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Fireblocks Adds New Staking Service For DOT, XTZ and ETH 2.0

Fireblocks announced today it has integrated with Blockdaemon and Staked to add new staking services for over 165 enterprise and institutional customers. The new Fireblocks PoS capabilities will debut with initial support for Polkadot (DOT), Tezos (XTZ) and Eth 2.0.

“Fireblocks already simplifies securing and trading cryptocurrencies, like Bitcoin and Polkadot. With the roll-out of DOT staking, Fireblocks is quickly becoming an all-in-one solution for crypto power users,” said Jack Platts, Co-Founder of Hypersphere Ventures.

Traditionally, setting up staking was complicated and required 2-3 full time employees to integrate and manage nodes, or turning to a cold storage custodian, which fragments infrastructure, distributes assets across different providers, and limits operational flexibility.

Now, in addition to leveraging Fireblocks’ secure MPC-based wallet technology and Network for crypto custody, settlement, and DeFi, the world’s largest institutional digital asset investors and managers can add staking to earn more revenue from DOT, Tezos or Ethereum 2.0 assets.

“To set up staking, you need the highest degree of security in storing the asset and delegating it to the staking nodes,” said Michael Shaulov, CEO of Fireblocks. “There has been an increase in demand from our customers requesting simple and secure access to these strategies by utilizing their Fireblocks MPC wallet. We are extremely excited to roll out these new staking services on the largest PoS networks, giving our customers an opportunity to enhance their yield by 5% to 15%.”

Starting today, Fireblocks’ customers will be able to stake DOT, XTZ and ETH 2.0 tokens all from the Fireblocks platform. The assets will be protected from cyber attacks, internal collusion and human error while accruing rewards. Users will maintain custody of the funds in their Fireblocks MPC-based wallets with an interface to monitor staking performance on Staked and Blockdaemon.

“Fireblocks is a leading pioneer in providing secure digital infrastructure for institutional trading, lending, and borrowing and we are thrilled to partner with them by supporting customers with our validator staking and node management,” says Konstantin Richter, CEO and Founder of Blockdaemon. “Having close collaboration with a leader in the space is essential in driving earning potential forward at an accelerated rate.”

With significant demand from Fireblocks’ customer base, the company will continue to prioritize supporting additional staking protocols in 2021.

“We are thrilled to extend our staking services to a growing number of institutional customers through our partnership with Fireblocks,” said Tim Ogilvie, CEO of Staked, which provides non-custodial infrastructure services for the major PoS blockchains and is the leading independent validator for Ethereum 2.0. “Fireblocks has a well-established reputation for delivering infrastructure and we are delighted to support this new offering for its many enterprise and institutional customers.”

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks has secured the transfer of over $200 billion in digital assets and has a unique insurance policy that covers assets in storage & transit.

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Bitcoin News Cryptocurrency News Ethereum News

The Rapid Growth Of Decentralized Finance

Decentralized Finance is a concept that has emerged in the last two years. The idea behind decentralized finance is to make use of distributed ledger technology (DLT), and its off-chain components such as Internet-based ledgers to function as an online payment system. With such a system, the collection of participants is enabled to transact without being restricted by the speed of the network connection or the storage space of electronic data. In fact, such a system can be configured to operate efficiently even with minimal technological setups. Also, it enables users to control their own funds by allowing them to control their privacy, security, as well as the transfer of funds.

An emerging wave of DeFi protocols took previously glitchy and hard-to-navigate decentralized apps and exchanges, such as EtherDelta, and transformed them into high-volume, high-yield unicorns that provided crypto investors with consistently high returns on a regular basis. In terms of total value locked (the value of the assets committed to the protocol), transaction volume and market capitalization, many DeFi platforms and their associated tokens now rival the top centralized exchanges.

Figuring out the point at which decentralized finance began almost always ends up in a rhetorical debate. Some argue that Bitcoin’s (BTC) invention a decade ago marked the start of it, as the major cryptocurrency was the first peer-to-peer digital money and represents the conceptual core underpinning DeFi. Others say — and would be technically correct in doing so — that DeFi started back in December 2017, when Ethereum-based protocol MakerDAO was launched, followed by Compound Finance and Uniswap, released in September and November 2018, respectively. On the other hand, it wouldn’t be a stretch to say that DeFi’s true ascent started in 2020.

In decentralized finance, tokens serve as a form of currency. There are several ways in which tokens may be implemented in such systems. First, users may issue tokens which represent ownership of a certain amount of the digital currency i.e. tokens may be issued as e-assets.

Another way of implementing decentralized finance is through Proof of Stake (POS) protocol. Through this protocol, one can build a decentralized financial system by risking one’s own money in the exchange market in return for rewards in the form of dividends. One of the advantages of using this form of lending is that it gives access to a wider range of lenders; however, the downside of this is that there is a high risk associated with such a system since it makes it more difficult for smaller businesses to obtain traditional funding sources. Also, it requires that the borrower has a long history of paying dividends to ensure sustainability of the financial system. In order to build a sustainable financial system that will work for a long time, it is important to find a system that uses Proof of Stake as a base.

Because the distribution chain is unidirectional and allows all parties to participate in the execution of the programs contained within the platform, it is not possible for one individual, such as a broker, to tamper or interfere with this process. Therefore, DEFI and Cryptocurrency are two sides of the same coin: a robust, highly regulated, and completely trustless system that offers all participants tremendous protection. DeFi is a very important aspect of any smart contract based ICO, and all companies are rushing to capture their slice of this rapidly growing industry.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News Ripple News

World’s Oldest Operating Crypto Exchange Forecasts Trends For 2021

At the beginning of 2021, the world’s oldest cryptocurrency, Bitcoin, has seen an all-time high of over $40,000 on 8 January 2021, which is not surprising, since institutional investors as well as high-net-worth individuals consider BTC as a hedge against extraordinary fiscal stimulus programs. Here is an AMA summary from Chief Research Officer, Dan at BTCC.

ETH Price Prediction in 2021

The world’s largest financial derivatives exchange, CME Group, announces its ETH derivative product will go live on February 2021, following the launch of Bitcoin derivative product. It means Ethereum will be considered as a financial product, and will be regulated by the Commodity Futures Trading Commission (CFTC). We expect that the launch of ETH derivative product next year will bring more institutional funds into the market, thus the price of ETH is very likely to see a massive rise.

Growing Number of Institutional Players Entering the Crypto Market

The year of 2020 also has seen numerous examples of institutional investors turning their attention to the world’s most popular cryptocurrency. For example, one of the largest insurance firms, MassMutual, has purchased $100 million of Bitcoin on December 2020.

We expected to see the crypto market to rise from the end of 2020 to 2021. The difference between the bull run this year to the one in 2017 is that previous bull was driven by individual investors and some whales. However, the bull run this year is mainly driven by institutional investors pushing the price up.

Top 10 Cryptocurrencies to Look Out for in 2021

The major theme of crypto market next year will be around DeFi, Polkadot, and ETH 2.0, therefore we will expect ETH remain unchanged at the top 2. While XRP, BCH, LTC and EOS are not what the market needs for next year, we expect to see these coins fall out of their current ranking.

Here is a prediction of crypto ranking in 2021 by Dan: BTC, ETH, USDT, LTC, XRP, BNB, LINK, UNI, DOT, BCH.

BTCC currently offer 9 major cryptocurrency trading pairs including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP), Stellar (XLM), Dash (DASH), and Cardano (ADA). Users can trade Bitcoin with leverage.

About BTCC

Founded in 2011, BTCC is the world’s longest-running crypto exchange and currently headquartered in the UK. With nearly 10 years of operating history, BTCC is known for its safe and stable, top-end market depth, and as well as faster transaction speed. 

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Bitcoin News Cryptocurrency News

Binance Launchpool Debuts BTCST

The Bitcoin Standard Hashrate Token (BTCST) is now live on Binance Launchpool, and Binance plans on listing BTCST in the innovation zone at 6:00 am (UTC) on Jan. 13, 2021.

BTCST
BTCST

BTCST sets off to solve the problem of a limited number of exit options by bringing exchange-grade liquidity to the Bitcoin mining industry, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.

Four Key Points About BTCST

1. Bitcoin’s leveraged token

BTCST secures dual profits for its holders when the market is on a bull run, due to BTCST’s attributes as Bitcoin’s leveraged token.

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market. On top of that, BTCST stakers claim Bitcoin mining rewards on a daily basis. If a user started to mine Bitcoin with a WhatsMiner M32s (a classic hardware model of Bitcoin mining) in October 2020, by the time of publication, the value of Bitcoin mined would have risen by 200%; however, the price of the mining machine itself increased 400% during the same time frame.

Therefore, it is safe to call BTCST a leveraged token of Bitcoin.

2. Grayscale-like operations in the mining industry

2020 is the year of Grayscale, and BTCST may prolong the saga in the Bitcoin mining industry. Institutional liquidity injected by Grayscale sparked the bullish market, and BTCST will help release liquidity to the mining industry and enable the execution of liquidity premium in the secondary market.

By trading BTCST, market participants can freely enter and exit Bitcoin mining exposure in any size, at any time, and with low costs. Even miners without mining power tokenized by BTCST can make use of the token to capture the profits or hedge against the risks of mining machine price fluctuation.

3. Enhanced cloud mining

Cloud mining is an imperfect solution to the lack of liquidity, and its reputation is clouded by frequent scams. The legitimate providers also fall short of full transparency.

BTCST is a cloud mining platform deployed on the Binance Smart Chain, with daily payouts executed by the dApp and all data traceable. Binance Pool, the world’s second-largest Bitcoin mining pool, functions as the auditor for BTCST and guarantees legitimacy and transparency.

4. DeFi of 2021

BTCST is a DeFi project without risks of impermanent loss. When a user un-stakes BTCST, the user is safeguarded by code to retrieve the same amount of BTCST along with the accrued Bitcoin mining rewards.

BTCST has passed the scrutiny of CertiK, one of the world’s leading blockchain security firms, scoring a 98 out of 100 in a security audit.

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Blockchain News

RAI Finance Gets Investment From Global Crypto Fund

RAI Finance, a blockchain-based cross-chain swap protocol, announced on the 30th that it has succeeded in attracting a strategic investment from global crypto fund NGC Ventures.

RAI Finance is a protocol that provides cross-chain swap functionality based on the Polkadot blockchain. RAI Finance utilizes Parachains on Polkadot to increase liquidity and provide access to assets across major blockchains.

RAI Finance
RAI Finance

The investment was led by NGC Ventures, a world-renowned crypto fund. NGC Ventures is a Singapore-based blockchain investment company that has invested in major blockchain projects such as Algorand, Polkadot, Terra, and Avalanche. RAI Finance has been able to raise about 1.7 billion won from GBIC and Alphabit through previous investment rounds.

“We are very happy to succeed in attracting a series of strategic investments following the last round,” said Keonho Lee, CEO of  RAI Finance. “We are currently running the RAI swap test version and will soon be ready for the launch.”

Roger Lim, founding partner of NGC ventures also added, “Rai is making DeFi with interchain operability possible, we believe this is one of the most critical things happening in 2021. RAI team are passionate and experienced, we are looking forward to being part of their journey.”

About RAI Finance

RAI Finance is a protocol designed to provide DeFi with a wider range of assets, a higher amount of liquidity, and a diverse set of financial use cases. When this feature set is combined with the cross-chain compatibility of the Polkadot ecosystem, it eliminates fragmentation across the existing DeFi ecosystem by bringing a complement of new assets and a higher amount of liquidity to decentralized finance.

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Cryptocurrency News

DeFi Platform OIN Finance Partners With Frontier

OIN Finance, a decentralized finance gateway, has partnered with Frontier to bring the FRONT token to OINDAO, being the second token to do so. The integration will allow FRONT to be staked into the OINDAO and used to mint stablecoins alongside OIN and STPT for DeFi applications.

Bringing Frontier’s native token to OIN Finance means it can be used as collateral on the OINDAO platform. Users who stake FRONT tokens can use their collateralized assets to issue USDF stablecoins, unlocking and leveraging the value in their original tokens while retaining ownership of them. With the minted USDF1, users will eventually be able to redeem for a variety of other liquid assets like DAI, USDC, USDT, and even NFTs, with the OINDAO dashboard enabling positions to be monitored and adjusted in real-time.

OIN Finance Co-Founder Richie Li said: “Frontier is on a mission to make DeFi easier to interact with, by aggregating popular protocols. We at OIN are on a mission to bring DeFi functionality to the crypto community as a whole. As the number of projects on OINDAO expands, so too will the list of connected defi features. We are excited to see the synergies here develop, and look forward to the growth of both our platforms.”

Frontier also mentioned in their announcement that “OINDAO is the first decentralized stablecoin issuance platform that also caters to the small cap assets. Different from Maker DAO, OINDAO empowers projects like Frontier to issue their own stable assets. Instead of just copying and forking the current model, the OIN Finance team is aiming to bring value and what’s missing in the current DeFi space to make DeFi more mature.”

Future development of the OIN Finance ecosystem will see support for leveraged trading and cross-chain staking. OIN Finance aims to become a universal portal for token swapping, leveraged trading, and minting stablecoins through its product lines such as OINSWAP, and the OIN Bond.

Decentralized finance refers to a technology that attempts to create a more fluid and flexible model of global exchange through the use of cryptocurrencies. It is a type of peer-to-peer lending that renders traditional financial functions such as settlements, equity certificates, debentures, stock market trading, and commercial loans more accessible, convenient, and fast through the implementation of smart contract technology. Unlike conventional finance, decentralized finance makes the exchange of currencies transparent, profitable, and manageable by removing the need for traditional intermediaries. This results in a more democratic control over the supply and demand of money, which can benefit both borrower and lender.