In a move to safeguard cryptocurrency investors, U.S. authorities have sounded the alarm on a troubling trend: scammers posing as government officials. With corroborative data from the Federal Trade Commission (FTC), the Cybersecurity and Infrastructure Security Agency (CISA) issued a stark warning in a revised advisory on Wednesday, emphasizing the sophisticated nature of these scams and their potential to wreak havoc on unsuspecting victims.

FTC data shows major increases in cash payments to government impersonation scammers: https://t.co/PL7SMga3gS #WEAAD #FedsFightFraud /1

— FTC (@FTC) June 14, 2024

Scammers are pretending to be government employees. They may threaten you and demand immediate payment. Don’t be fooled! #SlamTheScam and HANG UP! Report the scam at: https://t.co/BwciVeKD5y #FightThePhish pic.twitter.com/xS8P07oU45

— Cybersecurity and Infrastructure Security Agency (@CISAgov) March 7, 2024

The Growing Threat of Impersonation Scams

Cryptocurrency scams are nothing new, but the brazenness and ingenuity of these latest impersonations have escalated the threat. Scammers are leveraging the guise of government authority to dupe investors, a tactic that has proven alarmingly effective. 

According to the FTC data, consumers reported losing a staggering $76 million to government impersonation scams in 2023, a 90% uptick from $40 million in 2022.

Recognize business and government imposters who want your money: https://t.co/JwMp6rcJGN #FedsFightFraud #WEAAD2024 /5

— FTC (@FTC) June 14, 2024

The modus operandi typically involves phony emails or phone calls from individuals pretending to be from federal agencies such as the IRS, SEC, or even the FBI. These impersonators aim to extract sensitive information or trick victims into sending cryptocurrency to fraudulent addresses.

Why do scammers pose as the CISA, and what is it?By Greg CollierScammers are never above impersonating any branch of the government. Most commonly, they pose as the IRS, the Social Security Administration, or the FBI. Now, it appears scammers are posing as an obscure office… pic.twitter.com/XJc7nZc4va

— Greg Collier (@gregcollier) June 14, 2024

A notable instance involved a phishing campaign where emails mimicked official correspondence from agencies like the SEC. The emails contained links to fake websites that closely resembled legitimate government portals. Victims were then coaxed into providing personal information or making payments under the pretense of resolving tax issues or regulatory breaches.

CISA has highlighted the sophistication of these scams, noting that they often use advanced social engineering tactics. According to a report, these scams are not only elaborate but also highly personalized, making them particularly hard to detect. For instance, during an attack on June 5, 2024, phishing emails were sent to subscribers of a prominent crypto firm via a compromised mailing list provider, resulting in unlawful access and export of private details of approximately 1.9 million users in just a few hours from their database.

The SEC has also been proactive in addressing these scams. In a recent investor alert, the agency underscored the “devastating losses” suffered by retail investors due to these fraudulent schemes and pointed out that the popularity of initial coin offerings (ICOs) and other digital assets has made the crypto space a hotbed for scam activities. As highlighted by Cointelegraph, the fear of missing out (FOMO) is a significant driver behind many investors falling prey to these scams.

Moreover, impersonation scams extend beyond emails. Social media platforms are rife with fake profiles of well-known crypto personalities and companies. For instance, the SEC’s @SECGov X account was compromised on Tuesday, January 9, 2024, and an “unauthorized” post was tweeted from it.

Who Are the Targets?

Scammers predominantly target older adults. In 2023, nearly half of the complainants were over 60 years old, accounting for 58% of the losses (almost $770 million) nationwide. Tragically, some victims faced such shame or financial strain that they resorted to suicide.

Beware of phishing scams! Don't take the bait —look out for suspicious emails and links. Verify before you click. Check out our resources on phishing: Phishing Guidance: Stopping the Attack Cycle at Phase One https://t.co/kAS4cNFF3R#InternetSafetyMonth pic.twitter.com/ViNWdyh5wo

— Cybersecurity and Infrastructure Security Agency (@CISAgov) June 7, 2024

To stay safe, investors should adopt a skeptical approach to unsolicited communications, verify the authenticity of any contact through official channels, use strong passwords, and avoid clicking on links or downloading attachments from unknown sources. As the old saying goes, “If it sounds too good to be true, it probably is.”

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As the United States inches closer to the launch of spot Ether exchange-traded funds (ETFs), according to Bloomberg ETF analyst Eric Balchunas, we may witness these ETFs hitting the market as early as July 2. 

Makes sense. What I heard: issuers still waiting to get comments from Corp Fin on S-1s which they handed in 2wks ago. Corp Fin is just looking at these docs for first time (why? bc of the (highly likely) political last min 180 (remember they were as surprised by this as anyone… https://t.co/N32N6jFXBv

— Eric Balchunas (@EricBalchunas) June 13, 2024

What does this development mean for Ethereum investors and the broader crypto industry?

Spot Ether ETFs represent a significant milestone for the crypto industry. These investment vehicles allow investors to gain exposure to Ethereum without directly holding the cryptocurrency. Unlike futures-based ETFs, which derive their value from contracts, spot ETFs track the actual price of Ether on exchanges. This distinction is crucial because it provides a more direct link to the underlying asset.

SEC’s Green Light and Balchunas’ Speculations 

On May 23, the U.S. Securities and Exchange Commission (SEC) approved eight 19b-4 filings for spot Ether ETFs on various U.S. exchanges, including Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity, and Franklin Templeton, are among the approved applicants. However, there’s a catch: these ETFs can only start trading once they receive the necessary S-1 registration statement approvals. 

In a Senate Banking Committee hearing on June 13 about President Joe Biden’s 2025 budget requests for the SEC, Gensler said he expects the commission to approve S-1 registration statements for asset managers “sometime this summer.”

Eric Balchunas at Bloomberg, known for his insightful analysis, has been closely monitoring the regulatory landscape. His recent update suggests that the SEC’s comments on the ETF applicants’ S-1 applications were “pretty light, nothing major.” The SEC requested responses from the applicants within a week, indicating a positive outlook. Balchunas believes there’s a “decent chance” that the SEC will declare the ETFs effective shortly, possibly before the holiday weekend leading up to U.S. Independence Day.

Gary Gensler’s Rather Broader Timeframe

SEC Chair Gary Gensler has also weighed in on the matter. He provided a broader timeframe, hinting that spot Ether ETFs might begin trading within the next three months, potentially by the end of September. However, just a week earlier, Gensler emphasized that the speed of approvals would depend on how quickly issuers addressed the SEC’s comments. It’s a delicate balance between regulatory scrutiny and market demand.

Ethereum’s Price Potential

Investors keenly observe Ether’s price movements. Will it follow Bitcoin’s trajectory after the approval of its ETF? Bitcoin’s ETF approval triggered a surge in January, propelling its price to record highs. For instance, you’ll recall that when BlackRock filed for a Bitcoin ETF on June 15, 2023, Bitcoin’s price jumped approximately 22% within a week. As of this month, Bitcoin’s price has been exhibiting a positive trend. The year-to-date increase is around 60.41%, with a 161.37% rise over the past year. The current price of Bitcoin is approximately $66,217, according to data from TradingView, at the time of this writing.

However, Balchunas remains cautious. He points out that Ether’s use cases are more complex to evaluate than Bitcoin’s. While some traders remain optimistic, others recognize the need for widespread consensus on Ethereum’s utility and utilization rate.

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Analysts from Alliance Bernstein have given an optimistic prediction for Bitcoin, foreseeing a possible increase in its value over the next ten years. 

They project Bitcoin to reach $200,000 by 2025, rise to $500,000 by 2029, and reach an impressive $1 million by 2033.

BERNSTEIN: “.. We revise up our #Bitcoin price expectation to $200K cycle-high by 2025E (vs. $150K earlier). Our base case estimates: Bitcoin at $200K by 2025E .. .. $500K by 2029E.. and $1Mn by 2033E.”Initiate $MSTR Outperform pic.twitter.com/V3LHUdCPD2

— Carl Quintanilla (@carlquintanilla) June 14, 2024

Gautam Chhugani and Mahika Sapra, the analysts, mentioned their belief that Bitcoin is starting a new bull phase, supported by high demand from spot Bitcoin exchange-traded funds (ETFs). The prediction depends greatly on the growing use of Bitcoin ETFs in traditional investments.

Alliance Bernstein estimates that by 2025, these regulated ETFs could hold around 7% of all Bitcoin in circulation, a figure expected to rise to 15% by 2033. This structural shift, they argue, marks a critical turning point for cryptocurrency, attracting capital from conventional investment pools and driving substantial price appreciation.

ETF Impact and Market Dynamics

Moreover, the analysts highlighted the impact of Bitcoin halving events, where the rate at which new Bitcoins are generated halves approximately every four years. This mechanism, designed to control inflation and ensure scarcity, reduces the sell-pressure from miners, thereby potentially amplifying price increases. 

The analysts noted that each halving historically precedes a period of heightened demand and subsequent price escalation, attributing the phenomenon to emerging catalysts within the market.

The perspective highlights Alliance Bernstein’s belief in Bitcoin’s path, boosted by institutional interest and regulatory changes that have made it more attractive to traditional investors. This positive view is also backed by a thoughtful review of Bitcoin’s role in diverse investment portfolios, showing how digital assets are becoming established as a valid asset category.

Alliance Bernstein’s analysts predict a strong rise for Bitcoin, fueled by growing institutional adoption through Bitcoin ETFs and regular halving events. They expect Bitcoin’s price to reach record highs in the next decade, highlighting positive confidence based on changing market trends and shifts in investment strategies.

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With the emergence of blockchain gaming as a sector, 5thScape (5SCAPE) is a project that has shown its potential even during the presale with over $6.6 million raised. While Chromia and Pixels are based on “relational blockchains,” and the latter is famous for its web3 game that has recently moved to the Ronin blockchain, 5thScape is a unique virtual reality gaming platform that combines advanced tech with VR gaming. 

By gaining more trust, funds this project is capable of competing with Chromia and Pixels and surpassing them in the growing blockchain industry.

5thScape: Changing the Narratives of Entertainment Consumption

There is a significant change in how people prefer to consume their favorite entertainment content. OTT platforms surely bring millions of movies and series to our fingertips so that we can pick what we want to binge on anytime, anywhere.  Immersive experiences offered by VR technology now have everyone’s attention. VR accessories have become easier to access and more affordable as well. Now, we can forget about expensive gaming zones or theaters to experience our choice of content in 3D. With a VR headset, indulging in immersive experiences has become easier than ever before from the comfort of the couch.

Click Here To Know More About 5thScape! 

The 5thScape platform has also solved the need for premium VR content that is easy to access online. It is based on blockchain technology and has a library that carries various categories of VR-compatible content including games, movies, educational videos, and more.

The platform is also looking forward to adding Augmented Reality (AR) features in the near future. For now, its VR content hub is taking all the attention in the world of blockchain. It is one of the most unique crypto projects that combines blockchain technology with VR and has many immersive experiences. 

A Revolution in Blockchain Gaming

There is no doubt in saying that the 5thScape platform has taken blockchain gaming to an all new level. Platforms like Steam will soon become a thing of the past as the booming VR technology takes center stage and highlights the VR gaming experiences of the 5thScape platform. One of the latest additions to this platform’s gaming hub is the Cage of Conquest game now available on MetaQuest. The project’s next gaming launch will be Thrust Hunter, a car racing game with global multiplayer races. 

5SCAPE: A Ticket to Virtual Adventures on 5thScape

The content library of the 5thScape platform can be accessed through its utility token known as 5SCAPE. This native token lets you go on luxurious virtual adventures in the 5thScape universe. As of now, its presale is underway and the project has already raised an impressive sum of $6.6 million. It reflects the solid investor trust that this VR-linked project has managed to receive despite being a new project in the market. 

Your Crypto Portfolio Needs This Token

The 5thScape project seems to be on an exciting journey. This growth is also creating a high demand for its 5SCAPE token. A bright and secure future awaits the 5thScape project as its foundation lies in the growing VR technology, which is future-proof, too.

Crypto investors who have yet to add 5SCAPE tokens to their portfolio still have a chance to get them at the best prices. Those who already have ETH, BNB, or MATIC tokens in their crypto wallets can exchange them for the 5SCAPE tokens and get exciting rewards as a bonus. There are various rewards on investments of $500 USD and above as well. Explore the future of entertainment with 5thScape.

The post Rule the Game with 5thScape: Why It’s Your Best Bet Against Chromia and Pixels appeared first on Coinfomania.

The ongoing legal battle between Ripple Labs and the US SEC has taken a new turn as the SEC accuses Ripple of engaging in sales practices that mirror past violations. 

According to recent updates shared by attorney James K. Filan on X, the SEC has responded to Ripple’s latest filings concerning the Terraform Labs Consent Judgment, intensifying the scrutiny over Ripple’s On-Demand Liquidity (ODL) service.

#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has responded to @Ripple’s letter regarding the TerraForm Labs Consent Judgment. pic.twitter.com/VvGSJffwa8

— James K. Filan (@FilanLaw) June 14, 2024

Allegations of Recurrent Practices

The SEC asserts that Ripple’s current ODL sales practices are “awfully similar” to previous actions that were deemed violations. Lawyer Bill Morgan highlighted these concerns, indicating that despite prior regulatory actions, Ripple continues to engage in questionable conduct. The SEC’s claims have complicated the legal landscape for Ripple, suggesting that the company’s adherence to regulatory guidelines remains in doubt.

This ongoing scrutiny has placed Ripple’s ODL service, a core component of its business model, under a cloud of legal uncertainty. The SEC’s response to Ripple’s filings emphasizes a pattern of behavior that the regulatory body finds problematic, raising questions about Ripple’s compliance with existing regulations.

The court currently lacks comprehensive records to determine whether Ripple’s ongoing ODL sales violate existing regulations. This lack of evidence complicates the judge’s ability to make a decisive ruling on the matter. The SEC’s allegations point to a need for more detailed documentation and evidence to ascertain the legality of Ripple’s current business practices.

Pro-XRP lawyer Fred Rispoli has suggested that the final judgment on remedies could be issued by Judge Torres by the end of July or early August. However, the SEC might appeal the summary judgment made in July, which adds another layer of complexity to the case. This potential appeal underscores the unresolved nature of the legal dispute and its impact on Ripple’s operations.

Financial Penalties and Legal Proceedings

The SEC is seeking $2 billion in fines and penalties from Ripple, while Ripple contends that the penalty should not exceed $10 million. This substantial disparity in the proposed penalties highlights the contentious nature of the ongoing litigation. Despite discussions around a possible settlement, Rispoli has indicated that the chances of a settlement are currently minimal.

The legal proceedings are expected to continue, with both parties preparing for further arguments and potential appeals. The role of Judge Netburn in this context remains uncertain, as she and Judge Torres could decide whether the issue before Netburn requires a ruling or if Judge Torres can proceed with a final judgment on remedies and injunctions.

`Market Response and XRP Price Movements

The legal uncertainty surrounding the Ripple vs. SEC lawsuit has had a notable impact on the market performance of XRP.At press time, XRP was trading at $0.4785, showing a 0.13% increase in the past 24 hours, according to CoinMarketCap data.

Despite the legal challenges, the XRP trading volume has seen an 2.18% surge, reaching $1,058,597,050, with a market cap of $26,602,286,830. This indicates a level of market activity and interest, even amidst the ongoing legal uncertainties.

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The Notcoin token experienced a significant surge in value, jumping over 15% on Friday to breach the $0.20 mark, defying the downward trend it had been experiencing since reaching a previous high of $0.028 on June 2.

This surge coincided with a notable rise in the TON blockchain, on which Notcoin operates, as TON itself eclipsed its former peak, momentarily topping $8.00. This marks a first since the coin’s introduction.

Integration with Telegram Games

The TON blockchain and its associated token, NOT, gained attention following their integration with the Telegram-based “tap to earn” game, which rapidly gained popularity among users.

This game, along with similar “x to earn” games on the Telegram platform like Hamster Kombat and Yescoin, has reportedly attracted tens of millions of players globally. However, the exact figures might be skewed by bot activities, which are suspected to inflate participation numbers.

Notcoin’s ascent is further supported by the user-friendly processes of signing up, acquiring a wallet, and engaging with the games, which are believed to have significantly driven the activity and statistics on the TON blockchain.

Reports suggest that the TON blockchain has seen daily active wallets exceed those of Ethereum, though these figures exclude Layer 2s and may not reflect the actual count of unique users.

Notcoin on June 14. Source: TradingView

According to analytics from Tonstat, the number of daily active wallets has surpassed 547,000, showing a clear upward trend.

Insights from Delphi Digital indicate that TON’s growth is quietly being fueled by Telegram’s extensive user base of 900 million, which pushes the daily active addresses above those on the Ethereum network.

Autonomous Nature and Decentralized Ethos

The Notcoin team recently highlighted the autonomous nature of Notcoin, emphasizing that it has no central ownership and no possibility for an increase in supply, drawing parallels to Bitcoin in terms of its decentralized ethos.

They also projected that TON is poised to become the dominant blockchain, expecting to significantly outpace its competitors shortly.

The project’s ambitions don’t stop there; Notcoin aims to onboard the next 300 million users into the Web3 space through a combination of community engagement, educational initiatives, and gaming.

The team at Notcoin maintains that their approach to introducing users to Web3 will be conducted with distinctive flair and style, framing these goals not as promises but as logical outcomes based on the project’s trajectory.

As of June 9, Notcoin reported having 40 million activated users, a figure derived from their internal database rather than web analytics tools, which often inflate user counts by multiplying them by session numbers.

Origins and Ecosystem of Notcoin

Notcoin began as the social clicker game on Telegram, where players tapped a virtual golden coin to earn in-game currency.

The NOT token is at the heart of the Notcoin ecosystem, designed to empower users by integrating them into the project’s development.

Participants earn NOT tokens by engaging with new games and exploring Web3 projects, thereby fostering a community-driven platform where users have a stake in shaping its future. This model promotes an equitable distribution of resources and empowerment within the Notcoin community.

Notcoin’s recent rise in value reflects the broader growth and increasing activity within the TON blockchain.

With its decentralized structure, strong community engagement, and strategic use of Telegram’s vast user base, Notcoin is poised to play a significant role in the expansion of the Web3 ecosystem.

The combination of innovative gaming, seamless user onboarding, and educational efforts positions Notcoin as a promising player in the blockchain space.

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Nigerian authorities have dropped certain charges against detained Binance executive Tigran Gambaryan, as reported by a family spokesperson on June 14. The Federal Inland Revenue Service (FIRS) has withdrawn tax charges against Gambaryan and fellow Binance executive Nadeem Anjarwalla.

Nevertheless, both executives continue to face money laundering charges from Nigeria’s Economic and Financial Crimes Commission (EFCC), with the case set to resume on June 20.

Criticism of Remaining Charges

Gambaryan’s family representatives have criticized the remaining charges as “bogus” and argue that the dismissal of the tax charges by FIRS indicates that the pair should not have been charged initially.

The condition of Gambaryan’s health has been a significant concern, especially after he collapsed in court on May 23 due to malaria. His family claims that his health has worsened, now including pneumonia, and they allege a lack of transparency from prison authorities regarding his well-being.

Despite a court order from Justice Emeka Nwite for immediate medical attention, prison authorities delayed taking Gambaryan to a hospital for 11 days, and even then, only for a brief check-up.

The results of this check-up have not been disclosed to his family, lawyers, or the U.S. embassy, as prison officials have designated a person from the prison as his next of kin.

Statement from the Gambaryan Family Representatives. Source: Andy Greenberg

Binance issued a statement praising FIRS for its “diligence and professionalism.” They emphasized that the dropped charges highlight that Gambaryan is not a decision-maker at Binance and that his detention is unnecessary for resolving issues with the Nigerian government.

Binance expressed hope for a complete discharge of Gambaryan from the matter.

Background of Arrest

Gambaryan and Anjarwalla were arrested by Nigerian authorities in February on charges of money laundering and tax evasion related to Binance, despite the company’s prior agreement to exit the African market.

In March, Anjarwalla escaped custody using his Kenyan passport but was later apprehended in Kenya, where he now faces extradition to Nigeria.

In response to Gambaryan’s detention, U.S. lawmakers have voiced their concerns. In a June 4 letter to President Biden, Secretary of State Antony Blinken, and Presidential Envoy for Hostage Affairs Roger D. Carstens, twelve U.S. lawmakers described Gambaryan’s imprisonment as “wrongful.”

They argued that the charges of money laundering and tax evasion are unfounded and part of an alleged scheme by Nigerian authorities to extort Binance.

Gambaryan, formerly an Internal Revenue Service (IRS) agent and Binance’s head of financial crime compliance, traveled to Nigeria on February 26 to address compliance and regulation issues.

The situation turned hostile despite initial professional meetings, leading to his detention in Kuje prison, known for its harsh conditions, for over three months.

Appeals for Intervention

The U.S. lawmakers highlighted Gambaryan’s deteriorating health, noting his positive malaria test and the failure to transfer him to a private hospital despite a court order.

They underscored the urgent need for U.S. government intervention to ensure his safety and release. Representative Michael McCaul, Chairman of the House Foreign Affairs Committee, was among the signatories urging President Biden to act.

Following the lawmakers’ appeal, former federal prosecutors echoed these calls in a letter signed by 108 ex-prosecutors to the State Department on June 6, urging swift action to secure Gambaryan’s release.

They emphasized the denial of proper legal representation for Gambaryan, as meetings with his legal team are conducted in the presence of Nigerian authorities and armed guards, further stressing the need for immediate U.S. intervention.

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A massive whale transfer carrying thousands of Bitcoin, valued above $1 billion has turned heads in the crypto market. The significant transaction comes amid a global crypto market downturn that has removed about 2.84% of the total crypto market cap.

Even though the purpose behind this transaction is still unknown, one thing for sure is that it has joined other factors in sending the price of the flagship coin down to $65,000. Speculations amount to the identity behind the movement. While some predict that it is an internal transfer, others believe it might be a sell-off. Let us take a look.

Bitcoin Whale Shifts 16,000 BTC in a Single Transaction

Earlier today, Blockchain Explorer data dragged our attention to a humongous transaction moving almost 16k BTC to a new wallet address at once. According to the data provided, exactly 15945.14604856 (15,945) BTC coins were moved from their originating wallet to an unknown destination wallet. The total value of this transaction equals a staggering $1,041,413,046 ($1.04 billion). The whale carried out this transaction by paying a gas fee of just 78,372 SATS (worth $51.19).

However, some market observers have speculated that the receiving address belongs to the renowned Binance exchange, the largest cryptocurrency exchange by trade volume. While this is unconfirmed, it has certainly raised interest among market participants.

Meanwhile, this whale isn’t the only one busy with heavy transactions. Whale Alert, a prominent crypto large transaction tracker, reported two separate transactions carrying at least 700 BTC per transfer a few hours ago. The first one moved 749 BTC, valued at $50.06 million from an unidentified wallet to the Coinbase exchange.

749 #BTC (50,062,404 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NxaqIWiWNY

— Whale Alert (@whale_alert) June 14, 2024

Shortly after, another transaction shifting 879 BTC (worth $57.6 million) was spotted from Coinbase Institutional to Coinbase. Cumulatively, both transactions are worth over $107 million. This has caused major concern as the price of BTC continues to dip, almost dashing the expectations of an imminent price rally. Let us take a look at Bitcoin (BTC) price movement within this time.

Bitcoin Price Today

According to data from CoinMarketCap, Bitcoin (BTC) has declined by a notable 1.99% in the last 24 hours, trading at $65,481. After almost touching the $70k mark earlier, the price of the coin took a shape dive to the current point.

Source: CoinMarketCap

Additionally, a close look at its trading volume over the last day signifies a 22.7% drop to $25.3 billion with a live market cap of $1.29 trillion. Bitcoin has traded between the range of $65,018.89 and $67,265.23 which is still 11.2% below its all-time high of $73,737 achieved on March 14 as a result of an inflow of institutional funds to Bitcoin ETFs. The extent to which these recent whale transactions will affect the price trajectory is still unknown, however, what lies before us is a downward trend that does not show evidence of a reversal soon.

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In a notable development within the cryptocurrency industry, the New York Attorney General’s office (NYAG) disclosed on Friday that Gemini, a major crypto exchange, has consented to pay $50 million in digital assets to investors of its Gemini Earn program as part of a settlement.

This agreement concludes a series of allegations that Gemini had misled investors regarding the inherent risks of the program.

Allegations Against Gemini

Gemini Earn had permitted its customers to loan their cryptocurrencies to the now-bankrupt Genesis Global Capital, LLC, offering returns up to 7.4 percent annual percentage yield (APY).

NYAG Letitia James had accused Gemini of deceiving thousands of investors by promoting the Gemini Earn program as a secure and lucrative venture.

In reality, according to James, the program misrepresented risks, locked investors out of their accounts, and ultimately prevented them from accessing their funds.

The settlement announced ensures that defrauded investors will receive full recovery of their initial investments. Additionally, the agreement prohibits Gemini from conducting any cryptocurrency lending operations within New York.

The legal dispute began to unfold in October when the NYAG filed a comprehensive complaint against Gemini, the crypto lending firm Genesis, and the crypto investment company Digital Currency Group (DCG).

The filing revealed a series of misrepresentations that allegedly concealed $1.1 billion in financial losses over several months. Gemini, as per the allegations, reassured its investors that the Earn program facilitated through Genesis entailed minimal risk, contrary to the actual high-risk nature of the investments.

Meanwhile, DCG and Genesis, along with two executives, were accused of disguising these substantial losses through a sustained campaign of false statements and omissions.

Earlier in May, preceding the final settlement, Gemini declared that all Earn users had successfully received their digital assets in-kind.

This meant that investors were returned the exact amount of cryptocurrency they had lent, such as one bitcoin for one bitcoin lent, totaling a reclamation of $2.18 billion in digital assets.

This recovery marked a 232% return rate from the period when Genesis, Gemini’s partner in the Earn program, halted withdrawals, prompting Gemini to also pause its own withdrawal operations.

Ongoing Legal Battles

The strained relationship between Genesis and Gemini has been further complicated by ongoing legal battles and the scrutiny of regulatory bodies including the U.S. Securities and Exchange Commission (SEC) and the NYAG.

In a significant legal move in October 2023, Gemini sued Genesis Global Capital for $1.6 billion concerning 60 million shares of the Grayscale Bitcoin Trust (GBTC) pledged as collateral.

This lawsuit aimed to secure assets that would satisfy the claims of Gemini Earn customers impacted by the suspension of withdrawals by Genesis in the previous year.

In response, Genesis countersued Gemini, seeking to recover $689 million based on allegations of preferential transfers that purportedly favored Gemini at the expense of other creditors.

Moreover, in March 2024, Genesis Global Capital agreed to settle SEC charges related to the Gemini Earn program by paying a $21 million civil penalty.

As part of Genesis’ ongoing bankruptcy proceedings, a court-approved $2 billion settlement established a victims’ fund, particularly for New Yorkers who had collectively invested over $1.1 billion in the Earn program. This settlement also prohibited Genesis from operating its business within the state.

Addressing these myriad issues, Tyler Winklevoss, Co-Founder and CEO of Gemini, emphasized that the root cause of the turmoil was not cryptocurrency itself but rather “old-fashioned financial fraud,” compounded by a lack of regulatory clarity.

This sentiment underscores the challenges the crypto industry faces as it navigates the complexities of financial regulations and seeks to establish a trustworthy framework for investors.

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Solana, the fifth-largest cryptocurrency by market cap, has experienced a downtrend following large SOL transfers by unidentified whales in the last 24 hours. According to a recent report, over 2.5 million SOL coins were transferred by the entities within the recorded. This development has raised speculations about the possible reason for the transaction and the potential impact on the asset’s future price.

Meanwhile, SOL is not the only coin to undergo major price corrections. Popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also experienced a significant loss in the last 24 hours, losing at least 2% of their value from the previous day. While the broader market is going through bearish sentiment, large investors are taking advantage by opening positions and acquiring tokens at discounted rates.

Solana Whales Shift 2.5 Million Coins: Details

According to data provided by Whale Alert, two notable transactions carrying at least 1 million SOL were recorded within the last day. Per the data, the first transaction moved a mouthwatering 1,519,488 Solana coins, valued at $224.6 million from a wallet labeled ‘unknown’ to another unidentified wallet. Not recovering from the shock, another transaction was initiated shortly after carrying exactly 1,000,000 SOL coins from an anonymous wallet to another unknown wallet.

1,519,488 #SOL (224,643,283 USD) transferred from unknown wallet to unknown wallethttps://t.co/v1AzDWTeoE

— Whale Alert (@whale_alert) June 14, 2024

The two transactions cumulatively shifted $372.4 million worth of SOL in less than one hour. The sudden transfer especially at a time when the crypto market is experiencing mixed (neutral) sentiment, has raised concerns among investors.

However, it is important to note that transactions of this magnitude do not always signify sell-offs, rather they can be attributed to several scenarios such as accumulation for long-term holding, asset repositioning by institutional investors, or even an internal wallet restructure by large investors (commonly called whales). While the exact reason is still unknown, it has added to the layer of worries exhibited by market participants.

Solana (SOL) Price Movement

Over the last 24 hours, the price of Solana (SOL) has decreased significantly. According to CoinMarketCap data, SOL is currently changing hands at $140.37, representing a 5.50% decline at press time. What is more, the activities surrounding the coin, as portrayed in its 24-hour trading volume have also dipped by 10.33% to $2.20 billion signifying reduced activities among traders.

Source: CoinMarketCap

Importantly, SOL has traded between the lows and highs of $140.81 and $148.73 in the last 24 hours, which is still 45.6% below its all-time high of $259.96 reached on November 2021. In hindsight, SOL has dropped by 10.08% in the last seven days, and by 1.99% over the last month.

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UNI, the native token of decentralized exchange Uniswap, has surged 9%, making it the top gainer in the crypto market today.

At the time of writing, UNI is trading at $10.60, marking an 8.05% rise over the past 24 hours.

Uniswap’s market capitalization has also seen a rise, reaching $6,357,789,142. This growth has elevated UNI to the position of the 17th largest crypto asset, according to CoinMarketCap data. The positive market response is largely attributed to recent developments and announcements from the Uniswap team.

Uniswap’s Enigmatic Announcement

The surge in UNI’s price coincides with an intriguing post by Uniswap Labs on June 14. The post, which featured a meme of a man sitting forward in his chair, included the message, “Locked in. Ready for the Endgame.” This cryptic message has fueled speculation within the crypto community about upcoming developments.

A subsequent post from June 1 hinted that Uniswap v2 is preparing to integrate a new Layer-2 (L2) blockchain. Although the specific L2 protocol has not been disclosed, community speculation points towards ZKsync, a well-known Layer-2 solution that offers scalable and low-cost Ethereum transactions. 

Locked in.Ready for the Endgame. https://t.co/IjhbYvyccH pic.twitter.com/Y50eMLCAoB

— Uniswap Labs (@Uniswap) June 13, 2024

However, the potential deployment on ZKsync has elicited mixed reactions from the community, with some users expressing dissatisfaction and concerns about the project.

The prospect of integrating ZKsync has not been universally welcomed. Some community members have voiced strong opposition, labeling the project as a scam and expressing concerns about its track record. A user named BehnamSasani articulated these sentiments, urging Uniswap not to support ZKsync, which he claims has scammed users for years.

Despite these criticisms, the broader crypto community continues to speculate on the potential benefits of such an integration. The anticipation surrounding this development has contributed to the positive price movement of UNI.

Growth in Layer-2 Volume and Adoption

Another factor contributing to UNI’s price surge is the impressive growth in Layer-2 volume processed through the Uniswap Protocol. Uniswap Labs highlighted this growth in a June 13 post, noting that it took 22 months to reach the $100 billion mark in L2 volume, 10 months to hit $200 billion, and just 3 months to surpass $300 billion. This exponential growth indicates increasing utility and adoption of Uniswap’s services in the decentralized finance (DeFi) space.

All-time L2 volume on the Uniswap Protocol:22 months to reach $100B10 months to reach $200BAnd just 3 months to reach $300B pic.twitter.com/CQahuxJHQN

— Uniswap Labs (@Uniswap) June 13, 2024

The rising popularity of Uniswap v2 pools on various L2 solutions, such as Optimism, Arbitrum, and Polygon, has also been noted by community members. An X user named Kyledoops pointed out that these L2 networks are being favored for their scalability, lower fees, and improved user experience. These attributes are driving demand for Uniswap’s offerings, further contributing to the token’s recent price increase.

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Galaxy Digital CEO Mike Novogratz has reaffirmed his staunch support for meme coins, describing them as the “cornerstone” of the crypto economy. 

This endorsement comes amidst a divided industry where many experts dismiss meme coins due to their origins as internet jokes and perceived lack of utility.

On Thursday, in a social media post on X, Novogratz shared a video in which he expressed his views on the influential narrative of meme coins. He emphasized that despite varying opinions within the industry, meme coins have garnered a significant presence in the market, boasting a combined valuation of approximately $60 billion.

Memecoins – whether you're a fan or not – have become a cornerstone of the crypto economy… In today's market, they're one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi

— Mike Novogratz (@novogratz) June 12, 2024

Novogratz addressed the widespread notion that meme coins are merely a fleeting trend. He argued that memes possess enduring relevance, and there are two principal strategies to profit from meme coin investments. According to him, the first approach involves selecting a meme with robust community support and a strong humorous appeal. He stated that a successful meme investor must have a “quirky, frickin’ sense of humor” and the foresight to identify which memes will resonate with the public.

Investment Opportunities in Meme Coins

The second strategy, as outlined by Novogratz, involves creating a meme coin. He believes that meme creators are in a unique position to achieve substantial financial gains in the market. This view aligns with the growing trend of individuals and groups launching their own meme coins, capitalizing on the viral nature of internet culture.

Novogratz shared an anecdote about his son-in-law, who is deeply engaged in the meme coin market. He described him as a “great meme investor,” noting his dedication to Dogecoin (DOGE) and Dogwifhat (WIF). According to Novogratz, his son-in-law consistently profits from meme coin investments, demonstrating an intuitive understanding of the market despite never selling his holdings. 

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he remarked.

Controversial Opinions Within the Industry

Despite Novogratz’s enthusiastic support, his views on meme coins are not universally accepted within the crypto community. Charlie Silver, CEO of the decentralized finance platform Permission.io, responded to Novogratz’s post by dismissing meme coins as “silly casino chips.” Silver argued that the true cornerstone of the crypto economy has yet to be established.

“Hate to disagree. Meme coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” he wrote on X.

Other industry participants have also expressed skepticism regarding meme coins. A user identified as McGavin labeled meme coins as “inefficient market activities,” echoing a common criticism among detractors.

Despite the criticism, certain meme coins have recently outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). For instance, Daddy Tate (DADDY), associated with media personality Andrew Tate, experienced a remarkable 218% surge in the past 24 hours, according to DEX Screener. In contrast, Bitcoin saw a modest increase of just 0.32% during the same period.

These gains in the meme coin market illustrate their volatile yet potentially lucrative nature, which continues to attract a dedicated segment of investors. Novogratz’s support underscores the growing influence of meme coins within the broader crypto economy, despite ongoing debates about their long-term value and utility.

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Today, MicroStrategy® Incorporated (Nasdaq: MSTR), a leading business intelligence firm, has announced in a press release the pricing of its offering of $700 million aggregate principal amount of 2.25% convertible senior notes due 2032. This move is a bold step in the company’s ongoing commitment to Bitcoin, the world’s largest cryptocurrency by market cap.

MicroStrategy Announces Pricing of Offering of Convertible Senior Notes $MSTR https://t.co/ejEbX1a7P9

— Michael Saylor (@saylor) June 14, 2024

The Offering

The notes, initially set at $500 million, were upsized to $700 million. This increase reflects the company’s confidence in Bitcoin as a store of value and its commitment to increasing its digital asset holdings.

The notes will be sold privately to persons reasonably believed to be qualified institutional buyers. MicroStrategy also granted to the initial purchasers of the notes an option to purchase, within 13 days beginning on, and including, the date on which the notes are first issued, up to an additional $100 million aggregate principal amount of the notes.

The notes will be unsecured, senior obligations of MicroStrategy, and will bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The notes will mature on June 15, 2032, unless earlier repurchased, redeemed, or converted by their terms.

Conversion and Redemption

Holders of the notes have the option to convert them into cash, shares of MicroStrategy’s class A common stock, or a combination of both. If certain conditions are met, MicroStrategy may redeem the notes for cash starting on or after June 20, 2029. If redeemed, the price will be 100% of the principal amount plus accrued interest. At least $75 million aggregate principal amount of notes must remain outstanding and not subject to redemption.

Strategy

MicroStrategy intends to use the proceeds from this offering to acquire additional Bitcoin. The company has been a prominent advocate for Bitcoin adoption, holding significant amounts of the cryptocurrency on its balance sheet.

The announcement comes amid growing interest in Bitcoin and the broader crypto market. MicroStrategy’s move signals confidence in the long-term potential of Bitcoin as a store of value.

Other companies, like Metaplanet—similar to MSTR in Asia—have also explored convertible notes to fund Bitcoin purchases. MicroStrategy’s previous offering in March 2024 raised $603.75 million in 0.875% convertible senior notes due 2031.

In the crypto industry, this move is seen as a bullish signal. MicroStrategy has been one of the most vocal proponents of Bitcoin, with its CEO, Michael Saylor, often touting the benefits of the digital currency. This latest move further cements the company’s position as a major player in the crypto space.

However, it’s not all smooth sailing. The offering is subject to customary closing conditions and is expected to close on June 17, 2024. This means there are still hurdles to overcome before the deal is finalized.

MicroStrategy’s upsized offering of convertible senior notes is a bold move that underscores the company’s belief in Bitcoin. It’s a significant development that could have far-reaching implications for the crypto market. As the saying goes, “Fortune favors the bold,” and MicroStrategy is proving bold in its approach to Bitcoin.

The post MicroStrategy Upsizes Convertible Senior Notes Offering to Boost Bitcoin Holdings appeared first on Coinfomania.

In a major leap towards the self-regulation of Taiwan’s cryptocurrency industry, the Taiwan Virtual Asset Service Provider Association has been formally established, with an inaugural meeting held on Thursday, setting the stage for its role as a bridge between the private sector and government oversight in the crypto space.

We celebrate this momentous day with all virtual asset service providers in #Taiwan as an official industry association is formed.This marks an important milestone in an ongoing process towards a consultative and unique regulatory model for the #VASP industry in Taiwan. (1/4) pic.twitter.com/thzW3htCy2

— XREX Inc. (@xrexinc) June 13, 2024

This initiative, approved by Taiwan’s Ministry of the Interior and confirmed by a blog post by the blockchain firm XREX, marks a significant step towards formalizing the crypto landscape in the country.

The association brings together 24 cryptocurrency-related entities—representing various crypto-related businesses, including exchanges, peer-to-peer trading platforms, and wallet hosting companies—marking a crucial step toward self-regulation and industry collaboration.

Key Objectives and Responsibilities

The Taiwan Virtual Asset Service Provider Association’s primary mission is to foster cooperation between industry players and regulatory bodies. 

The Association will develop a comprehensive self-regulation code covering critical aspects of the crypto industry. These include industry classification, listing and delisting procedures, consumer protection measures, risk management, transaction monitoring, and advertising guidelines.

By acting as a liaison between the private sector and government, the Association seeks to enhance industry supervision. Its collaborative approach aims to strike a balance between innovation and investor protection.

Additionally, the Association is tasked with developing guidelines that align with international standards, focusing on areas such as anti-money laundering (AML) measures, security protocols, and investor protection. The organization will also serve as a bridge between the crypto industry and government regulators, advocating for policies that support innovation while safeguarding against illicit activities.

Leadership and Vision

Chairperson: Titan Cheng, founder and CEO of BitoPro, will lead TVASPA. His experience in the crypto sector positions him well to guide the association’s efforts.

Vice Chair: Winston Hsiao, Chief Revenue Officer at XREX, will support Cheng in steering TVASPA toward its goals.

The groundwork for the Virtual Asset Service Provider Association was laid by nine founding members in the previous year, with government approval in 2024. The association’s formation coincides with ongoing proactive efforts by Taiwan’s Financial Supervisory Commission (FSC) to set guidelines aimed at customer protection and industry oversight. These guidelines, released in September 2023, emphasize the need for enhanced customer protection measures and set the groundwork for the industry’s self-regulation.

The director of the securities firms division at the FSC, Hsiho Huang, said at the launch meeting on Thursday,

“The FSC places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and the economy.” 

Taiwan’s crypto landscape has evolved significantly. Previously adopting a hands-off approach, the government now recognizes the need for regulation. The FTX scandal prompted a shift, leading to the introduction of legislation aimed at safeguarding investors and promoting responsible industry practices.

XREX Inc., a blockchain firm, celebrated the association’s formation, emphasizing its importance in shaping a consultative and unique regulatory model for Taiwan’s virtual asset service providers. The crypto community eagerly awaits the Association’s initiatives and anticipates positive impacts on the industry.

The Taiwan Virtual Asset Service Provider Association’s establishment signifies a pivotal moment for the country’s crypto ecosystem. With collaboration at its core, TVASPA aims to foster responsible growth while ensuring investor confidence in this dynamic sector.

The post Taiwan Virtual Asset Service Provider Association Formally Established with 24 Entities appeared first on Coinfomania.

Crypto savings accounts provide investors with the ability to earn interest from their cryptocurrency holdings. Working like a hybrid between a crypto wallet and a bank account, they reward users for deposits, either by staking or investing cryptocurrencies. They are therefore a good option for investors who plan to hold their tokens for longer periods of time.

Investors can open crypto savings accounts with many of the leading exchanges, as well as with cryptocurrency lenders and investment firms. While the choice can often be intimidating, this article will help retail investors navigate the market and pick the best crypto savings account for them.

Quick Comparison of Best Crypto Savings Accounts

Here’s a quick rundown of the savings accounts we’ll feature –

Account Provider Supported Crypto Max APY Founded Ratings Create Account Nexo 30+

15%

2018 4 Check Nexo YouHodler 58

15%

2018 4 Check YouHodler LEDN 4

10.5%

2018 4 Check LEDN Coinbase 1

10%

2012 4 Check Coinbase KuCoin 100+

10%

2017 4 Check KuCoin Crypto.com 18+

5.2%

2016 4 Check Crypto.com Cashaa 6

34%

2016 4 Check Cashaa CEX.IO 16

4%

2013 4 Check Cex.io

Best Crypto Savings Accounts

#1 Pick

Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Check Nexo Now

Nexo is a Zug-based cryptocurrency lender and trading platform known for offering the best crypto savings accounts. It provides such accounts through its Earn product, which is available for just over 30 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, XRP, USDT, Dogecoin, Cardano, Solana, and Tron.

By depositing the eligible tokens, Nexo users can earn a yield of up to 15% APY, although they can top this up by an extra 2% when choosing to receive their interest in the form of the native NEXO token. It pays such high rates via its overcollateralized lending to other institutions, with its credit lines collateralized by anything from 200% to 500%.

One of the benefits of Nexo is that it provides daily interest payouts, while the Flex option enables users to withdraw deposited funds at any time. Choosing fixed-term deposits, where funds are locked up for at least one month, provides the chance to earn higher yields.

Nexo has very low minimum deposit amounts, requiring only 0.001 BTC to earn yields with Bitcoin, for example. It also allows you to stake Ethereum and earn a higher yield by choosing to receive rewards in the form of Nexo Staked Ethereum (NETH), with maximum rates rising from 8% to 12% in the latter option.

While certain cryptocurrency lenders (e.g., Celsius, Voyager) have collapsed in recent years, Nexo retains a strong reputation and is regulated in various countries worldwide, including as a Virtual Currency Operator in Italy.

Pros

Wide range of supported tokens

Highly regulated and trustworthy platform

Higher returns

Cons

Isn’t primarily a crypto savings account provider

#2 – Supports Most Crypto Coins

YouHodler

Founded: 2018

Cryptocurrency Support: 58

APY: Up to 15%

Check YouHodler Now

Regulated in the EU and Switzerland, YouHodler is arguably the best crypto savings account provider for European investors. It launched in 2018 and offers a highly competitive Yield Account that currently accepts 58 tokens, including Bitcoin, Ethereum, XRP, Solana, Litecoin, Tron, Avalanche, and Tether.

Its Yield Account is highly accessible, allowing users to open the account at the Basic level with a minimum deposit of only $100. Current rates for the Basic tier range from 3% for Bitcoin and Ethereum to 7% for Litecoin and 10% for Tether, while trading or depositing more can qualify users for fixed deposits and higher levels of interest. What’s particularly good about YouHodler is that it pays interest every week.

There’s also a YouHodler Earn program, which works with a wider range of cryptocurrencies, including meme coins like Shiba Inu, Dogwifhat, Pepe, and Floki Inu. It can offer up to 15% interest on some coins, such as Pepe and Dogwifhat while providing the option of either daily or weekly payouts.

All in all, YouHolder offers one of the best crypto savings accounts in the industry and is also an excellent trading platform. Given that it’s regulated in Switzerland and the EU, users can take reassurance from the fact that it’s one of the most reliable platforms in the sector.

Pros

Supports a massive range of tokens for savings

Licensed in Europe

Competitive rates

Cons

Lower rates on Bitcoin and other alts

#3 – Known for their Risk Management System

YouHodler

Founded: 2018

Cryptocurrency Support: 4

APY: Up to 10.85%

Check LEDN Now

LEDN offers several great options for investors looking for a crypto savings account. Its main product in this area is its Growth account, which offers very competitive rates on four eligible cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.

It offers 9.5% APY for accounts holding under 100,000 USDT and USDC coins and 10.5% APY if the accounts hold over 100,000 coins. For BTC, this rate is 1% APY for accounts with less than 2 BTC and 2.5% APY for accounts with more than 2 BTC, whereas Ethereum yields 3% APY for accounts holding less than 50 ETH and 4% for accounts holding more than this amount.

Reassuringly, LEDN’s Growth accounts provide ring-fencing from all of LEDN’s other activities, with deposited assets exposed only to the counterparties that generate interest for funds. What’s also helpful is that LEDN provides full transparency of the investment activities it pursues to generate interest.

LEDN customers can also opt to hold their cryptocurrencies in a Transaction account, which enables them to buy and sell crypto but is also quite secure as assets are kept in cold storage. Other products LEDN offers include the ability to borrow against your crypto, with the platform requiring a loan-to-value ratio of 50% and charging an interest rate starting at 12.4% APY.

Pros

Impressive APY on stablecoins

Offers borrowing services and products

Ring-fenced growth accounts provide greater stability

Cons

Small selection of supported tokens

#4 – Biggest Crypto Exchange

Coinbase

Founded: 2012

Cryptocurrency Support: 1

APY: Up to 10%

Check Coinbase Now

The biggest exchange in the US and one of the largest and most reputable in the world, Coinbase also offers a couple of services that enable investors to earn yields on their holdings.

The first is its USDC Rewards feature, allowing USDC owners to earn interest on their holdings of the Coinbase-backed stablecoin. It’s open to any Coinbase user who holds at least $1 in USDC, while there’s no maximum amount that would exclude customers.

While rates are lower than you would find with other platforms and crypto savings accounts, Coinbase calculates rewards on a daily basis and pays them out within the first five business days of each month. The yield can rise as high as around 10%, although they vary from country to country and according to your account type.

Coinbase also offers staking services for eight proof-of-stake cryptocurrencies, including Ethereum, Cardano, Solana, Avalanche, Polygon, Polkadot, Cosmos, and Tezos. Minimum deposit amounts are as low as $1 or nonexistent. Interest rates vary according to the cryptocurrency and the number of stakes, as do minimum staking periods and payout periods.

As a highly regulated exchange, Coinbase is also one of the safest options for holding cryptocurrency.

Pros

Lower minimum deposit with competitive returns

Highly reputable, ensuring safety and security

Exciting additional features

Cons

Savings are available only with USDC

#5 – Supports 100+ Cryptocurrencies

KuCoin

Founded: 2017

Cryptocurrency Support: 100+

APY: Up to 10%

Check KuCoin Now

The Seychelles-based KuCoin is a leading crypto exchange that provides a varied suite of savings-related products as part of its Earn program. These are divided into Balanced and Advanced categories. The balanced one is intended more for the general retail investor, whereas the Advanced one is focused on more experienced and professional traders.

Its range of “Balanced” Earn products includes savings accounts available for every cryptocurrency KuCoin lists. Users can choose to subscribe to a savings account for any token they hold, while they can also choose between flexible and fixed accounts. Rates of return are quite low if you choose the flexible option, with the current rates for Bitcoin and Ethereum, for instance, being 0.04% and 0.01%. These can rise with other cryptocurrencies, however, with USDT’s current flexible rate standing at 6.83%.

KuCoin also occasionally offers savings promotions on a limited first-come, first-served basis that provide larger rates of return. This is in addition to its staking program, which is available for many—but not all – of the proof-of-stake cryptocurrencies it supports, including Ethereum, Cosmos, Tron, Polkadot, ApeCoin, and Injective.

Its Advanced Earn products include Dual Investment, which offers non-guaranteed higher yields by settling in a token other than the one you initially purchased. This token is usually a stablecoin such as USDT, and the product pays a premium above what your initial investment is worth at the end of the period.

Pros

Wide range of promotions and bonuses

Savings available for all listed tokens

Cons

Very low rates on flexible plans for major tokens

#6 – Best for Saving Promotions

Crypto.com

Founded: 2016

Cryptocurrency Support: 18+

APY: Up to 5.2%

Check Crypto.com Now

Crypto.com is the top-20 cryptocurrency exchange by trading volume and one of the most reputable names in the market. It operates its own crypto savings service for 18 cryptocurrencies. And if you live outside such jurisdictions as the US, the UK, France, Germany, the Netherlands, and Japan, you can get the savings service for many other crypto coins.

Its Crypto Earn product works by paying yields to users who deposit a given cryptocurrency and lock up Crypto.com’s native CRO token for a given period. Users who lock more CRO will receive better rates, with Crypto.com paying out up to 5% APY for Bitcoin deposits as part of its basic tier. Users can also opt to become Private Members by locking up a sufficient quantity of CRO, which will add 2% to their basic yield.

As with many other crypto savings wallets and products, Crypto.com offers flexible and fixed services. Users can withdraw flexible savings at any time, but to earn higher rates of return, they must keep their funds deposited for either one or three months. Rewards accumulate every day and can be withdrawn every seven days.

Their Flash Rewards program offers higher yields for a limited time. They also offer an Earn Plus product specifically for USDC, enabling users to earn interest on significantly larger deposits, up to an equivalent of $2 million.

Pros

Established cryptocurrency exchange with a good reputation

Daily rewards and regular payouts

Higher yields if users hold the native token

Cons

Low interest rates on flexible plans

#7 – Best Interest Rates

Cashaa

Founded: 2016

Cryptocurrency Support: 6

APY: Up to 34%

Check Cashaa Now

Cashaa was launched in 2016 as a neobank and has since expanded into cryptocurrency, offering a crypto wallet that provides yields on deposits. While its suite of products is fairly streamlined compared to some of the large exchanges and platforms out there, it provides some of the most generous rates of return.

Its Earn product supports six cryptocurrencies, including Bitcoin, Ethereum, BNB, Tether, USDC, and Cashaa’s own native token, CAS. Users receive a higher yield depending on their tier, which depends on how much CAS they have staked. The Base tier currently offers 6% APY on Bitcoin deposits, which can rise as high as 24% if a user belongs to the highest membership tier and chooses to receive their interest in the form of CAS.

Cashaa also has flexible savings accounts, although users who want the highest possible yields will need to fix their deposits. For example, its maximum yield for stablecoins—Tether and USDC—is 34% APY, which would probably beat the rate of return of the vast majority of cryptocurrency traders and saving accounts. It compounds interest daily and requires a minimum deposit equivalent to $50.

Cashaa also enables users to buy, sell, and transfer crypto while providing business accounts to companies so they can pay employees and take out secured loans against the value of their assets. It is available in over 200 jurisdictions, and the firm currently boasts over 25,000 users worldwide.

Pros

Higher interest rates, particularly with stablecoins

Lower minimum deposits

Available in over 200 jurisdictions

Cons

Only supports six tokens at the moment

#8 – Best Staking Services

CEX.IO

Founded: 2013

Cryptocurrency Support: 16

APY: Up to 4%

Check CEX Now

Based in London, CEX.IO is a highly reputable exchange that also offers crypto savings accounts. It currently offers flexible savings accounts supporting 16 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu, Tether, and USDC. CEX also plans to introduce fixed accounts for Bitcoin, Ethereum, and Tether in the near future.

Holding stablecoins such as USDT, USDC, and TrueUSD can presently offer you an APY of 4%, while Ethereum, Dogecoin, and Bitcoin receive 3%, 2.3%, and 0.5%, respectively. The returns compound daily, and since the accounts are flexible, you can withdraw funds at any time. There’s no minimum or maximum amount for savings accounts, allowing users to start simply by transferring funds within the CEX app.

CEX is a solid and dependable crypto-exchange, having gained registration in Lithuania and the EU as a Virtual Asset Service Provider and with FinCEN in the US as a Money Service Business. As such, users can rest assured that their funds are safer here than they would be in many other exchanges. That said, its savings accounts aren’t available in several notable countries, including the US, the UK, France, Germany, Italy, the Netherlands, and Canada.

It also allows users to stake coins, enabling them to earn higher yields on depositing their proof-of-stake tokens, such as Solana, Polygon, Tezos, Tron, Cardano, Polkadot, and Avalanche.

Pros

Supports a wide range of cryptocurrencies

Regulated in the EU and the US

Reliable and dependable name

Cons

Savings accounts unavailable in some major jurisdictions

How Do Crypto Savings Accounts Work?

Crypto savings accounts provide users interest rates on the tokens they’ve deposited in their account, much like a regular savings account. Users can either choose flexible or fixed accounts based on their needs. Fixed accounts obviously give you more returns but require you to lock the funds for a certain period.

Rewards are often compounded daily or weekly, while users can continue to invest in crypto coins with other funds while their tokens are held as savings.

At the exchange’s or platform’s end, cryptocurrency companies can afford to pay interest to savings account owners because they may use deposited funds to make investments. While cryptocurrency is, by nature, a volatile financial instrument, providers of savings accounts often reduce their levels of risk by over-collateralization, hedging, and other counter-risk measures.

Things to Consider When Selecting a Crypto Savings Account

Here are the main things to look for when shopping for a crypto savings account:

Rates of return: The whole idea of having a crypto savings account is to earn a yield on your tokens, so picking an account with the highest rates of return is the way to go, all other things being equal.

Regulated platforms with strong reputations: The cryptocurrency market has witnessed the downfalls of lenders such as Celsius and Voyager Digital in recent years. As such, you should consider picking providers with the most experience and highest levels of customer satisfaction.

Cryptocurrency Support: It’s important that crypto savings accounts support the cryptocurrencies investors wish to save. Platforms that offer more options and features can, therefore, make more sense if you hold different tokens.

Ease of use: For the average retail investor, it really helps if an account provider makes their website or app as easy to use as possible.

Crypto Savings Accounts Vs. Crypto Wallets

There isn’t a fixed dividing line between crypto savings accounts and crypto wallets, with the two often overlapping to various extents. That’s because savings accounts usually function as wallets, while a small number of crypto wallets provide savings.

Having said that, investors should be aware that if they hold their crypto in a savings account with a fixed term, they will not be able to withdraw and transfer their funds until the fixed term has matured.

FAQs

What are Crypto Savings Accounts?

Crypto savings accounts are like bank accounts but for crypto. They provide investors with interest payments for depositing cryptocurrencies.

Which Crypto Savings Accounts offer the highest interest rates?

The savings accounts with the highest interest rates include the offerings from Cashaa, YouHodler and LEDN. Cashaa offers a maximum of 34% APY on deposits in USDT and USDC, while LEDN and YouHodler offer 10% for these same stablecoins.

Is it a good idea to have your savings in Cryptocurrency?

The answer is Yes and No. The good thing is that they often pay considerably higher rates of interest than what you’d receive from a traditional savings account but the issue is that cryptocurrencies remain extraordinarily volatile, so you may find that your savings drop suddenly in value.

The post 8 Best Crypto Savings Accounts in 2024 appeared first on Coinfomania.

Ripple Labs has formally requested a reduction in the $2 billion penalty proposed by the U.S. Securities and Exchange Commission (SEC). 

The company, which has been engaged in a lengthy legal battle with the SEC, contends that the suggested fines are disproportionate. In a “notice of supplemental authority” issued on Thursday, Ripple argues that its fine should be closer to $10 million, drawing comparisons to recent fines imposed on Terraform Labs.

Comparison with Terraform Labs Settlement

Ripple’s legal team is leveraging the recent settlement between the SEC and Terraform Labs to support their case. On Wednesday, Terraform agreed to pay $4.47 billion in fines, a settlement subsequently approved by a judge. Ripple’s notice emphasizes the discrepancy between its proposed $2 billion penalty and the fines imposed on Terraform, which they argue involve more severe allegations.

Ripple’s lawyers stated, 

“The civil penalty sought by the SEC in Terraform demonstrates the unreasonableness of the civil penalty sought by the SEC in this case.” 

Moreover, they highlighted that in similar or more severe cases, the SEC has imposed penalties ranging from 0.6% to 1.8% of the defendant’s gross revenues, suggesting that Terraform’s settlement is aligned with this pattern.

Absence of Fraud Allegations

Ripple’s defense also differentiates its case from that of Terraform by pointing out the absence of fraud allegations. The SEC’s case against Terraform included a jury’s determination in April that Terraform Labs and its cofounder, Do Kwon, engaged in civil fraud. Ripple emphasizes that no such allegations exist in its case and that institutional buyers of XRP did not suffer substantial losses.

“Here, by contrast, the SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case and Institutional Buyers did not suffer substantial losses,” Ripple’s lawyers asserted. 

This comparison is a critical element of Ripple’s argument for a reduced penalty, positioning the company’s circumstances as less severe than those involving Terraform.

The SEC and Ripple have been entangled in legal proceedings for several years. The SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security. Last year, Judge Analisa Torres of New York ruled that some of Ripple’s sales, termed programmatic, of XRP did not violate securities laws due to a blind bid process. However, she also determined that other direct sales of the token to institutional investors did qualify as securities.

Despite being in its trial stage, the legal battle may drag on for years due to the complexity of the process and possible delays and appeals from both parties. According to Ripple’s CEO Brad Garlinghouse, the resolution may occur as soon as this summer. 

“My estimation is sometime before the end of the summer. Somebody asked me about the end of August, but I pointed out that September 21 is the end of the summer,” he recently said.

Possible Resolutions and Market Reactions

Another person who believes the case may officially end in the next few months is American lawyer Jeremy Hogan. 

He envisioned a $100 million settlement,

“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty.”

Some might view the SEC as the underdog in the lawsuit, considering the company’s three partial court wins secured throughout 2023. XRP’s price reacted positively after each triumph, meaning a decisive victory may once again cause a substantial rally.

The post Ripple Fights $2 Billion SEC Fine Citing Terra Settlement as Precedent appeared first on Coinfomania.

SHIB has been on the decline as the market has been bearish, and the price of SHIB has dropped. It fell by 14.67% this week and is currently valued at $0.0000216. Its market capitalization now stands at $12.72 billion. The company recorded the lowest 24-hour trading volume of $339.57 million. 

This volatility is not only visible in SHIB, but other altcoins are also facing similar issues. These movements have attracted the attention of investors and market analysts as they try to determine the effects on their investments. On the other hand, the 5thScape project is currently fighting against the odds as it remains one of the most demanded crypto projects of this year. 

5thScape: A VR Library with Everything You Need

The 5thScape project is currently trending in both the entertainment space and the crypto market. It offers several content types compatible with VR technology under a single hub. 

Some of these exciting experiences are VR games, movies, educational content, and more. It is undoubtedly an entertainment seeker’s dream-come-true destination. 

Check the official website of 5thScape here…!!!

With so many VR thrills to enjoy at one premium destination, 5thScape is capturing a large part of the Virtual Reality technology’s new audience. VR technology has become one of the most rapidly growing technologies on a global scale.  

This VR boom is sooner or later going to reflect in the popularity of 5thScape as it is the only platform offering such a comprehensive suite of experiences. The other contenders in the market are still stuck with their outdated VR games. 

5SCAPE: The Fuel of 5thScape Unlocking New Possibilities

The content library of the 5thScape platform can be explored using a utility token named 5SCAPE. It is not only an access token that lets one pick a VR-compatible entertainment option of their choice from the vast library of 5thScape, it also secures the blockchain platform that this innovative project is built upon. Additionally, it lets the 5SCAPE token holders participate in staking opportunities to receive lucrative rewards. 

Being at its presale, the token is priced quite affordably at the moment and offers a comfortable entry point for crypto investors. It is also a great chance for the new generation of entertainment seekers who want to indulge in immersive experiences to grab the 5SCAPE tokens at the best pricing. 

5SCAPE recently raised an impressive sum of $6.6 million in its presale haul which has instilled a strong confidence regarding this project in the broader market. 

Having its value tied to the growing VR technology segment is one of the most positive factors for the 5SCAPE token. The growth of VR technology across the globe and different sectors translates to the increasing demand for the experiences offered by 5thScape. 

Having said that, this increasing demand is going to quickly boost the prices of the 5SCAPE tokens as well since they have a capped supply. 

SHIB vs 5SCAPE – Which Token Is a More Compelling Investment

TakingTaking inspiration from the OG dog-themed coin, DOGE, the SHIB token started a revolution of meme coins. The SHIB token’s value mostly hinges on the community hype created around it. mostly hinges on the pumps or dumps led by crypto whales as well as on a larger hype created around it by online communities. 

These are the two main reasons why investing in SHIB can be a risky affair. It may seem like one of the most affordable tokens to invest in, but it lacks a true value as it does not serve a meaningful purpose. However, if you are still confident about this token’s future, now might be the best time to buy SHIB tokens as their value has dropped.

5thScape’s native token, 5SCAPE, is a more compelling option in this price range as its continuous rally has pushed all the boundaries – making it one of the most successful presales of the year 2024. It is eying a massive debut on crypto exchanges in the next few months which is keeping the early investors of the 5SCAPE token on their toes. 

Those who invested in the project’s first presale stage are expecting up to 600% returns on their investment – which is nothing short of magic!

If you have yet to invest in this VR-linked project, you still have a chance to grab the 5SCAPE token at the best possible price. People who already hold ETH, MATIC, or BNB tokens can use them to purchase the 5SCAPE token and get bonus rewards. 

Any investments above $500 USD are also eligible for exciting rewards like lifetime memberships to the platform’s VR hubs or flat 50% off on the VR accessories designed by 5thScape. 

The post While Shiba Inu Dips 0.42%, 5thScape’s Rally Captures Investor Attention—Here’s Why appeared first on Coinfomania.

Crypto savings accounts provide investors with the ability to earn interest from their cryptocurrency holdings. Working like a hybrid between a crypto wallet and a bank account, they reward users for deposits, either by staking or investing cryptocurrencies. They are therefore a good option for investors who plan to hold their tokens for longer periods of time.

Investors can open crypto savings accounts with many of the leading exchanges, as well as with cryptocurrency lenders and investment firms. While the choice can often be intimidating, this article will help retail investors navigate the market and pick the best crypto savings account for them.

Quick Comparison of Best Crypto Savings Accounts

Here’s a quick rundown of the savings accounts we’ll feature –

Account Provider Supported Crypto Max APY Founded Ratings Create Account Nexo Read more 30+

15%

2018 4 Check Nexo YouHodler Read more 58

15%

2018 4 Check YouHodler LEDN Read more 4

10.5%

2018 4 Check LEDN Coinbase Read more 1

10%

2012 4 Check Coinbase KuCoin Read more 100+

10%

2017 4 Check KuCoin Crypto.com Read more 18+

5.2%

2016 4 Check Crypto.com Cashaa Read more 6

34%

2016 4 Check Cashaa CEX.IO Read more 16

4%

2013 4 Check Cex.io

Nexo – Best for Flexibility

YouHodler – Best for Most Supported Coins

LEDN – Best for Risk Management

Coinbase – Best for Reputation and Customer Service

KuCoin – Best for Experienced Traders

Crypto.com – Best for Saving Promotions

Cashaa – Best for High Interest Rates

CEX.IO – Best for Staking Services

Best Crypto Savings Accounts

#1 Top Pick

Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Check Nexo Now Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Source: Nexo

Nexo is a Zug-based cryptocurrency lender and trading platform that offers one of the best crypto savings accounts in the market. It provides such accounts through its Earn product, which is available for just over 30 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, XRP, USDT, Dogecoin, Cardano, Solana, and Tron.

By depositing the eligible tokens, Nexo users can earn a yield of up to 15% APY, although they can top this up by an extra 2% when choosing to receive their interest in the form of the native NEXO token. It pays such high rates via its overcollateralized lending to other institutions, with its credit lines collateralized by anything from 200% to 500%.

One of the benefits of Nexo is that it provides daily interest payouts, while the Flex option enables users to withdraw deposited funds at any time. Choosing fixed-term deposits, where funds are locked up for at least one month, provides the chance to earn higher yields.

Nexo has very low minimum deposit amounts, requiring only 0.001 BTC to earn yields with Bitcoin, for example. It also allows you to stake Ethereum and earn a higher yield by choosing to receive rewards in the form of Nexo Staked Ethereum (NETH), with maximum rates rising from 8% to 12% in the latter option.

While certain cryptocurrency lenders (e.g., Celsius, Voyager) have collapsed in recent years, Nexo retains a strong reputation and is regulated in various countries worldwide, including as a Virtual Currency Operator in Italy.

Pros

Wide range of supported tokens

Highly regulated and trustworthy platform

Higher returns

Cons

Isn’t primarily a crypto savings account provider

YouHodler

Source: YouHodler

Regulated in the EU and Switzerland, YouHodler is possibly the best crypto savings account provider for European investors. It launched in 2018 and offers a highly competitive Yield Account that currently accepts 58 tokens, including Bitcoin, Ethereum, XRP, Solana, Litecoin, Tron, Avalanche, and Tether.

Its Yield Account is highly accessible, allowing users to open the account at the Basic level with a minimum deposit of only $100. Current rates for the Basic tier range from 3% for Bitcoin and Ethereum to 7% for Litecoin and 10% for Tether, while trading or depositing more can qualify users for fixed deposits and higher levels of interest. What’s particularly good about YouHodler is that it pays interest every week.

There’s also a YouHodler Earn program, which works with a wider range of cryptocurrencies, including meme coins like Shiba Inu, Dogwifhat, Pepe, and Floki Inu. It can offer up to 15% interest on some coins, such as Pepe and Dogwifhat while providing the option of either daily or weekly payouts.

All in all, YouHolder offers one of the best crypto savings accounts in the industry and is also an excellent trading platform. Given that it’s regulated in Switzerland and the EU, users can take reassurance from the fact that it’s one of the most reliable platforms in the sector.

Pros

Supports a massive range of tokens for savings

Licensed in Europe

Competitive rates

Cons

Lower rates on Bitcoin and other alts

LEDN

Source: LEDN

LEDN offers several great options for investors looking for a crypto savings account. Its main product in this area is its Growth account, which offers very competitive rates on four eligible cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.

It offers 9.5% APY for accounts holding under 100,000 USDT and USDC coins and 10.5% APY if the accounts hold over 100,000 coins. For BTC, this rate is 1% APY for accounts with less than 2 BTC and 2.5% APY for accounts with more than 2 BTC, whereas Ethereum yields 3% APY for accounts holding less than 50 ETH and 4% for accounts holding more than this amount.

Reassuringly, LEDN’s Growth accounts provide ring-fencing from all of LEDN’s other activities, with deposited assets exposed only to the counterparties that generate interest for funds. What’s also helpful is that LEDN provides full transparency of the investment activities it pursues to generate interest.

LEDN customers can also opt to hold their cryptocurrencies in a Transaction account, which enables them to buy and sell crypto but is also quite secure as assets are kept in cold storage. Other products LEDN offers include the ability to borrow against your crypto, with the platform requiring a loan-to-value ratio of 50% and charging an interest rate starting at 12.4% APY.

Pros

Impressive APY on stablecoins

Offers borrowing services and products

Ring-fenced growth accounts provide greater stability

Cons

Small selection of supported tokens

Coinbase

Source: Coinbase

The biggest exchange in the US and one of the largest and most reputable in the world, Coinbase also offers a couple of services that enable investors to earn yields on their holdings.

The first is its USDC Rewards feature, allowing USDC owners to earn interest on their holdings of the Coinbase-backed stablecoin. It’s open to any Coinbase user who holds at least $1 in USDC, while there’s no maximum amount that would exclude customers.

While rates are lower than you would find with other platforms and crypto savings accounts, Coinbase calculates rewards on a daily basis and pays them out within the first five business days of each month. The yield can rise as high as around 10%, although they vary from country to country and according to your account type.

Coinbase also offers staking services for eight proof-of-stake cryptocurrencies, including Ethereum, Cardano, Solana, Avalanche, Polygon, Polkadot, Cosmos, and Tezos. Minimum deposit amounts are as low as $1 or nonexistent. Interest rates vary according to the cryptocurrency and the number of stakes, as do minimum staking periods and payout periods.

As a highly regulated exchange, Coinbase is also one of the safest options for holding cryptocurrency.

Pros

Lower minimum deposit with competitive returns

Highly reputable, ensuring safety and security

Exciting additional features

Cons

Savings available only with USDC

KuCoin

Source: KuCoin

The Seychelles-based KuCoin is a leading crypto exchange that provides a varied suite of savings-related products as part of its Earn program. These are divided into Balanced and Advanced categories. The balanced one is intended more for the general retail investor, whereas the Advanced one is focused on more experienced and professional traders.

Its range of “Balanced” Earn products includes savings accounts available for every cryptocurrency KuCoin lists. Users can choose to subscribe to a savings account for any token they hold, while they can also choose between flexible and fixed accounts. Rates of return are quite low if you choose the flexible option, with the current rates for Bitcoin and Ethereum, for instance, being 0.04% and 0.01%. These can rise with other cryptocurrencies, however, with USDT’s current flexible rate standing at 6.83%.

KuCoin also occasionally offers savings promotions on a limited first-come, first-served basis that provide larger rates of return. This is in addition to its staking program, which is available for many—but not all – of the proof-of-stake cryptocurrencies it supports, including Ethereum, Cosmos, Tron, Polkadot, ApeCoin, and Injective.

Its Advanced Earn products include Dual Investment, which offers non-guaranteed higher yields by settling in a token other than the one you initially purchased. This token is usually a stablecoin such as USDT, and the product pays a premium above what your initial investment is worth at the end of the period.

Pros

Wide range of promotions and bonuses

Savings available for all listed tokens

Cons

Very low rates on flexible plans for major tokens

Crypto.com

Source: Crypto.com

Crypto.com is the top-20 cryptocurrency exchange by trading volume and one of the most reputable names in the market. It operates its own crypto savings service for 18 cryptocurrencies. And if you live outside such jurisdictions as the US, the UK, France, Germany, the Netherlands, and Japan, you can get the savings service for many other crypto coins.

Its Crypto Earn product works by paying yields to users who deposit a given cryptocurrency and lock up Crypto.com’s native CRO token for a given period. Users who lock more CRO will receive better rates, with Crypto.com paying out up to 5% APY for Bitcoin deposits as part of its basic tier. Users can also opt to become Private Members by locking up a sufficient quantity of CRO, which will add 2% to their basic yield.

As with many other crypto savings wallets and products, Crypto.com offers flexible and fixed services. Users can withdraw flexible savings at any time, but to earn higher rates of return, they must keep their funds deposited for either one or three months. Rewards accumulate every day and can be withdrawn every seven days.

Their Flash Rewards program offers higher yields for a limited time. They also offer an Earn Plus product specifically for USDC, enabling users to earn interest on significantly larger deposits, up to an equivalent of $2 million.

Pros

Established cryptocurrency exchange with a good reputation

Daily rewards and regular payouts

Higher yields if users hold the native token

Cons

Low interest rates on flexible plans

Cashaa

Source: Cashaa

Cashaa was launched in 2016 as a neobank and has since expanded into cryptocurrency, offering a crypto wallet that provides yields on deposits. While its suite of products is fairly streamlined compared to some of the large exchanges and platforms out there, it provides some of the most generous rates of return.

Its Earn product supports six cryptocurrencies, including Bitcoin, Ethereum, BNB, Tether, USDC, and Cashaa’s own native token, CAS. Users receive a higher yield depending on their tier, which depends on how much CAS they have staked. The Base tier currently offers 6% APY on Bitcoin deposits, which can rise as high as 24% if a user belongs to the highest membership tier and chooses to receive their interest in the form of CAS.

Cashaa also has flexible savings accounts, although users who want the highest possible yields will need to fix their deposits. For example, its maximum yield for stablecoins—Tether and USDC—is 34% APY, which would probably beat the rate of return of the vast majority of cryptocurrency traders and saving accounts. It compounds interest daily and requires a minimum deposit equivalent to $50.

Cashaa also enables users to buy, sell, and transfer crypto while providing business accounts to companies so they can pay employees and take out secured loans against the value of their assets. It is available in over 200 jurisdictions, and the firm currently boasts over 25,000 users worldwide.

Pros

Higher interest rates, particularly with stablecoins

Lower minimum deposits

Available in over 200 jurisdictions

Cons

Only supports six tokens at the moment

CEX.IO

Source: CEX.IO

Based in London, CEX.IO is a highly reputable exchange that also offers crypto savings accounts. It currently offers flexible savings accounts supporting 16 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu, Tether, and USDC. CEX also plans to introduce fixed accounts for Bitcoin, Ethereum, and Tether in the near future.

Holding stablecoins such as USDT, USDC, and TrueUSD can presently offer you an APY of 4%, while Ethereum, Dogecoin, and Bitcoin receive 3%, 2.3%, and 0.5%, respectively. The returns compound daily, and since the accounts are flexible, you can withdraw funds at any time. There’s no minimum or maximum amount for savings accounts, allowing users to start simply by transferring funds within the CEX app.

CEX is a solid and dependable crypto-exchange, having gained registration in Lithuania and the EU as a Virtual Asset Service Provider and with FinCEN in the US as a Money Service Business. As such, users can rest assured that their funds are safer here than they would be in many other exchanges. That said, its savings accounts aren’t available in several notable countries, including the US, the UK, France, Germany, Italy, the Netherlands, and Canada.

It also allows users to stake coins, enabling them to earn higher yields on depositing their proof-of-stake tokens, such as Solana, Polygon, Tezos, Tron, Cardano, Polkadot, and Avalanche.

Pros

Supports a wide range of cryptocurrencies

Regulated in the EU and the US

Reliable and dependable name

Cons

Savings accounts unavailable in some major jurisdictions

How Do Crypto Savings Accounts Work?

Crypto savings accounts provide users interest rates on the tokens they’ve deposited in their account, much like a regular savings account. Users can either choose flexible or fixed accounts based on their needs. Fixed accounts obviously give you more returns but require you to lock the funds for a certain period.

Rewards are often compounded daily or weekly, while users can continue to invest in crypto coins with other funds while their tokens are held as savings.

At the exchange’s or platform’s end, cryptocurrency companies can afford to pay interest to savings account owners because they may use deposited funds to make investments. While cryptocurrency is, by nature, a volatile financial instrument, providers of savings accounts often reduce their levels of risk by over-collateralization, hedging, and other counter-risk measures.

Things to Consider When Selecting a Crypto Savings Account

Here are the main things to look for when shopping for a crypto savings account:

Rates of return: The whole idea of having a crypto savings account is to earn a yield on your tokens, so picking an account with the highest rates of return is the way to go, all other things being equal.

Regulated platforms with strong reputations: The cryptocurrency market has witnessed the downfalls of lenders such as Celsius and Voyager Digital in recent years. As such, you should consider picking providers with the most experience and highest levels of customer satisfaction.

Cryptocurrency Support: It’s important that crypto savings accounts support the cryptocurrencies investors wish to save. Platforms that offer more options and features can, therefore, make more sense if you hold different tokens.

Ease of use: For the average retail investor, it really helps if an account provider makes their website or app as easy to use as possible.

Crypto Savings Accounts Vs. Crypto Wallets

There isn’t a fixed dividing line between crypto savings accounts and crypto wallets, with the two often overlapping to various extents. That’s because savings accounts usually function as wallets, while a small number of crypto wallets provide savings.

Having said that, investors should be aware that if they hold their crypto in a savings account with a fixed term, they will not be able to withdraw and transfer their funds until the fixed term has matured.

FAQs

What are Crypto Savings Accounts?

Crypto savings accounts are like bank accounts but for crypto. They provide investors with interest payments for depositing cryptocurrencies.

Which Crypto Savings Accounts offer the highest interest rates?

The savings accounts with the highest interest rates include the offerings from Cashaa, YouHodler and LEDN. Cashaa offers a maximum of 34% APY on deposits in USDT and USDC, while LEDN and YouHodler offer 10% for these same stablecoins.

Is it a good idea to have your savings in Cryptocurrency?

The answer is Yes and No. The good thing is that they often pay considerably higher rates of interest than what you’d receive from a traditional savings account but the issue is that cryptocurrencies remain extraordinarily volatile, so you may find that your savings drop suddenly in value.

The post 8 Best Crypto Savings Accounts in 2024 appeared first on Coinfomania.

On June 13, the European Commission unveiled the participants selected for the second cohort of the European Blockchain Sandbox initiative (EBSI), among which Iota stands out as a notable entry.

Iota, a well-established entity in the open-source distributed ledger and cryptocurrency domain, has been chosen for its innovative Web3 Identification solution, a project in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN.

Addressing Challenges of Traditional KYC Processes

The inclusion of Iota’s Web3 ID solution in EBSI signifies a pivotal advancement for the identity management technology. The project aims to address the challenges associated with traditional Know Your Customer (KYC) processes that are typically marked by high costs, inefficiencies, and privacy concerns.

Iota’s approach proposes a reusable KYC system that leverages distributed ledger technology (DLT) and tokenization, thereby enhancing security and granting users greater control over their personal data.

As part of this solution, the KYC process begins with remote identification handled by IDnow, ensuring adherence to EU Anti-Money Laundering (AML) and KYC regulations.

IOTA’s Announcement on X

Once verified, the identity is tokenized and stored in a user’s wallet as a soulbound token, which can be utilized across various Web3 applications to confirm identity without disclosing personal details.

The European Commission initiated the EBSI in 2023, aiming to provide a controlled testing environment for DLT solutions across diverse industries.

The sandbox allows up to 20 projects per cohort, offering them opportunities for practical testing, validation, and direct engagement with regulators from across the European Union.

The selection of projects alongside Iota includes diverse applications such as the RealEstate.Exchange (REX) by DigiShares, focused on blockchain solutions for real estate, DoxyChain which targets documents and business processes, Hacken which is involved in smart contract and blockchain security analysis, and Origintrail which integrates artificial intelligence into knowledge infrastructure.

A Timely Initiative Aligning with EU’s Digital Identity Push

This initiative by the European Commission is timely, given the active pursuit of a comprehensive digital ID scheme within the EU. A significant update to the European Digital Identity (EUDI) regulation on May 21 set forth the full implementation requirements by 2026.

This regulation mandates member states to provide at least one EU digital identity wallet to all citizens and residents, intended for use in electronically signing and storing various documents such as university diplomas and train tickets, showcasing a forward-thinking approach in enhancing how European citizens live and work.

Moreover, the concept of zero-knowledge proofs is under consideration for the creation and implementation of these digital ID wallets, reflecting an innovative stride towards privacy and security.

In a broader context, the digital identity sector is experiencing widespread innovation, as evidenced by The Open Network blockchain ecosystem’s recent initiative.

It has dedicated $5 million in Toncoin (TON) tokens to encourage users to verify their identity using advanced palm scanning technology.

This move is indicative of a global trend towards developing digital identity solutions in an increasingly digital world, marking a significant step forward in regulatory discussions and implementations surrounding KYC and privacy within a Web3 framework as initiated by Iota’s participation in the EBSI.

The post EU Blockchain Sandbox Selects IOTA’s Innovative Web3 ID appeared first on Coinfomania.

Circle, a crypto financial firm, recently announced the expansion of its Web3 services to include support for the Solana blockchain, introducing advanced features such as programmable wallets and gas stations.

This development is set to enhance both the functionality and user experience of Circle’s offerings.

Streamlined Development with Programmable Wallets and Gas Stations

The integration will be executed in two main phases. Initially, Circle will introduce essential application programming interfaces (APIs) on the Solana blockchain to facilitate secure transfers of fungible tokens.

Key features of this phase include programmable wallets and a gas station, which will enable the sponsorship of transaction fees on behalf of users, thereby aiming to improve the user experience significantly.

Developers will benefit from the ability to scale their applications more effectively by overcoming technical complexities associated with private key security, node infrastructure, transaction fees, onboarding, and authentication flows.

Circle on X

This simplification is expected to allow developers to focus more on application and business expansion without the usual encumbrances.

In the subsequent phase of the rollout, Circle plans to introduce support for non-fungible tokens (NFTs) and enable program interactions through the Smart Contract Platform.

Such enhancements will align Solana with other major Web3-supporting blockchains like Ethereum, Polygon, and Avalanche.

The added functionalities are anticipated to empower developers with the necessary tools to integrate NFTs into applications, potentially transforming areas such as brand loyalty programs and gaming experiences.

Fostering Innovation in the Solana Ecosystem

Moreover, Circle emphasized its commitment to the Solana developer community by providing the essential tools and resources needed to create secure, scalable, fast, and cost-efficient applications. By doing so, Circle aims to facilitate the broader adoption of blockchain technology.

Circle expressed particular enthusiasm for Solana’s capabilities in handling payment use cases, which align closely with Circle’s mission of facilitating seamless value exchanges that contribute to global economic prosperity.

Notably, the integration highlights programmable wallets that allow for the configuration of automatic interactions with smart contracts, thereby reducing the need for manual task execution and enhancing transaction efficiency based on specific conditions.

The announcement also comes at a time when Solana has been witnessing significant growth and activity.

May saw a record high of 41.5 million active addresses on its blockchain, according to Hello Moon, signaling robust engagement within the ecosystem. This surge in activity is part of the reason Circle chose to support Solana.

Anticipating future needs, Solana is preparing for major upgrades, including the Firedancer upgrade slated for 2025, aimed at enhancing scalability and minimizing network downtime.

This upgrade comes in the wake of recent operational challenges, such as a notable five-hour outage. The Solana Foundation, in collaboration with Jump Crypto, is focusing on independent validator client development to support this upgrade.

Recognition from Fintech Leaders: PayPal and Coinbase

Other fintech giants like PayPal and Coinbase have also recognized and supported Solana’s ecosystem. PayPal integrated its stablecoin, PayPal USD (PYUSD), on Solana at the end of May, while Coinbase launched a new smart wallet.

This wallet is part of a broader effort to make digital transactions more accessible and secure, targeting a massive scale of one billion users. The wallet removes the need for recovery phrases, significantly enhancing user security and ease of use.

Coinbase Launches Smart Wallet

Additionally, Coinbase’s smart wallet promises a “gasless” on-chain experience, reducing transaction costs by leveraging multi-chain integrations. This innovative feature addresses major barriers such as high fees and slow processing times, which have previously deterred mainstream adoption.

The accompanying web app offers a range of management tools, enabling users to handle assets and identity more efficiently, alongside buying, sending, and managing NFTs.

These developments reflect a growing recognition and adoption of Solana in the fintech industry, spurred by innovations that streamline user interactions with cryptocurrencies and contribute to the ecosystem’s scalability and reliability.

The post Circle Brings Advanced Wallets to Solana appeared first on Coinfomania.