanges (DEXs).

The Swap feature includes slippage protection, fewer appeals, and reduced gas fees. On its website MetaMask stated,

“Instead of searching for the best prices between DEXs, MetaMask aggregates this information in a user-friendly interface so that users have access to the greatest liquidity, the largest selection of tokens, and the most competitive prices. The mobile version of Swaps comes with the same fees of 0.875% as the desktop version, which is automatically factored into each quote.”

Mobile users who want to access the new swaps feature would need to update or download the mobile app.

Once inside, users can tap on the new ‘Swap’ button to choose the tokens they want to exchange, select a quote, and then swap. MetaMask charges 0.875% for each swap completed.

Owned by ConsenSys, MetaMask is a popular Ethereum (ETH) wallet that was originally available as an extension for Chrome and Firefox. The company has seen its swaps feature grow substantially alongside its non-fungible tokens (NFTs).

Growing Revenue from Token Swaps

Token Swaps has helped MetaMask grow its revenue substantially over the past few months.

According to reports released by the crypto metrics platform in February, Dune Analytics, users reportedly swap between $11 million and $15 million worth of Ethereum-based tokens daily. This level of activity generates about $95,000-$131,000 in fees each day.

The MetaMask token swaps feature was announced for the first time in October 2020. The Swaps feature was first launched for its web wallet on Chrome and Firefox browsers.

Swaps basically combine data from multiple decentralized exchange aggregators, professional market makers, and individual DEXs to ensure MetaMask users always get the best price with the lowest network fees.

Before the MetaMask Swaps feature, users had to navigate many DEXs to compare prices and swap tokens. This didn’t always yield the best price for every trade, as each aggregator performs differently under different circumstances.

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Author: Jimmy Aki

Crypto.com Capital Rolls Out $200 Million Fund to Help Crypto-based Startups Grow

Crypto.com Capital Rolls Out $200 Million Fund to Help Crypto-based Startups Grow

  • Crypto.com has started a venture subsidiary and set aside $200 Million to invest in promising crypto-based startups.
  • This is in tandem with the firm’s efforts to enhance its partnerships and collaborations with different investors within the blockchain and crypto space.

In an official announcement on Thursday, the firm stated that it would invest the $200 million in the seed as well as series A phases of emerging firms within the crypto industry. The Hong Kong-headquartered firms stated that the aim of the investment fund would be to enhance the growth of promising startups and the crypto market in general.

The firm also explained that a solitary investment would be between $100,000 to $3 million, depending on the scope of the startup. In addition, the firm also stated that it would invest about $3 million to $10 million during Series A funding rounds.

Previously known as Monaco, Crypto.com was started in 2016 and over the years has witnessed rapid growth with the firm launching a mobile payments platform that offers users up to 20% discount on purchases made via the CRO coins. The firm has also introduced a staking program that returns as much as 14% interest. The firm also offers a Visa card which can be topped up either through fiat or crypto.

Crypto.com’s CEO, Kris Marszalek, stated that the project boasts of over 10 million users and long-term agreements with crypto stakeholders remain the firm’s priority. Marszalek stated,

“Crypto.com Capital gives founders building in the crypto industry two things: a reputable lead investor for their seed or series A rounds AND priority of launch on the world’s fastest-growing retail crypto platform with over 10 million users.”

Marszalek added that long-term partnerships with various entrepreneurs within the crypto space would be crucial in advancing the crypto industry to the next level.

The new investment wing will be headed by Crypto.com co-founder Bobby Bao. Bao explained that apart from providing early funding to emerging crypto companies, the venture will also offer the startups access to its worldwide global clientele.

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Author: Joseph Kibe

SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service

SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service

Having launched its cryptocurrency lending service in late 2020, the Japan-based financial services company – SBI Group – has announced that it will be enabling access to XRP as part of its lending service – SBI VC Trade.

This news is according to an announcement made by the company on Feb. 4. SBI VC Trade Lending will enable users will be able to earn interest by depositing their XRP on the platform – so long as it was between 1,000 and 100,000 XRP. In order to obtain an interest dividend on whatever is staked, they would need to lend it for a period of up to 84 days.

Within the statement, SBI stated the following:

“VC Trade Lending is a service that allows customers to rent out their crypto assets to the company and receive interest rewards according to the quantity and duration of the crypto assets.”

The company has added that XRP annual interest would come to 0.1% (including taxes).

As readers may have noticed, the introductory interest rate (0.1%) is much lower than the going rate for lending Bitcoin BTC 1.63% Bitcoin / USD BTCUSD $ 37,416.45
$609.891.63%
Volume 68.15 b Change $609.89 Open $37,416.45 Circulating 18.62 m Market Cap 696.67 b
8 s SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service 3 h $72M New Crypto VC Fund Gets Backing from Billionaires like Paul Tudor Jones & LL Cool J 4 h Dutch Footballer Says “Don’t Wait to Buy Bitcoin” While Goldman Issues a Warning
on the platform. At present, there has not been a reason behind this, other than the potential risk associated with Ripple at present, but this is not validated.

While not facing domestic legal challenges in Japan, Ripple is facing a large-scale federal lawsuit within the United States – specifically for alleged violations of existing U.S. securities laws by selling unregistered securities. The decision by SBI comes from a difference in the legal definition of XRP; Japan, unlike the U.S., believes that XRP does not qualify as a security.

Since 2020, SBI has risen as one of Ripple’s large-scale partners, having brought out a few XRP-related products. In the wake of legal challenges in the United States, Yoshitaka Kitao – CEO of SBI – made it plain that Japan remains the most likely (or friendly) candidate for Ripple to move to.

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Author: James Fox

Digital Assets Lender, Nexo, Rolls Out Crypto Exchange Platform With Instant Swaps

Digital Assets Lender, Nexo, Rolls Out Crypto Exchange Platform With Instant Swaps

  • Nexo, a Cryptocurrency lending platform, announces its new exchange service that provides 75+ cryptocurrency trading pairs on its mobile application. The exchange comes with a “Smart Routing” system to minimize slippage cases and guarantee the best price swaps.

In an announcement this Monday, leading regulated digital assets lender Nexo launched its in-built Nexo exchange service, offering a broader suite of financial tools to its users. The new swap feature offers users over 75+ cryptocurrency and fiat pairs and supports 17 cryptocurrency assets. It aims to offer no-limit, fast, and cost-effective transfers across assets provided on the exchange.

In a statement, Nexo confirmed traders would have no limits on the number of trades made on the platform with a maximum amount of $50,000 set per trade. Additionally, the exchange will allow direct fiat deposits from bank transfers and wire transfers and allow crypto deposits and withdrawals from any other wallet or exchange.

Speaking on the capabilities that the new exchange offers in onboarding new clients, Nexo Co-founder and Managing Partner Antoni Trenchev said,

“Fast, transparent, and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption.”

To prevent price fluctuations or slippage cases, Nexo exchange has integrated a “Smart Routing” system, an in-house innovation. The system connects to multiple exchanges and splits your orders according to the available prices and volumes, ensuring the order is executed at the same price as is submitted.

The statement did not mention the exchanges that will execute the trades. Still, a spokesperson from Nexo confirmed that the Smart Routing system would connect to five of the “most trusted and well-capitalized exchanges.”

The exchange is registered and ISO compliant to provide clients with an impeccable risk assessment, data protection, and state-of-the-art cybersecurity of their assets. Users’ assets in custody will be insured up to $100 million by the Lloyd’s of London.

Finally, the exchange is also building a full-suite banking platform announcing a series of product launches, including the Nexo crypto credit card. Furthermore, Nexo is also looking to expand its already broad banking licenses to strengthen its compliance with global regulators.

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Author: Lujan Odera

Cyprus Hospital Rolls Out Covid-19 Vaccine Certification on a VeChain Built Application

Cyprus Hospital Rolls Out A Pfizer-BioNtech COVID-19 Vaccine Certification on A VeChain Built Application

Cyprus based Mediterranean Hospital announced that it had administered the COVID-19 vaccine to 100 doctors and personnel through a blockchain-built app dubbed E-HCert. The hospital said that the first dose was administered on Jan 4, in what it terms as a ‘great step back to normalcy.’

Backed by the VechainThor blockchain, E-HCert was built in collaboration with digital healthcare solution provider I-Dante. It has been operational since mid-last year, with its first use case being the certification of COVID-19 test results. According to the announcement, this application was used by more than 8,000 people who visited Cyprus and took the COVID-19 test on arrival,

“The App was used by more than 8000 people that receive their results after having a COVID-19 RT PCR test upon their arrival in the International Airport of Larnaca in Cyprus.”

With the world now moving to the vaccine era, E-HCert plays yet another major role in the certification of administered COVID-19 vaccines. The Mediterranean Hospital doctors and personnel who were vaccinated received digital certificates via their E-HCert apps. Per the announcement post, this milestone marks a major step in transforming the healthcare industry via blockchain.

“Mediterranean Hospital of Cyprus also announces that these 100 people received a digital certificate for their vaccination on their E-HCert App marking another step towards the digital transformation of the healthcare industry via VeChainThor Blockchain.”

Cyprus Mail has since reported that the E-HCert tech is set to be integrated by the Aretaeio Hospital in Nicosia.

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Author: Edwin Munyui