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Trust the best strategy in crypto bear market — Trust Wallet CEO

December 4, 2023 Coin Telegraph

Binance

Cointelegraph sat down with Trust Wallet CEO Eowyn Chen to talk about how Web3 can become a better experience for everyone.

Bringing the global crypto and blockchain communities together in Istanbul, Turkey, the Binance Blockchain Week 2023 was a clear indicator that the Web3 ecosystem continues to grow regardless of price movements.

Despite being a Binance event, the conference housed several key players from the crypto industry.

Among them was Trust Wallet, a decentralized Web3 wallet provider acquired by Binance back in 2018. Since its acquisition, Trust Wallet has been widely seen as “the wallet arm of Binance.” This is why the Binance Blockchain Week visitors were caught off-guard when the crypto exchange announced its own Web3 wallet.

Trust Wallet CEO Eowyn Chen — a former vice president at Binance — clarified that “Binance focuses on the centralized, while Trust Wallet works toward the decentralized ecosystem,” adding that Trust Wallet has a neutrality that can serve and partner with anyone in the crypto industry.

“We think that keeping that independence and distance is the best way to keep the culture and the talents running for its own mission.”

Trust Wallet was born in 2017 during the initial coin offering craze due to the need for an accessible mobile wallet, Chen said.

Cointelegraph sat down with Trust Wallet CEO Eowyn Chen during Binance Blockchain Week Istanbul. Source: Cointelegraph

“Recently, we became a sister company of Binance rather than operating under Binance because we can have a better playing field,” Chen explained.

“Scammers provide better customer support”

Compared to fixing the user experience, solving the security issues across Web3 is trickier, according to Chen.

New Zealand dollar stablecoin goes live through local crypto exchange

November 22, 2023 Coin Telegraph

Coin Telegraph

Easy Crypto launched the aptly named New Zealand Dollar Stablecoin (NZDD) in partnership with an Australian blockchain development firm.

A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys.

In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority.

It’s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base.

Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.

Easy Crypto co-founder and CEO Janine Grainger said the NZDD bridges the gap with traditional finance and claimed it would “move NZ forward as a nation, giving us a digital, programmable currency that can do everything the NZD can do.”

Alongside the stablecoin, Easy Crypto introduced a multicurrency self-custody wallet protected by multiparty computation cryptography by enlisting the user’s “trusted social circle” with parts of the key instead of a seed phrase.

Keep an eye out for an upcoming episode with Easy Crypto talking about the new wallet and new #stablecoin!
#NZDD #investing #alternative #assets #realdiversification pic.twitter.com/Wt9EPq1Gri
— Darcy Ungaro (@UngaroDarcy) November 21, 2023

An August report commissioned by the New Zealand’s parliament said the country has taken an “agile” approach to crypto regulation. It recommend that problems are "addressed as they arise and that the government creates "coherent and consistent guidance on the treatment of digital assets under current law.”

Earlier attempts to launch a NZ dollar-pegged stablecoin include the 2021 launch of $NZDs by Australian financial services provider Techemyny.

However, in 2022, the bridge used by the stablecoin was blacklisted after the hack of the DFX Finance protocol in November 2022 leaving a large portion of funds stranded on the Polygon blockchain.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Crypto wallet with zero connectivity: NGRAVE joins Cointelegraph Accelerator

November 18, 2023 Coin Telegraph

Adoption

NGRAVE, a digital asset security provider, offers user-friendly, self-custody solutions that combine offline key creation with advanced recovery options for crypto users.

Cryptocurrencies are digital-only assets that investors can delegate custody to a third party, such as an exchange, store in hot wallets, or rely on their own hardware wallets. Security concerns with online solutions and third-party risks (not your keys, not your coins) have increased the need for crypto investors to find offline, easy-to-use solutions to securely manage their crypto assets. This demand, along with a growing awareness of self-custody, is driving the expansion of the hardware wallet market, which is expected to reach 3.6 billion by 2031.

However, hardware wallet manufacturers need to overcome several challenges to compete effectively with software-based Web3 wallets. Unlike their software counterparts, hardware wallets require an upfront purchase and can be complex to use, especially for beginners. Additionally, like any physical wallet, hardware wallets are vulnerable to real-world security risks such as theft or structural damage — just like any physical wallet.

However, a well-designed hardware wallet can improve security without compromising accessibility. This is where NGRAVE, a digital asset security provider, steps in. The team believes that achieving air-gapped protection for cryptocurrency storage necessitates 100% offline usability, which hardware wallets and anti-tampering measures can provide. This means not having any connectivity like Bluetooth, NFC, WiFi or even USB to completely eliminate any hack or malware attempts.

NGRAVE applied this approach to its flagship product, the NGRAVE ZERO hardware wallet. As a fully offline wallet, ZERO only communicates with the outside world through verifiable QR codes. The device has a 4” touchscreen to help users create keys, manage wallets and sign transactions directly through ZERO’s swipe-and-tap user-friendly interface.

NGRAVE ZERO features its own interface for simple management of crypto assets. Source: NGRAVE

NGRAVE ZERO features its own interface for simple management of crypto assets. Source: NGRAVE

The anti-tampering protection protects the hardware wallet against physical damage and attacks, while the EAL7 certificate — one of the highest security levels in the blockchain and finance industry — ensures the keys stored on ZERO are safe against digital attacks.

The NGRAVE team is on a mission to help people “safeguard their wealth, so they are free to live the life they want.” Their security-first approach led to an end-to-end solution that combines security with ease of use. NGRAVE is currently raising a Series A round of funding.

The premise of a fully offline hardware wallet and the potential of NGRAVE’s tiered product line helped the team to get a seat at the Cointelegraph Accelerator — a program designed to boost promising Web3 and crypto startups. Down the line, NGRAVE plans to add more coins to its growing list of supported crypto assets and offer other wallet solutions that bridge the security of offline use and the flexibility of online connectivity. The team is also working on integration with Trust Wallet, MetaMask and other hot wallets, bringing passphrase support to its products as well as a portfolio tracking feature.

Crypto Biz: Uniswap’s Android wallet app, Cboe to launch BTC, ETH margin futures, and more

November 17, 2023 Coin Telegraph

cboe

Getting regulatory approval has been crucial for companies, particularly in a tight regulatory environment during the crypto winter.

As the final weeks of 2023 approach, it’s fair to say that one of the most dominant trends and drivers of crypto companies’ strategies over the past months can be summed up in a single word: licenses.

In a tight regulatory environment, getting the green light from regulators has been crucial for companies, particularly during the crypto winter.

Some countries have taken a stand by developing a crypto-friendly environment. For example, the United Arab Emirates continues to attract major crypto companies to its shores, with digital assets exchange Crypto.com recently receiving a Virtual Assets Service Provider (VASP) license in Dubai. The license allows Crypto.com’s local business to offer retail and institutional trading, as well as broker-dealer and credit-related services.

Dubai also granted a similar license for institutional crypto custodian Hex Trust. The crypto firm has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.

Traditional players are also seeking crypto licenses. In Germany, Commerzbank has been granted a crypto custody license, according to a Nov. 15 announcement, allegedly becoming the first “full-service” bank in the country to receive the license.

Also, in this week’s regulatory headlines, Bitget dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. As a result, the exchange is winding down its local operations in the coming weeks.

Although licenses are essential for crypto firms to operate, they also represent a new step in the growing connection between crypto and governments worldwide.

This week’s Crypto Biz also explores Uniswap’s Android app, Cboe’s move into crypto margin futures trading and Disney’s upcoming nonfungible token (NFT) platform.

Uniswap launches Android wallet app with built-in swap function

Uniswap Labs has publicly released an Android mobile wallet app on the Google Play Store. The new app allows users to make swaps through the decentralized exchange from within the app, eliminating the need for a separate web browser extension, Uniswap Labs vice president of design Callil Capuozzo told Cointelegraph. Uniswap added support for new languages and now supports English, Spanish, Japanese, Portuguese, French and Chinese — both traditional and simplified — and added a setting that allows users to view the value of their crypto in their local currency. The app’s iOS version was released in April.

*Uniswap mobile app demo. Source: Uniswap Labs.*

Disney launches NFT platform with Dapper Labs

Disney and blockchain firm Dapper Labs have teamed up to create a nonfungible token (NFT) platform. According to an announcement, Disney will tokenize its iconic cartoon characters from the past century onto its upcoming NFT marketplace, Disney Pinnacle. The platform will also include icons from Pixar and heroes and villains from the Star Wars galaxy, uniquely styled as collectible and tradable digital pins. The NFT platform will launch later in 2023 for iOS, Android and on the web.

Cboe to launch BTC, ETH margin futures trading in January with 11 firms supporting

Cboe Digital has announced the launch of Bitcoin (BTC) and Ether (ETH) margin futures trading on Jan. 11, 2024. The regulated crypto-native exchange and clearinghouse will become the first in the United States to offer both spot and leveraged derivatives trading on a single platform, it said in a statement. Eleven firms, including crypto and traditional financial firms, will support the new capability from its launch. They include B2C2, BlockFills, Cumberland DRW and Talos, among others. Cboe Digital provides trading for individuals and institutions. It received approval for margin futures trading from the U.S. Commodity Futures Trading Commission in June.

Goldman Sachs leads $95 million funding round for blockchain payment firm Fnality

Global investment bank Goldman Sachs and French bank BNP Paribas have reportedly led a new funding round for Fnality, a blockchain-based wholesale payments firm backed by Nomura Group. Fnality has reportedly raised 77.7 million British pounds ($95.09 million) in a second round of funding. Other investors included the global exchange-traded fund firm WisdomTree and Fnality’s existing investor Nomura. The new capital will be used for setting up a round-the-clock global liquidity management network for new digital payment models in wholesale financial markets and emerging tokenized asset markets, Fnality said. Fnality was founded in 2019 as a UBS-led blockchain project aiming to build digital versions of major currencies for wholesale payments and transactions involving digital securities.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Wallet crypto bot rolls out on Telegram in Colombia, SA and Kenya

November 10, 2023 Coin Telegraph

Coin Telegraph

The third-party crypto bot Wallet is debuting global rollout on the Telegram messenger in several countries in Latin America and Africa.

Cryptocurrency trading bot Wallet is debuting its global rollout on the Telegram messenger in several countries in Latin America and Africa.

The Open Platform (TOP), the Dubai-headquartered investment platform affiliated with TOP Labs and Wallet, announced the global rollout of the Wallet crypto bot on Nov. 10.

Wallet, a third-party Telegram bot allowing users to buy and sell crypto, is now available on the Telegram settings menu for users in Colombia, South Africa and Kenya.

The Wallet crypto bot has been accessible to global users for several months, but users were required to find the bot by clicking “@Wallet” on Telegram. With the latest update, users can see Wallet directly on the menu without needing to find the bot or even know much about crypto to start using it.

*Wallet bot available on the Telegram settings menu. Source: Cointelegraph*

In addition to the default custodial wallet, users can also use Wallet’s self-custody crypto solution called TON Space. Wallet’s self-custody sub-wallet allows users to perform decentralized swaps within TON Space and transfer nonfungible tokens, or NFTs, using the self-custody wallet.

TOP has chosen to start the Wallet global rollout in developing markets to help users access more financial tools and to benefit from its significant user base in related regions.

“Our main focus is on developing markets where the lack of accessible financial tools has generated an organic demand for crypto assets,” a spokesperson for TOP told Cointelegraph. “We know that Telegram has a significant user base in these regions, and so it was only natural to start our global rollout in these jurisdictions,” the representative added.

According to data from World Population Review, Telegram has 4.49 million in Colombia as of 2023. Statista data suggests that about 50% of internet users in Kenya and South Africa were using Telegram as of Q3 2022.

“Countries like Nigeria, Kenya, and Colombia have a very active Telegram user base, with a relatively high rate of crypto adoption,” the TOP spokesperson said, adding:

“The regions in which we plan to initially launch natively to all users offer a huge opportunity to onboard a massive audience to Wallet. This is just the start of our goal to accelerate the mass market adoption of TON-based blockchain technology.”

The representative also noted that the TOP preferred to roll out the wallet in smaller countries before scaling the operational side of the product, as well as the technical side of the integration. “This will ensure that we are able to efficiently scale to the additional demand generated as the rollout continues,” the spokesperson noted.

Following the initial rollout in Latin America and Africa, the Wallet crypto bot is expected to launch in Saudi Arabia, Nigeria and Turkey in Q1 2024. The TOP expects to finalize the global rollout of Wallet on Telegram by the end of Q2 2024, the announcement notes.

“These strategic enhancements to Wallet and TON Space underscore our continued dedication to simplifying the crypto experience for mainstream audiences while maintaining robust security features,” TOP CEO Andrew Rogozov noted.

Despite letting Wallet enter the Telegram settings menu, Telegram has actively denied any affiliation with Wallet or TOP, while Wallet also stressed that it was operating independently from Telegram.

Rogozov, CEO of TOP and Wallet companies, was once CEO of VK.com, a major social media platform created by Telegram founder Pavel Durov. Rogozov resigned from VK in January 2022 to join the TON Foundation as a founding member. He also then founded First Stage Labs, which subsequently merged with Wallet and rebranded to TOP.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Wallet

“Scammers provide better customer support”

Uniswap launches Android wallet app with built-in swap function

Disney launches NFT platform with Dapper Labs

Cboe to launch BTC, ETH margin futures trading in January with 11 firms supporting

Goldman Sachs leads $95 million funding round for blockchain payment firm Fnality

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