crypto adoption - Pwim.Net

Kraken Introduces Simple, Secure, and Powerful Kraken Wallet

Kraken, a leading cryptocurrency exchange, has taken a significant step towards accelerating crypto adoption with the release of Kraken Wallet. The self-custodial wallet is designed to be simple, secure, and powerful, offering users an easy-to-use gateway to the decentralized financial system.

Whether individuals are Kraken clients or not, they can utilize the multichain Kraken Wallet as a bridge to the world of decentralized finance. Built on the principles of privacy and security, Kraken Wallet ensures self-custody of digital assets and data. Users can enjoy an onchain experience supported by Kraken’s world-class security measures and dedicated client service.

Kraken Wallet provides a beautiful user experience, eliminating the need for network switching or manually creating multiple seed phrases. It serves as a one-stop solution for all self-custody needs, offering features such as comprehensive portfolio tracking, multichain support, WalletConnect integration, and round-the-clock customer support.

With comprehensive portfolio tracking, users can conveniently monitor their tokens, NFTs, and DeFi positions in one place. The wallet seamlessly interacts with eight of the most popular blockchains, including Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. Additionally, the integration of WalletConnect ensures secure access to thousands of the latest and most popular decentralized applications (dApps).

Privacy is of paramount importance to Kraken Wallet. The wallet collects only the minimum amount of data required for its functioning and does not gather internal app performance analytics. User activity is proxied through Kraken’s infrastructure, safeguarding their IP addresses and preventing external exposure of identity and location information. Kraken Wallet does not store any user sign-in details, email addresses, or KYC information.

Backed by Kraken’s industry-leading security measures, Kraken Wallet prioritizes the protection of user data and digital assets. The wallet was developed in collaboration with the team responsible for securing Kraken exchange’s assets for over 12 years. It incorporates multiple layers of security, including biometrics from mobile devices and user-provided password encryption.

To further ensure the wallet’s security, Kraken engaged Trail of Bits, a renowned security audit firm, to conduct a comprehensive audit of the code. This step helps identify any potential vulnerabilities and strengthens the overall security of Kraken Wallet. In a move towards transparency and community involvement, Kraken Wallet is the first major-exchange wallet to be open-source at launch, with its code available on GitHub.

Kraken Wallet marks the beginning of an ongoing journey, with plans to introduce more functionality in the future. Kraken remains committed to its cypherpunk principles and aims to bring the world into the onchain future. As the crypto industry continues to evolve, Kraken Wallet strives to embody the spirit of decentralization and empower users in their financial freedom.

To download Kraken Wallet and learn more about its features, users can visit the official website. The Kraken Wallet deep-dive technical blog provides additional insights into how the wallet addresses challenges in mobile crypto security. Users can also refer to the Kraken Wallet privacy notice for full disclosures.

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UK Fintech Firm Mode Launches Bitcoin Banking App Enhancing Mass Consumer Accessibility

Mode, a London-based fintech company, has launched its new Bitcoin banking app to make the leading cryptocurrency accessible to everybody at the touch of a button according to a Finextra report. The iOS app is available to users worldwide, except in the United States.

The British firm stated that the app has been introduced to break down the barriers and open up the Bitcoin market access to everybody. Users can begin using the app with as little as £50 ($65). The app allows customers to open a Mode account in less than 60 seconds and requires them to complete the KYC (Know Your Customer) requirements, which takes less than two minutes. Once accounts are authorized, users can deposit the British pounds via a bank transfer or credit cards and buy Bitcoin.

The report indicates that the British company charges a trading fee of 0.99% at the time of selling and buying Bitcoin. Once bought, Bitcoin is then stored with BitGo, a leading digital asset custodian. However, the firm does not charge for transferring GBP in and out of customers’ accounts. The firm mentioned that funds are credited instantly through the UK’s Faster Payments.

Ariane Murphy, the Head of Marketing and Communications at Mode commented, “Our new app enables us to capture the big growth in the Bitcoin marketplace. The app also enables us to address several issues that people face in the current platforms. The Mode banking app tackles high cost/low speed, transaction restrictions issues, lack of security, and most significantly addresses the poor user experience normally associated with Bitcoin apps.”

Ariane revealed that the banking app has been pilot tested with about 1,000 early subscribers, and clarified that their feedback was “fully positive.”

Formed in 2017, Mode is backed and advised by Christopher Isaac “Biz” Stone, Twitter co-founder, who also serves as a non-executive director of R8, a UK fintech firm, which is the parent company that owns and controls Mode.

Stone said, “Though right now, there are multiple existing ways to access the Bitcoin market, few appeals to the everyday person who wants to hold and buy some Bitcoin. Most of the apps existing currently all have one problem at their core – access.”

Stone further mentioned, “Mode has removed unnecessary complex processes from their app, and therefore provides simple user experience and interface that rivals that of the major challenger banks. The app brings a completely innovative and new Bitcoin product.”

Meanwhile, Mode has revealed that later this year, it intends to unveil a Bitcoin interest-generating product that would enable customers to earn passive income for holding their Bitcoin without having to touch their assets.

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Morgan Stanley Buys E*Trade for 13 Billion USD, Providing Link For Everyday Online Traders

Wall Street giant Morgan Stanley is creating more access for everyday investors with the announcement of an imminent $13 billion acquisition of online trading firm E*Trade Financial Group on Feb. 20.

According to an articlein the New York Times, this is the biggest takeover by a major American financial institution since the global financial crisis of 2008 and gives Morgan Stanley access to an additional 5.2 million customers in the online trading market and $360 billion in assets.

After the takeover, E*Trade’s CEO, Michael Pizzi will hold his position, and the company will maintain its current branding and advertising.

Linking Crypto Trade and Wall Street

While the deal demonstrates a growing willingness of major Wall Street players to tap into the everyday investor market, it could also spell bigger things for cryptocurrency mainstream and institutional adoption.

Last year, Bloomberg reportedthat E*Trade was on the verge of offering digital asset trading on its platform. The online brokerage firm had announced that Bitcoin and Ether would be available soon with other cryptocurrencies to follow.

In 2018, Morgan Stanley had attempted to launch institutional swaps tracking Bitcoin futures but received no orders. The financial giant maintains that it is ready to offer the product as soon as the market is ready according to an articlepublished Dec. 23, 2018, by Bloomberg.

Further Institutional Adoption

Despite the failed 2018 attempt to by Morgan Stanley and Goldman Sachs to entice Wall Street to invest in crypto products, new research by Van Eck has revealed that even a small amount of BTC allocation could improve a portfolio’s upside.

As covered by Blockchain.News, VanEck recently outlined the case for institutional Bitcoin (BTC) investment in a report published on Jan. 29.

As shown in the report, Bitcoin has a history of outperforming traditional asset classes as well as a track record of strong growth over longer three to five year periods. Bitcoin also enhances the diversity of a portfolio as its movements bear very little correlation to the broad market equity indices, bonds, and gold.

The report found, “A small allocation to Bitcoin significantly enhanced the cumulative return of a 60% equity and 40% bonds portfolio allocation mix while only minimally impacting its volatility.”

Despite the evidence presented, VanEck’s report explains that the main deterrent for institutional adoption Bitcoin revolves around the lack of infrastructure to connect it to capital markets and its nature as a bearer asset.

VanEck explains that BTC is not quite a currency but still has the potential to become one. The report also suggests Bitcoin bears the necessary features that could see it become digital gold, but its future monetary value hinges heavily on how people’s perceptions of its value develop.

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Gemini Exchange Inks Deal with Samsung to Boost Crypto Adoption

Gemini, a leading American crypto exchange, has struck a deal with tech giant Samsung Electronics to bring crypto closer to Samsung Blockchain Wallet users in Canada and the United States. According to the announcement shared with Blockchain.News, this integration will make users connected to the Gemini mobile app where they can buy, sell, and trade cryptocurrencies.

Setting a precedent

Through this strategic partnership, Gemini has set the ball rolling because it is the first U.S. cryptocurrency exchange to collaborate with Samsung. This comes nearly two weeks after it was given the green-light together with another American crypto exchange Coinbase to be banking customers at JPMorgan Chase, the biggest bank in the United States.

Tyler Winklevoss, Gemini CEO, noted, “Crypto is not just a technology; it is a movement. We are proud to be working with Samsung to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world. Now, Samsung Blockchain Wallet customers can buy crypto in a simple, elegant, and secure way on Gemini.”

Samsung has been on a collaboration streak aimed at making more players penetrate the blockchain and cryptocurrency ecosystem. For instance, in March 2020, it partnered with Israel-based fintech and payment service provider Credorax to provide an automated blockchain platform for merchants.

This tech giant is also availing innovative technological advancements in the crypto space. For instance, earlier this week, it announced a new revolutionary turnkey security solution aimed at securing crypto transactions on its tablets and smartphones.

Topnotch security

The collaboration between Samsung and Gemini is aimed at boosting users’ satisfaction rates by presenting sophisticated security measures.

By linking the Gemini mobile app with the Samsung Blockchain Wallet, users will have the liberty to check their Gemini account balances, as well as transfer their cryptocurrencies into cold storage. With these continuous developments in the crypto space, it seems the sky’s the limit.

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Coinbase Sold its Blockchain Based Data Analytics Software to the US Secret Service

Cryptocurrency exchange Coinbase has sold its blockchain-based data analytics software to the United States Secret Service. The analytics software was made available to the secret service in a contract worth $183,750 and billed to span through May 9, 2024.

Coinbase had earlier intended to sell the analytics software to either the Drug Enforcement Administration (DEA) or the Internal Revenue Service (IRS), a move that sparked a backlash from the crypto community.

Through this contract, Coinbase will deal with the secret service which helps drive new frontiers in the blockchain ecosystem. Besides the California based exchange’s involvement with the government, it has announced it is going public this year, paving the way for the next phase of crypto adoption. The Coinbase contract with the secret service will help show the relevance of blockchain firms in fighting crime.

Demystifying the Conjectures About Coinbase Blockchain Analytics

Coinbase CEO, Brian Amstrong has taken to his Twitter account to help members of the community understand the importance of the firm’s analytics software. According to him, Blockchain Software Analytics makes use of publicly available data to track cryptocurrency-based transactions with the aim of catching fraudsters.

Brian acknowledged the need to recoup the cost incurred in building the analytics software and this informed the firm’s decision to sell the software to the secret service. He said:

“It’s expensive to build this capability, and we want to recoup costs. There is an existing market for blockchain analytics software, so we sell it to a handful of folks as well. It also helps us build relationships with law enforcement which is important to growing crypto.”

In all, Blockchain analytics software is essentially just compiling publicly available data that is already out there on the blockchain, trying to organize it to make it more useful, a system that will be invaluable to the secret service.

Coinbase Pivotal to Crypto Mass Adoption

The Coinbase exchange is among the organizations relied upon to drive mass crypto adoption. Its alliance with key government agencies and financial institutions will help build a complementary framework that will drive the growth of crypto and blockchain innovations.

Bitcoin Adoption in Africa Sees Massive Surge as P2P Volumes Hit All-Time Highs

Crypto analyst Kevin Rooke has revealed that Bitcoin peer to peer (P2P) volumes are hitting all-time highs (ATHs) as a 2.5-fold surge has been experienced since March.

Some of the African nations leading the pack include Kenya, South Africa, Nigeria, and Ghana, as the Bitcoin being traded weekly has exceeded $1 million.

Africa rising

The data presented shows that Africa is not being left behind as it has jumped on the crypto bandwagon based on the high Bitcoin trading volumes recorded. For instance, Nigeria is stamping its authority in the crypto space because Bitcoin traded using its currency; the Nigerian naira surpassed the $10 million mark last week. This figure is striking because it is twice the volume of the Venezuelan bolivar.

The Nigerian naira’s accomplishment moves it to the second position after the US dollar when it comes to P2P trading using fiat currencies. The primary P2P platforms utilized for Bitcoin trading in Africa are LocalBitcoins and Paxful.

Notable strides

Statistics presented by data analytics firm Useful Tulips show that Bitcoin trading has been on the rise in Sub Saharan Africa based on considerable crypto adoption. For instance, in 2016, Bitcoin traded was below $2 million, but now it has exceeded $16 million.

Therefore, P2P platforms are bridging the crypto adoption gap in Africa because increased Bitcoin trading in the continent shows that Africans have come to appreciate that the leading cryptocurrency is an ideal store of value and medium of exchange.

Despite the escalated Bitcoin trading in Africa, a recent report by leading US cryptocurrency exchange Kraken indicates that it has nosedived by 51%, representing a 6-month low in the first half of 2020 worldwide. Moreover, a relatively sluggish trend was recorded in June as a 31% month over month (MoM) drop was witnessed.

Binance Unveils Crypto-Powered Debit Card in Europe For Seamless Transactions Across 60 Million Merchants

Leading crypto exchange Binance has rolled out its Binance Card, a crypto debit card, in Europe that will enable users to convert their stored cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), Swipe (SXP), and Binance USD (BUSD) to fiat and spend them at more than 60 million merchants worldwide.

Eliminating the conversion hustle and bustle

The Malta-based exchange intends to elevate customers’ satisfaction rates as the Binance Card powered by Swipe will eradicate the hustle of converting cryptocurrencies to fiat manually before carrying out a transaction as is the case with prepaid cards.

The crypto debit card will hold the digital assets in their native state until a point-of-sale transaction is instigated at more than 60 million locations across 200 territories and regions globally.

Changpeng Zhao (CZ), Binance CEO, said:

“By providing a tangible way to transact, convert and spend crypto for everyday use, we are furthering our mission of making crypto more accessible to the masses. Giving users the ability to convert and spend their crypto directly with merchants around the world, will make the crypto experience more seamless and applicable.”

This development aims to create a frictionless user experience by simply swiping the Binance Card when making purchases.

More rollouts to follow

Binance plans to launch the card in other regions. CZ added, “We are looking forward to making the Binance Card available to users in other regions, as well as introducing new features to enhance the Binance Card experience through our partnership with Swipe.”

On the part of Binance Director of European Growth Josh Goodbody, he stated:

“We are delighted to finally get the Binance Card into our users’ hands, so they can start utilizing their crypto in their day-to-day lives,” said Binance’s Director of European Growth Josh Goodbody. “We see this product as a critical component within our ecosystem of services.”

This move is a step forward towards crypto adoption as a recent report showed that Bitcoin trading had hit a six-month low of 51% because of a sluggish trend.

How Banking Difficulties Drive Crypto Adoption in Latin America

Blockchain analytics firm Chainalysis recently published research indicating how unbanked individuals and businesses in Latin America are using cryptocurrencies as a speculative investment, a store of value, and a means of exchange.

An inefficient banking sector in Latin American countries has pushed some individuals and businesses to embrace the use of cryptocurrencies. The ongoing COVID-19 pandemic has not slowed down the number of crypto transactions in the region.

Of course, Latin America is a group of nations in the Western Hemisphere where Romance languages like French, Portuguese, and Spanish are predominantly spoken. Such countries include Brazil, Mexico, Colombia, Argentina, Peru, Venezuela, Chile, Guatemala, Ecuador, Bolivia, Cuba, Haiti, Dominican Republic, Honduras, Paraguay, El Salvador, Nicaragua, Costa Rica, Puerto Rico, Panama, and Uruguay.

Banking issues and the need for remittances are two factors that drive unique patterns of crypto usage beyond the speculative investment common to the many parts of the world. These issues are driving Latin American individuals and businesses to conduct commercial transactions with cryptocurrency.

Remittances Are Key

Wait times and high cost of remittances have been regarded as a problem that cryptocurrency can solve. Digital currency can be moved overseas instantly without high fees common to the international transfer of fiat currency. According to Chainalysis, 90% of cryptocurrencies received by Latin America come from outside the region. Most remittances in fiat currency to Latin American countries come from the US, majorly from migrant workers sending money back to families. Furthermore, the data indicates that East Asia has a strong link with Latin America. Several crypto payments are from Latin American businesses buying goods from Asian exporters to re-sell at home.

Safe Store of Value

It’s not only businesses in Latin America having problems with banks, but also several individuals are unable to get bank accounts. This is another factor driving crypto adoption. Many people in Latin America have an uneven income because they are gig workers e.g., doing gigs for Uber and other places like that. This makes it difficult for them to get bank accounts.

Without easy banking access, several young people in the region are turning to cryptocurrency as a means of storing value. Stablecoins like USDC and DAI play an important role for Latin Americans looking to lock in their savings.

Currency Instability

Fiat currency instability (Fiat currency devaluation) is another major factor driving crypto adoption in several Latin American nations. Crypto users in Chile, Colombia, Uruguay, and Argentina are turning to cryptocurrencies as a means to store value when their national fiat currencies are losing value.

The amount of P2P trading volume in several Latin American nations increases as the native currency depreciates. In other words, economic instability and currency devaluation bring users into crypto platforms. Argentina and Venezuela are especially printing money like crazy, so their fiat currencies are losing value. This drives a lot of crypto adoption.

Moreover, some nations like Argentina, limit the amount of U.S dollars citizens can buy per month, which further limits their options for secure savings and therefore increases the need for digital currencies.

Worsening economic conditions and related civil unrest also drive crypto adoption. October last year, there were mass protests over healthcare, education, and overall economic conditions in Chile. Fiat pay platforms saw an enormous reduction in activity during that period, but cryptocurrency transactions increased by about 35%.

People just want a safe way to store money. Since there are no gatekeepers in crypto, people are increasingly adopting digital currencies in Latin American countries.

Trading and Speculation, But Also Scamming

Latin America has unique crypto usage patterns based on value storage and transfer for the unbanked. However, there is also a strong trading and speculation market in the region, which is similar to what is being seen in the rest of the world.

Brazil accounts for the most crypto usage by on-chain volume of all Latin American nations. Venezuela seems to be a distant second but its role becomes more prominent at P2P trading volumes. In reality, Venezuela accounts for the third-highest number of transfers on Paxful and LocalBitcoins, the two most popular worldwide P2P crypto exchanges.

Although Latin America has the second-highest number of total activities associated with retail trades, the professional market still accounts for about 80% of all volume transfers in a given month. A desire for potentially high-yield assets with uncorrelated returns is fueling crypto adoption among professional investors, like those representing pension funds and family offices.

Similar to other parts of the world, Latin America has a class of quasi-professional investors (institutional investors) engaging in significant trading and speculation. Most of these traders prefer operating on large international exchanges such as Binance, Huobi, OKEX, Coinbase, and Bitstamp. These are the top five international crypto exchanges that receive cryptocurrency from and send it to Latin America.

Many traders use fiat to buy Bitcoin or stablecoins like Tether from p2p exchanges or local services, and then use such funds as an on-ramp to larger exchanges such as Binance, where they can access more trading pairs and greater liquidity. This is a common pattern not only in Latin America but also in other developing regions.

Furthermore, Latin America has a higher number of crypto activities associated with transfer to or from criminal entities, constituting 1.6% of all the region’s sending volume, and 2.4% of receiving volume moved over 2019. In Latin America, many people fell victim to crypto scams organized by WishMoney, FXTradingCorp, and F2TradingCorp, which accounted for most of the illicit transfer between July-November 2019 when cryptocurrency crime in the region was at its highest level. But illicit transfer in the region currently appears to be on a steady decline.

El Salvador Seeks To Be The First Country To Legalize Bitcoin as Legal Tender

El Salvador President Nayib Bukele intends to introduce a bill to legalise Bitcoin (BTC) as flat money. If the national Congress pass the bill, the Central American nation will become the first country to accept Bitcoin as legal money, alongside the U.S. dollar.

Bitcoin expected to prompt financial inclusion

The 39-year old leader noted that BTC would boost the nation’s economy while addressing the Bitcoin 2021 conference in Miami, Florida State in a video broadcast. President Bukele stated:

“Next week I will send to congress a bill that will make bitcoin a legal tender.”

The bill intends to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account. President Bukele explained:

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”

He pointed out that financial inclusion should be considered a moral imperative and a way to boost the economy. Furthermore, it is a way that offers access to investment, savings, credit, and secure transactions.

Transforming the future of finance

The El Salvador president also disclosed the nation’s partnership with digital wallet firm Strike to transform the country’s financial structure using Bitcoin technology.

Bukele noted:

“We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance.”

On the other hand, Jack Mallers, Strike founder, acknowledged:

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation.”

Meanwhile, a leading British multinational bank Standard Chartered, recently announced setting up a joint venture to buy and sell cryptocurrencies like Bitcoin. The Bank stated that it was actively seeking to establish partnerships with Hong Kong digital asset experts in launching a cryptocurrency exchange committed to developing digital assets.

Three Major Central Banks Play a Pivotal Role in Bitcoin Adoption

Bitcoin (BTC) arouse the attention of crypto communities followed by lively discussions after the leading cryptocurrency recently breached the psychological price of $40K. Low volatility had engulfed the BTC market because of its price that had consolidated between the $30-$40K range for months.

Market analyst Holger Zschaepitz believes that the three major central banks, namely the Federal Reserve (Fed), the Bank of Japan (BoJ), and the European Central Bank (ECB), have been instrumental in Bitcoin adoption. He explained:

“The biggest helpers for cryptocurrency adoption are central banks. Bitcoin rises almost in tandem with the combined balance sheet of the Big3. The combined balance sheet of Fed, BoJ, and ECB has risen to almost $25tn.”

Bitcoin has been on an upward trajectory after nosediving to lows of $30K, prompted by factors like Chinese authorities’ intensified crypto mining crackdown.

For instance, 16.4% of its total supply went back to profitability as daily addresses closer to the 1 million marks.

Bitcoin’s exchange inflow and outflow stays dormant

According to on-chain metrics provider Santiment:

“Bitcoiners have [a] reason to cheer with prices ending the week surging past $47.8K for the first time since May 16th. A sign that BTC will approach ATH levels again, watch that exchange inflows stay dormant. Right now, things continue to look healthy.”

Therefore, Santiment believes that this dormancy in the crypto exchange inflow and outflow balance is a bullish sign for the Bitcoin market. It could prompt more upward momentum close to the all-time high (ATH) price of $64.8K recorded in mid-April.

The number of non-zero BTC addresses hit a monthly high

Crypto analytic firm Glassnode revealed that the number of non-zero Bitcoin addresses reached a 1-month high of 38,126,040.

Therefore, it shows that more participants are joining the BTC network. Meanwhile, the Bitcoin-realized correlation recently slumped and turned negative.

The two assets have been involved in a tussle of wooing investors as the maiden safe-haven asset.