Huobi Wallet to Integrate Crypto Lender Cred Allowing Users To Earn Interest

The crypto exchange offering wallet services Huobi has closed a partnership with the decentralized crypto lending company Cred in order to offer user’s interest on their holdings.

The announcement that Huobi Wallet is going to integrate Cred’s borrowing and lending services was made on April 1. Huobi Wallet supports more than 1,000 crypto assets, out of which 8 are stablecoins, in 200 regions and countries. A list with the supported crypto assets for the program wasn’t provided yet, but it was mentioned that Bitcoin (BTC), Universal Dollar (UPUSD) and Ether (ETH) will be included.

Pledged Assets Will Have a Monthly Interest

Cred is based in California and a licensed lender. It was also a founding member for the Universal Protocol Alliance of crypto and blockchain companies. What should also be mentioned about it is that it’s backed by Binance, FBG Capita, Blocktower and Arrington XRP. Its CEO, Dan Schatt, said Cred is very keen to provide its decentralized financial services during so unstable financial times.

Together with Cred, Huobi will offer its users the ability to lend crypto services while receiving a monthly interest, plus the possibility to roll over pledged assets for certain amounts of time. There are no minimum requirements for participation to the program, whereas the interest will be paid in crypto assets and stablecoins. Holders of $150,000 in their wallets will also be able to join a special program and consult with Cred’s Private Client Associates.

Crypto Borrowing and Lending Gaining More Traction

The partnership between Huobi and Cred comes at a time when crypto borrowing and lending are gaining more traction in the crypto industry. Back in January, one of the fastest-developing crypto lender that has a coin loan origination of $4.25 billion, Celsius Network, made the announcement that it will implement compounding interest in the cryptocurrencies being deposited in its wallet. Some other big names in the crypto lending industry are Nexo, BlockFi, SALT Lending and YouHolder.

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Author: Oana Ularu

Civic’s Hot Wallet to be Backed by $1M Insurance Policy Through Coincover Partnership

The non-custodial and multi-signature wallet Civic Wallet is now offering a $1 million insurance from Coincover.

Established as one of the biggest decentralized identity providers in the crypto industry, Civic Technologies (CVC), is the first non-custodial wallet company offering $1 million protection. At the moment, the wallet is in beta.

FDIC-Like Protection

The CEO and co-founder of Civic, Vinny Lingham, said the protection provided from the company is similar to the one from the Federal Deposit Insurance Corporation (FDIC). Here are his exact words on this:

“This is the first time that both technical and non-technical users can feel safe about their holdings. Until now, people had to keep their coins in the cold storage, but now they don’t have to worry about it as their holdings are insured up to $1,000,000 just like a bank account with the FDIC.”

In the meantime, David Janczewski, the CEO of Coincover, said he’s not running an insurance company, but one for crypto security and protection.

Advantages of Multi-Signature Wallets and Civic

With Civic Wallet being multi-signature, the user stores 1 key, the custodian BitGo another one and Civic the third one, which will migrate to Coincover soon. This means that in case something happens with Civic, users coins won’t be lost.

Another great thing about it is that legal heirs can recover funds from the wallet, which only works for US residents at the moment but will expand at a global level and support all BitGo’s coins. The coverage offered by Civic is free for now, but Lingham said they may charge accounts with more than $1 million in cryptocurrency a fee.

Civic Wallet has to abide by strict Know Your Customer (KYC) rules by supplying user identification issued by governments and using facial recognition identification technology. Users won’t have to leave the wallet in order to buy crypto and connect bank accounts. The insurance couldn’t have had a better time to arrive, seeing cryptocurrencies held in wallets are growing day by day in numbers.

Users Will Automatically Qualify for the Insurance

The $1 million insurance will be automatically activated, so users won’t have to do anything in order to get it. The coins covered are Bitcoin (BTC), USDC and Ethereum (ETH), which will be stored and bought straight in the app, only with a bank account.

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Author: Oana Ularu

Coinbase Wallet Users Can Now Earn Interest From DeFi DApps Directly In The App

The Coinbase Wallet has just integrated with decentralized finance (DeFi) apps in order to allow its users to lend crypto assets and track the growth of their interest straight from the wallet app.

As an announcement made by Coinbase on Wednesday says, Coinbase Wallet users are already putting millions into DeFi platforms through the wallet’s Dapp browser and WalletLink. Still, Coinbase wants to make their experience even more enjoyable. Until now, they didn’t have the option to compare rates from different providers, nor were they able to see the total of their balance with these providers with out leaving the app itself.

What Does the New Feature Bring?

According to the Coinbase announcement, the new wallet feature allows users who own a Coinbase wallet account to interact with lenders such as dYdX and Compound, which are both DeFi platforms. They can choose their coin and a smart contract provider in order to invest as much crypto as they want into one of the DeFi products.

As said before, they can view how much interest they’re earning and their total balance without having to exit the wallet. iOS users will have the new feature this week, while Android users will still have to wait a few more weeks.

DeFi Products Are Risky

Coinbase wanted to warn investors about the fact that DeFi products are quite new and present a risk. Caution was advised when using them. Here’s what the announcement reads exactly:

“Before you get started, please be aware that DeFi lending apps are relatively nascent and come with risks.

DeFi apps are programs running on the blockchain, and like any computer code they can potentially have bugs that cause you to lose money. Returns are not guaranteed and your deposits are not insured.”

Basic information and the definitions of minimum collateral or contract’s assets under custody are being provided for the wallet’s users to know better what contracts to choose. However, they’re still advised to do their own research in order to understand how the apps work and the risks they’re about to take.

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Author: Oana Ularu

Wallet Provider Blockchain.com Rolls Out Crypto Lending; Borrow Against BTC Holdings

The exchange and cryptocurrency wallet provider Blockchain.com announces that it’s going to allow its users to borrow against their crypto holdings in a new service dubbed ‘Borrow.’

The news about the Borrow service was released on Tuesday. Blockchain.com said it’s going to provide US dollar-denominated stablecoins loans against holdings of Bitcoin (BTC) from its Blockchain wallet. The company also mentioned that loans will be open to wallet holders from all over the world, with the loans being made available as soon as the collateral becomes available.

No Stablecoins for the Loans Mentioned Yet

Blockchain didn’t specifically mention which stablecoins will be available as part of the service, but last year, it added the US dollar-pegged Paxos Standard (PAX) stablecoin. Borrow is a product that comes out soon after the company has opened in August last year its institutional lending desk, a service that met $10 million in originations during its first month of functioning, and $120 million by the month of November 2019.

Here’s what the CEO and co-founder of Blockchain, Peter Smith, had to say about Borrow:

“Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different. Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.”

Lending Has Grown Very Fast in the Crypto Industry

Lending became one of the fastest-growing sectors in the crypto space, seeing the rivals of Blockchain, Binance included, have already introduced similar services into the industry.

The crypto companies BitGo and Babel have announced they had loans of $150 million and respectively $390 million until now. Investors have their eye on the crypto lending space’s potential too.

The BTC and Ether (ETH) loans company BlockFi has raised more than $48 million in 2 funding rounds from 2019 and 2020. In the past, Blockchain has provided its blockchain data streams and wallet only, but in July 2019, it launched The Pit crypto exchange service.

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Author: Oana Ularu

Japanese Financial Giant Rakuten Wallet To Roll Out Margin Trading with LTC, XRP Support

  • Rakuten, the crypto wallet and exchange platform is adding Litecoin (LTC) and Ripple (XRP) for margin trading.
  • The Japan-based financial behemoth has set its sights on offering its clients digital asset margin trading services.

The announcement was made on Monday Rakuten aims to roll out its new services over this spring, after already starting the registration process.

Up To 2x Leverage for Margin Calls Takers

Rakuten rolled out its services in August 2019. Entering the crypto trading market with Raketen Wallet. To begin, Rakuten began its trading services with only three currencies: Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

With the introduction of its margin services, Rakuten will also feature LTC and XRP, allowing traders to take long or short positions for: BTC/JPY, LTC/JPY, ETH/JPY, XRP/JPY AND BCH/JPY.

Within the announcement, Rakuten’s exchange platform will also offer up to 2x leverage to traders who take margin calls, while adhering to Japanese financial market regulator Financial Services Agency’s (FSA) demands for limits to crypto margin trading leverage to 2x from 4x.

The Crypto Market in Japan Is Progressing

In spite of the many hacks against Japanese crypto exchanges like Coincheck and Mt. Gox, Japan remains the largest crypto market for trading volumes. For things to remain the same, the FSA has made it compulsory for digital asset exchanges in the country to obtain a license.

Rakuten went through a broad rebranding campaign, changing its name from Everybody’s Bitcoin to Rakuten after being acquired for 265 million yen (about $2.4 million) back in 2018.

In order to increase its client base, and compete with other market players, its wallet enabled conversions of Rakuten loyalty points into digital assets. Here’s what the announcement from Monday reads:

“As the Rakuten Group’s virtual currency exchange business, Rakuten Wallet will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.”

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Author: Oana Ularu

IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and implementing a secure way for users to protect their funds. Here’s how.

One of the most highlighted news stories in the past month is the hack that happened on IOTA’s top wallets on Trinity, raising concerns on the overall security of funds in the crypto industry. The hack, which compromised a number of wallets, as reported by Iota Foundation. The official tweet read,

While fears of the hack spread to mobile based Trinity wallets and desktop wallets as well, the Foundation confirms only the desktop wallets were compromised calling everyone who used their Trinity wallet to take necessary steps to secure their wallets.

Hardware wallet users have nothing to worry about at the moment but the team calls on users to switch their passwords for extra security.

Securing your IOTA trinity wallet

According to the post mortem carried out on the nature of the hack, the compromise started on the MoonPay feature that allows users to buy IOTA on the desktop wallet. The breach allowed the hackers to obtain private keys on the wallets hence allowing the stealing of funds.

In order to secure the wallet from the breaches, password changes are not the only security measure the Foundation proposes. Users are urged to upgrade to the new patch developed to protect themselves, as the new patch does not include the MoonPay feature. The users will need to acquire new passphrases (seeds), an 81 character keys that hold the IOTA tokens on the Tangle coordinator.

The IOTA protocol will be reopened once the new tool is launched.

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Author: Lujan Odera

IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe

Zap Lightning Network Wallet Founder Launches Strike, The ‘Best Shot’ of Achieving Mass Adoption

The Lightning Network wallet Zap founder Jack Mallers has announced a new application called Strike that will allow you to make Lightning payments with your debit card or bank account. This means, there will be no wallet, no channels, nodes, swaps or liquidity management anymore.

Built on Olympus, it is “designed to usher in an era of Bitcoin that we believe has the best shot of achieving our mainstream hopes and desires.”

Mallers explains in his Medium post that volatility is the prime issue they had because while it is an opportunity in the market, in a consumer-merchant setting it is a non-starter, making it “extremely” difficult for them to accept bitcoin.

Another big issue is taxes. In the US, bitcoin is taxed as property and spending it a taxable event which even extends to the Lightning Network.

“As a merchant, this was arguably a bigger issue. (…) The tax headache was not worth it, and nearly all merchants opted out of accepting bitcoin.”

Creating a wallet, custody and owning Bitcoin was another as people didn’t want to. With Strike, Mallers says,

“We aren’t just changing how Bitcoin looks, but also how it feels. We’re changing a consumer’s relationship with Bitcoin and Lightning, how it is used, and how it is viewed. We’re opening up new ambitions, new ideas, new possibilities, and a new, mainstream audience.”

This product can be used to buy Bitcoin and sell it and by simply scanning the QR code and clicking pay, used for remittance payments and for internet tipping as well.

But it isn’t a custodial wallet so if you are hacked and your BTC stolen, then no one can do anything about it and you have completely lost them.

The second layer on the Bitcoin network, Lightning Network offers real-time cheap settlements, where Strike aims to make the barrier of entry low but high flexibility and ease of use.

Strike is expected to be live on App Stores in the coming months meanwhile to join the beat list of the project, you can go to strike.zaphq.io.

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Author: AnTy

TokenSoft Debuts New Wallet Enabling Investors to Self-Custody Security Token Investments

TokenSoft, a US licensed security token platform, has launched a new wallet that will make it easier for investors to self-manage their security tokens accounts, CoinDesk reports.

The new offering, which was revealed on Thursday, provides the platform users with an easy to use and highly secure wallet where they can hold as well as control their investments. The new product also comes with an automated dividend distribution as well as an in-built reporting mechanism for the token issuers. If a client has more than $1 billion worth of investments, they can use the multi-signature security tool. Mason Borda, TokenSoft CEO, expressed his gratitude for the new product. He said:

“We’re excited to bring a multi-signature wallet security packaged in a self-controlled, easy to manage brokerage-style experience to the over 100,000 investors using our platform.”

The new product by TokenSoft supports different security tokens which adhere to the set regulatory requirements such as Tezos’ FA1.2and ERC-1404.

According to the firm’s head of business development, Jordan Davis, the TokenSoft Investment Accounts wallet will add more pressure on financial companies to provide investors with improved services as well as management tools. He said:

“People will be able to add or remove service providers from accessing their assets the same way you can add or remove profiles from your Netflix subscription.”

Tokensoft’s subsidiary, DTAC LLC, obtained a transfer agent’s license from the U.S. Securities and Exchange Commission (SEC) which is an imperative step on the firm’s quest to introducing tokenization in the conventional securities and finance industry.

Borda has previously explained that TokenSoft is gearing to offer the technology necessary for companies to go for an IPO through putting the shares within a blockchain network or platform. Borda also explained that TokenSoft is developing the requisite aspects required for a virtual investment bank.

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Author: Joseph Kibe

Crypto Payment Processor BitPay Adds XRP Support On Apple iOS And Android

BitPay, a crypto payment service which provides users a wallet as well as gift cards which can be bought using different coins, is now making it easy to purchase Amazon cards using XRP. BitPay has entered into an agreement with Ripple’s Xpring to offer support for XRP.

The revelations were made by Tiffany Hayden Casheer Inc co-founder through a tweet over the weekend. Tony Gallippi who is BitPay’s co-founder then retweeted the news which is seemingly a sign of confirmation.

BitPay and Xpring, the investment wing of Ripple signed an agreement in October last year. The agreement show the addition of XRP among the virtual currencies which BitPay works with. The recent development indicate that from next week, BitPay will kick off selling Gift Cards for global’s third biggest crypto-XRP. Crypto holders can use the gift cards in different retail and restaurant outlets comprising of Amazon, GameStop, Burger King, DoorDash, Home Depot and Domino’s.

This is a crucial step that Ripple has taken in its effort to promote mainstream use of the XRP crypto. Sean Rolland, director of products at BitPay, stated that scalability as well as speed of XRP makes it unique compared to others in the fray. He added that the inclusion of XRP in BitPay will help in expanding the blockchain-based solutions in the payments space. He said:

“XRP can offer a payment option that is fast, cost-effective and scalable for BitPay customers.”

Despite the positive developments, XRP’s prices remained unchanged and the crypto still lags below $0.25, U-Today reports.

Ripple has been embroiled in a legal tussle with its early investors who accuse the company of running an illegal ICO and are calling for XRP to be deemed as an unregistered security. The case is yet to be determined but David Schwartz has urged Ripple enthusiasts to remain hopeful and optimistic.

In the recent past, Ripple has come under sharp criticism from XRP holders and worshippers accusing the company of price manipulation through dumping of large amounts of XRP. However, the firm has insisted that it does not intend to control prices.

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Author: Joseph Kibe