Schlagwort: crypto business

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Robinhood to allow customers buy crypto directly from within dApps and wallets

  • Robinhood has announced Robinhood Connect, a new feature that offers seamless crypto integration for dApps and wallets.
  • Self-custody wallet Giddy is among the first mobile wallets to integrate the new on-ramp feature.
  • Customers can directly and instantly buy or transfer crypto from within the dApps and also fund their Web3 wallets.

Robinhood, a leading online brokerage for stocks and crypto investing, has launched Robinhood Connect, a new product that will allow customers to easily buy and transfer cryptocurrencies as well as fund their Web3 wallets.

In this case, anyone with a Robinhood balance can now buy Bitcoin or other tokens instantly and transfer to their wallet using the new on-ramp.

Robinhood’s new on-ramp to Web3

Robinhood Connect is a new low-cost, on-ramp that will see customers add funds to their wallets from decentralised applications or third party wallets, all without having to leave the dApps or first connect to their Robinhood Crypto account.

“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption,” Johann Kerbrat, the general manager of Robinhood Crypto, said during the product’s launch at Consensus 2023.

Kerbrat added that Robinhood Connect demonstrates the brokerage platform’s strong commitment to crypto adoption, with the new product set to boost crypto’s accessibility and usability.

With developers able to tap into seamless integration for Connect, embedding the feature will be easy. Developers can make this feature directly available to users from within dApps, according to the announcement. This means that projects will be able to allow their customers to buy tokens via the brokerage platform and send them to self-custody wallets.

Robinhood announced on Thursday that Giddy, a self-custody, recoverable smart wallet app powered by Polygon, was among the first mobile wallets to integrate Robinhood Connect. The program will also be rolled out to other platforms over the next few months.

Robinhood seeing new growth momentum

Founded in 2013, Robinhood has seen massive growth across its crypto products since diving into the space in 2018. While the crypto winter saw its crypto trading revenue fall by over 24% at the end of 2022, the online brokerage remains a popular app for traders.

The collapse of crypto exchange FTX in 2022, and a recent investigation by the US Securities and Exchange Commission (SEC), has cast Robinhood negatively in recent months. Despite this, the platform continues to take major steps to position itself as a leading destination for crypto trading. 

Integration with top crypto platforms and introduction of multiple customer-focused programs are among these steps.

Currently, the platform supports crypto trading and investing for 18 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The online brokerage also supports buying and selling of the top meme coins Dogecoin and Shiba Inu.

The post Robinhood to allow customers buy crypto directly from within dApps and wallets appeared first on CoinJournal.

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Findora launches its Triple Masking ZK SDK to boost privacy and auditability for dApps

Key takeaways

  • Findora has launched its Triple Masking ZK SDK solution.

  • The solution empowers developers to integrate ZK privacy features into their dApps. 

  • With Findora Triple Masking ZK SDK, developers can ensure their users enjoy privacy and convenience. 

Findora’s Triple Masking ZK SDK

Findora, an innovative Layer-1 blockchain, has announced the launch of the Findora Triple Masking SDK, a universal privacy-preserving solution set for Web3.

In a press release shared with Coinjournal, the team said the Findora Triple Masking SDK gives developers a simple way to integrate zero-knowledge proofs into their decentralised applications. 

Thanks to the launch of this product, users can conduct private transactions that remain auditable, with multiple options for what information is masked or remains transparent. The Findora Triple Masking SDK provides simple, plug-and-play privacy for every Web3 dApp, the team added. 

While commenting on this latest cryptocurrency news,  Sam Harrison, CEO of Discreet Labs, said;

“Triple Masking fulfills a promise that blockchain technology made years ago: your financial status, your financial future, is no longer in the hands of some unknown, so-called “trusted” third party. It’s in your hands. This SDK simplifies the developer experience of implementing complicated zk-proofs, which in turn enables more decentralized applications to offer the benefits of these zk-proofs to their users.” 

He added that he is excited to see the choices developers can offer their users that would ensure that they enjoy both convenience and privacy. 

Findora empowers dApps to be ZK-enabled 

The Findora team added that the Masking SDK is a privacy-focused asset transfer solution supported on the Findora Network that provides full-privacy protection and anonymity for transactions rather than simple pseudonymity. 

The solution makes it possible for developers to make their dApps ZK-enabled, with optional transaction privacy at three levels. Users will have the option to mask the wallet addresses of the sender and receiver, the type of assets involved, and the amount sent. 

Furthermore, transactions carried out using the Findora  Triple Masking ZK SDK will remain auditable to ensure compliance with regulatory entities. 

Harrison added that;

“Triple Masking is more than simply encrypting information. We are also offering the ability to trace assets in a way that complies with existing regulations and analysis tools. This way, Triple Masking solves both the privacy AND compliance requirements of a professional institution.”

The Findora team said its compatibility with the secp256k1 curve would enable common EVM wallets, such as MetaMask, to sign a transaction.

Findora is a public blockchain with programmable privacy. Findora utilises the latest breakthroughs in zero-knowledge proofs and multi-party computation, to allow users transactional privacy with selective auditability. 

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Binance set to begin operations in Japan in two months’ time

  • Japan’s financial authorities had issued a warning that Binance was operating in the country without permission.
  • Binance acquired Sakura Exchange BitCoin (SEBC) in November 2022.
  • Existing services on SEBC will be terminated for new service under the provisional name “Binance Japan” to be issued.

As Binance continues to expand its business in Asia, it is set to begin operations in Japan in June according to a notice published by the exchange on Friday.

At the moment, Binance is the largest cryptocurrency exchange in the world by market capitalization even after the recent crackdown on its US arm, Binance.US, by authorities in the United States. It is set to use the recently acquired Japanese crypto exchange called Sakura Exchange BitCoin (SEBC) to offer crypto services in the Japanese market.

Launch of Binance Japan

Binance has been working to restructure the SEBC exchange and the existing services on SEBC are scheduled for termination on May 31, 2023, after which the exchange will be renamed “Binance Japan.”

The new Binance Japan is scheduled to start operations after June 2023 according to the notice issued by the Japanese branch of Binance.

Listing cryptocurrencies on crypto exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association and the SEBC exchange currently supports 11 cryptocurrency trading pairs.

Japan’s crypto exchanges regulations

Japan has a high regulatory standard for crypto exchanges which requires the segregation of customer and exchange assets. The regulations also require that most of an exchange’s assets be kept in cold wallets and customers’ fiat funds to be kept by a Japanese trust company or bank trust.

In 2021, Japan’s financial authorities issued a warning that Binance was operating in the country without permission prompting Binance to look for a local cryptocurrency exchange. With the complete rebranding of the SEBC, Binance will gain full regulatory status in Japan.

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CAKE down 21% as PancakeSwap mulls slashing staking rewards

  • PancakeSwap is a decentralized exchange (DEX) built on the BNB Chain.
  • PancakeSwap (CAKE) has dropped by 21% over the last seven days.
  • The DEX’s core team introduced a proposal to reduce the token’s inflation rate to 3-5%.

PancakeSwap’s native token, CAKE, has declined by about 21% in the last seven days and 27% in the last 14 days despite PancakeSwap’s core team introducing a proposal to reduce the token’s inflation rate to 3-5% from the current rates above 20%.

While the crypto market suffered from the recent bear market across the board, the CAKE token was expected to ride on the proposed inflation-reducing proposal rather than drop. On the contrary, the token has been dropping as stakers move out in numbers.

At press time, CAKE was trading at $2.66, up 1.6% over the last 24 hours.

Reducing PancakeSwap token inflation rate

PancakeSwap recently forked Uniswap V3’s code and launched its version on Aptos and Ethereum. The project’s core team has also introduced a proposal to reduce the native token’s inflation rate to 3-5% from the current rates above 20%.

If the proposal is passed, it will see the amount of tokens that stakers earn lowered something that could be the reason behind the recent exodus of stakers from PancakeSwap.

But why should the team suggest a proposal that is detrimental to the project’s ecosystem? Well, the proposal reads:

“Current inflation rates are unsustainable for CAKE over the long term, and reductions are required for the long-term health of PancakeSwap.”

Voting on the proposal already began on April 26 and it is scheduled to end today April 28. So far, the numbers show that the community is in support of the aggressive proposal. 55.43% have voted for the proposal compared to only 8.10% who have voted against the proposal although the voting process is still open.

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UK Treasury opens consultation on taxation of DeFi lending and staking

  • UK’s HM Treasury has outlined tax policy changes targeted at DeFi lending and staking.
  • The proposals are part of a consultation on taxation of activities conducted using crypto assets in DeFi.
  • The new changes are also looking to apply to crypto lending and staking transactions on centralised finance (CeFi) platforms.

HM Treasury, the UK’s economic and finance ministry, has announced an open consultation regarding the taxation of decentralised finance (DeFi) activities.

Per a publication the government released on Thursday, 27 April 2023, the consultation seeks to have public views on the modification of tax policies to cater to crypto asset related lending and staking – two key activities in the DeFi industry.

The objective of the consultation is to help formulate a crypto tax regime for the UK, where taxation DeFi lending and staking “better aligns with the underlying economic substance, whilst reducing the administrative burden on users,” the HM Treasury wrote.

HMRC is therefore looking to get feedback from key stakeholders within the DeFi space, including tech and financial firms involved in DeFi, investors, and professionals. Also invited to participate are trade associations, academic institutions, legal firms, and tax advisory firms among others.

Crypto tax framework also targets CeFi

The government also says that the consultation seeks to explore legislative changes to overall tax treatment of lending and staking in the industry. The changes, the HM Treasury noted, involve proposals that using cryptocurrencies in DeFi transactions “would no longer be treated as giving rise to a disposal for tax purposes.”

Rather, tax disposals will only arise where taxpayers economically dispose of their crypto assets via non-DeFi transactions. The finance ministry added in the announcement:

“Although the focus of this document is on DeFi lending and staking, the proposed tax framework outlined below is also intended to apply to the lending and staking of crypto assets which is done through an intermediary. Some industry participants refer to these arrangements as Centralised Finance (CeFi).”

HM Treasury’s consultation paper comes amid increased recognition within the government agencies that proper and clear regulatory approach to crypto is needed as the industry grows rapidly. 

The proposals are likely to form a major part of the UK’s crypto tax guidelines in 2024, the same year the EU’s crypto law MiCA is expected to come into effect.

The post UK Treasury opens consultation on taxation of DeFi lending and staking appeared first on CoinJournal.