Crypto.Com Has Launched a DeFi Exchange Based on Uniswap – securebitcoinnews
Crypto.com has launched a DeFi swap service, which allows investors to trade their Ethereum-based ERC-20 tokens.
The app currently supports eight coins: Ethereum (ETH), Compound (COMP), Crypto.com Token (CRO), Dai (DAI), Chainlink (LINK), USDC, Tether (USDT), and Wrapped ETH (WETH).
Cryptocurrency is drawn from a pool funded by various liquidity providers, and prices are adjusted to provide the “best available rate.”
In addition to swapping coins, users can stake their tokens through the app’s “pool” and “boost” features to earn interest on their holdings. Crypto.com offers higher rates to those who hold its native CRO token—a 20x bonus for those who stake in the highest tier.
The app has been forked from Uniswap v2, a popular decentralized exchange (DEX). Changes to the app have been audited by Crypto.com and by the blockchain firm SlowMist.
This news comes just weeks after the platform announced plans to merge its old MCO token with its newer CRO token. That move was widely criticized because Crypto.com has quite suddenly imposed the change on its users.
The new, relatively open and decentralized coin swap tool could bring back users who believe the company’s centralized nature allows it to exert too much control at times. The swap app only requires Metamask or WalletConnect, not an account with Crypto.com’s custodial exchange.
“We believe that blockchain and decentralized finance (DeFi) protocols built on top have the potential to empower millions to exercise this right,” Crypto.com states on its website.
Disclosure: This article was independently selected by our editorial team for coverage. Crypto.com is a sponsor of Crypto Briefing.
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- SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange
- BRIAN BROOKS PAVES THE WAY FOR MAINSTREAM ADOPTION OF CRYPTO! | THE XRP BULLY NEWS:
- Big European states call for cryptocurrency curbs to protect consumers
- Wilmington treasurer candidate has touted cryptocurrency to constituents
SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange
The U.K.-based Simple Ledger Protocol (SLP) exchange Cryptophyl is closing its doors in order to restructure into a decentralized finance (defi) platform. Cryptophyl has revealed the trading platform will officially go offline on September 21 and is asking customers to withdraw before that period.
Just recently the SLP token trading platform Cryptophyl has revealed it will be shutting down in the near future. The website will be taken offline by September 21, 2020, which gives customers ten days to remove funds off the exchange. Maintaining Cryptophyl has been difficult the team notes in a recent blog post and it wants to shift to a noncustodial platform.
“Unfortunately, it has become increasingly difficult for us to maintain a consistent user experience,” the Cryptophyl closure announcement reads. “Maintaining our SLP token infrastructure has become a chore for the team and we’d prefer to focus our energy and resources on our up-coming non-custodial exchange, Detoken.”
News.Bitcoin.com reported on Cryptophyl’s idea to join forces with the Anyhedge project back in April. In the latest announcement, the developers mention the collaboration with the blockchain-enforced synthetic derivatives project for Bitcoin Cash. The announcement highlights that the Detoken launch will be around Q3 2020.
“Detoken will initially offer the first Decentralised Finance product built on Bitcoin Cash, in collaboration with General Protocols. Shortly after, SLP tokens will be added,” Cryptophyl said. The announcement further adds:
SLP tokens listed on Detoken can be traded directly out of your Detoken wallet, with no deposits or withdrawals. Trades are made with zero confirmations: this means no more waiting for the blockchain network to accept your transaction. SLP trading on Detoken will be done using atomic swaps, hence, the process is trust-less: you never need to trust either Detoken or the counterparty in your trade.
Defi has exploded on the Ethereum (ETH) network, and a number of other blockchain projects hope to compete with Ethereum’s lead. Back when news.Bitcoin.com discussed the defi project with the General Protocols team it said Anyhedge tools will be released for testing, alongside the Detoken launch.
Cryptophyl says that with the decentralized exchange (dex), users will “always be in control of their private keys on Detoken.” In addition, the firm also said that for a fee it will list any SLP token on the dex but it will go through a community inspection.
“In order to list a token, a straightforward due diligence criterion must be met, followed by a community vote,” the announcement concludes.
What do you think about Cryptophyl’s restructuring goals? Let us know what you think about this subject in the comments section below.
The post SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange appeared first on Bitcoin News.
The post SLP Trading Platform Cryptophyl Plans to Change Into a Noncustodial Defi Exchange appeared first on BTC Ethereum Crypto Currency Blog.
Author: By TeamMMG
BRIAN BROOKS PAVES THE WAY FOR MAINSTREAM ADOPTION OF CRYPTO! | THE XRP BULLY NEWS:
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Author: Author: Brian Robert Hyland
Big European states call for cryptocurrency curbs to protect consumers
BERLIN (Reuters) – Germany, France, Italy, Spain and the Netherlands known as on the European Fee to attract up strict regulation for asset-backed cryptocurrencies akin to stablecoins to guard shoppers and protect state sovereignty in financial coverage.
The finance ministers of the 5 European Union member states mentioned in a joint assertion on Friday that stablecoins shouldn’t be allowed to function within the 27-member bloc till authorized, regulatory and oversight challenges had been addressed.
Stablecoins, a sort of cryptocurrency typically backed by conventional property, leapt onto policymakers’ agendas final 12 months when Fb FB.O revealed plans for its Libra token.
Some central banks and monetary regulators, involved that Libra might destabilise financial coverage, facilitate cash laundering and erode privateness, threatened to dam it and the undertaking has been delayed and reshaped because of this.
The EU’s regulatory framework for stablecoins ought to protect the bloc’s financial sovereignty and deal with dangers to financial coverage, in addition to defending shoppers, the 5 nations mentioned in an announcement issued on the sidelines of a broader assembly of European officers in Berlin.
The European Fee is predicted to current its regulatory proposals later this month.
“All of us agree that it’s our activity to maintain monetary market secure and to make sure that what’s a activity for states stays a activity for states,” German Finance Minister Olaf Scholz advised reporters throughout a joint assertion together with his counterparts.
‘VERY CLEAR RULES’
Scholz mentioned authorities ought to take a troublesome method and this could embrace a ban on any personal sector actions if regulatory necessities weren’t met.
The 5 nations need all stablecoins to be pledged at a ratio of 1:1 with fiat forex, with reserve property denominated within the euro or different currencies of EU members states, and deposited in an EU-approved establishment.
All entities working as a part of a stablecoin scheme must be registered within the EU, they mentioned. Such a transfer would possible affect the Geneva-based Libra Affiliation, which plans to problem and govern Libra.
“We’re ready for the Fee to problem very robust and really clear guidelines to keep away from the misuse of cryptocurrencies for terrorist actions or for cash laundering,” French Finance Minister Bruno Le Maire mentioned.
“The central financial institution, I imply the ECB, is the one one to be allowed to problem a forex. And this level, it’s one thing that can not be jeopardized or weakened by any type of undertaking together with the so-called Libra undertaking,” Le Maire added.
Author: By Christian Kraemer, Michael Nienaber
Wilmington treasurer candidate has touted cryptocurrency to constituents
Wilmington city treasurer candidate Vash Turner has sparked concerns among some constituents with online promotions of a cryptocurrency company that some foreign financial regulators have accused of running a pyramid scheme.
Turner, a current city councilman, is running for a position that would put him in charge of taxpayer funds, including overseeing the city’s bank accounts, payments and investments. He also would play a role in the city’s decisions to borrow money on the bond market.
For years, Turner has used his Facebook account to promote investments in a gold-backed digital currency offered by a German company called Karatbars.
Some in his district, particularly in the Cool Spring neighborhood, are raising questions. Thomas Natoli and others said Turner personally sent them messages promoting the gold coin product.
“My concern is that you’re my voice in the city, and you’re using your elected position to sell what I thought was a pyramid scheme,” said Natoli, who supported Turner’s election as councilman.
Greg Luna said he found the promotions “cryptic.”
“As an elected official, he brings credibility to any product or service he represents and in that regard there should be full disclosure that this is an investment and with every investment there is a risk,” Luna said.
CITY COUNCIL ELECTIONS:Feuding factions square off in primary
Turner was elected city councilman for the 5th District in 2016. He is a political ally of current Treasurer Velda Jones-Potter. In July, they each changed their campaign filings last-minute, making what appeared to be a coordinated play for top city seats.
He is running against DaWayne Sims, an economic development official in Mayor Mike Purzycki’s administration.
HEAR FROM THE CANDIDATES: Delaware Online Primary Voters Guide
Turner said he recently had oral surgery and could not speak for an interview. He provided a written statement in response to emailed questions.
“I have not used my position as Councilman to promote Karatbars or any particular types of investments,” he wrote. “I have always promoted the idea that the key to self-determination and self-reliance begins with educational and financial stability.”
Turner’s public Facebook posts contain numerous promotions of Karatbars. He wrote that he received gifts of real gold cards from the company and shared pictures of himself attending Karatbars events and meeting the company’s CEO. The posts begin before his term as councilman and continue up until April.
He told his followers, “Ask me and anyone else you see promoting Karatbars how you can get involved.” Posting a video about the product, he wrote, “What are you waiting for?”
He frequently tagged others in the comments of the posts, inviting them to informational meetings. In one private message Turner sent to a constituent, he is shown on a promotional flyer for gold digital products as a Wilmington city councilman.
In a Facebook video last September, he said he was introduced to Karatbars in 2014 and made enough money on it within a few months to host a concert.
“It also helped me to be a councilman, a city councilman,” he said in the video. “I never thought I would do that.”
ETHICS COMPLAINT:With just days left, Wilmington primaries reach new levels of combat
In 2014, Canadian authorities issued the company a cease-and-desist order, calling Karatbars’ activity “similar to a pyramid scheme.” The company and three affiliates were later fined in Canada for selling investments without permission.
CITY ELECTIONS: Why Wilmington’s next mayor may need only about 4,000 votes to win
“The real attraction of new participants … is not the purchase of the gold card, but the desire to earn money through the introduction of new members to the business practice,” officials said, according to a newspaper in Namibia.
Karatbars issued a news release last fall alluding to “a false rumor” about the company and itself called for more regulation of the cryptocurrency industry.
Turner said his “personal understanding” was that the company offered gold as a savings tool, and that he purchased physical gold from Karatbars.
He emphasized that his personal finances are in order and “secured through well researched investments in the United States economy.”
Sims, his opponent, said he did not know about Turner’s promotions but said he’s been running on his financial experience over Turner.
“I’m hopeful that my opponent has done some basic level of research about these things he’s promoted to the public and if he has and he’s comfortable with these things that’s another question,” Sims said.
CITY COUNCIL ELECTIONS:Feuding factions square off in primary
Luna said he wrote to Turner asking his qualifications to be treasurer but did not hear back. Turner did not respond to a News Journal question about his qualifications to handle city funds.
“When he runs for city treasurer, he’s going to be dealing with treasury, it has a direct impact on the financial health of the city,” Luna said. “Is he in favor of crypto or buying gold? Or is he not going to be in favor of municipal bonds?”
Contact Jeanne Kuang at [email protected]