Day: December 14, 2023

Flare and Kinetic join forces to revolutionize DeFi lending and borrowing

Flare partners with Kinetic, revolutionizing DeFi lending/borrowing on blockchain.
Users benefit from liquidity incentives; Kinetic offers over-collateralized borrowing.
Rome Blockchain Labs facilitates Kinetic launch, leveraging Flare’s oracles for accurate prices.

Blockchain for data, Flare, and lending platform Kinetic, backed by Rome Blockchain Labs, have announced a strategic partnership set to revolutionize decentralized finance (DeFi).

This collaboration aims to introduce lending and borrowing capabilities to the Flare ecosystem, deepening liquidity and fostering a robust DeFi experience.

Powering DeFi with seamless lending and borrowing

Flare, recognized as the blockchain for data, has entered into a groundbreaking partnership with Kinetic, a lending and borrowing platform supported by Rome Blockchain Labs. The collaboration focuses on providing Flare users with a streamlined platform for participating in DeFi, offering the potential to earn block rewards by utilizing their digital assets.

Flare users contributing assets to the platform stand to benefit from incentivized and natural yield through liquidity provisioning.

Kinetic’s lending and borrowing platform operates in an over-collateralized structure, with borrowers enjoying additional perks such as interest rebates and exclusive Discord channel access. Rome Blockchain Labs (RBL), with its extensive experience in creating custom financial markets on various blockchain networks, will facilitate the launch of Kinetic.

The technical infrastructure and design provided by RBL will be instrumental in realizing the seamless integration of lending and borrowing capabilities within the Flare ecosystem.

Integration with FAssets:

The partnership further entails Kinetic leveraging Flare’s native price oracle, the Flare Time Series Oracle, for decentralized asset prices. This integration ensures highly accurate and frequently updated price feeds, laying the foundation for a secure and responsive DeFi experience on the Flare network.

In addition, Kinetic plans to integrate FAssets developed by Flare Labs, enabling traditionally non-smart contract tokens like bitcoin (BTC), ripple (XRP), and dogecoin (DOGE) to actively participate in DeFi activities. This integration marks a significant step in bridging traditional cryptocurrencies with advanced DeFi functionalities, enriching the lending and borrowing landscape.

Kinetic is committed to user security and technological excellence, demonstrated through strategic partnerships in the DeFi landscape. The platform aims for decentralization, seeking to eliminate KYC restrictions while remaining accessible in regions with regulatory uncertainty. Collaborations with Rome Blockchain Labs, Watchpug, and Immunefi underscore Kinetic’s dedication to robust technological infrastructure, smart contract audits, and bug bounty programs.

The initial launch on Flare’s testnet, Coston2, will provide users with a dynamic environment to engage, provide feedback, and gain insights into the innovative decentralized lending and borrowing platform.

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Bitget rolls out mandatory KYC to enhance platform security

Bitget says mandatory KYC will align the exchange with global financial regulations and underscore its tier1 status.
KYC verification is one of the measures aimed at enhancing protection for users, including against theft and fraud, Bitget said.
Verified accounts will enjoy higher withdrawal limits, exclusive access to Bitget events among others.

Bitget has introduced mandatory Know Your Customer (KYC) requirements for all users, the crypto exchange said in an announcement on Thursday.

The exchange’s new KYC requirements will be effective from December 15, 2023.

Mandatory KYC for all Bitget users

Bitget’s rollout of mandatory verification comes roughly three months after the initial announcement in August. While compulsory user verification is aimed at bolstering platform security, Bitget says it’s also part of the regulatory compliance process.

According to the exchange, this is a path towards enhancing its status as a tier1 platform.

As a leading player in the cryptocurrency exchange landscape, Bitget is committed to not only offering state-of-the-art services but also ensuring a secure and compliant trading environment for our global community. The introduction of mandatory KYC requirements for all users is a decisive step towards enhancing user security and aligning with global financial regulations,” said Jamie Elkaleh, the Country Manager of Bitget.

The process is also part of anti-money laundering compliance, and adds to other measures aimed at the overall user protection, including against theft and fraud. Bitget’s Proof of Reserves, Protection Fund and cold storage are all geared towards this effort.

Bitget to reward users

Users can complete the KYC checks in two tiers, with Level 1 allowing access to all services and products, including derivatives, copy trading and up to $3 million in daily withdrawal limits.

Although Bitget has phased this implementation to ensure minimal disruption to users as they upgrade their accounts, it is incentivising cooperation via a rewards program.

For instance, the first 5,000 users to upgrade before December 15, will get up to 100 USDT in trading bonuses.

Meanwhile, VIP accounts that complete verification ahead of the deadline will receive a bonus of 200-500 USDT. The exchange has also teased an iPhone 15 Pro prize and 100 USDT for users who take time to complete a short KYC questionnaire.

Bitget launched in 2018 and has grown into one of the top crypto exchange and Web3 companies, with over 20 million users across the globe. 

The company has acquired multiple regulatory approvals. It’s also eyeing licenses in the Middle East and North African (MENA) as part of its global expansion.

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BingX introduces JITO Coin (JTO) as Solana price climbs

BingX, a prominent cryptocurrency trading platform, has officially added JITO (JTO) to its list of tradable assets. This move comes amidst a remarkable surge in the value of JITO and a notable increase in Solana’s price.

Coinciding with the introduction of JITO on BingX, there has been a noticeable impact on Solana’s ecosystem. Solana’s native token, SOL, experienced a remarkable surge in value, increasing by 12.48%. This increase is particularly noteworthy as it occurred during a period when the value of Bitcoin (BTC) was declining. This trend highlights the resilience and strengthening position of Solana in the cryptocurrency market.

Further underscoring the growing interest in the JTO trading pair, the market value of JITO Labs has seen a significant increase following its successful airdrop. The price of JITO soared by an impressive 83%, a clear indication of the market’s confidence and interest in its potential within the Solana framework.

The introduction of JITO on BingX is expected to positively influence the Solana ecosystem. It could attract more investors and increase the liquidity of JITO. The considerable price surge of JITO post-airdrop, along with the growth seen in SOL, points to a robust interest in Solana Labs assets. This trend suggests a bright future for investments in both Jito Labs and Solana Labs.

As the cryptocurrency market continues to evolve, the listing of new and promising tokens like JTO on established platforms like BingX is a testament to the dynamic and rapidly growing nature of the digital asset industry.

About BingX

BingX is a leading cryptocurrency exchange offering spot, derivatives, grid, and copy trading services to users in over 100 countries and regions worldwide. 

With a user base of over 5 million, BingX facilitates connections between users, expert traders, and the platform itself securely and innovatively. Track top cryptocurrency prices on BingX’s simple-to-use PC and APP platform.

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Basel Committee proposes measures for stablecoin reserve asset stability

Basel Committee proposes maturity limits for stablecoin reserve assets.
Overcollateralization required for longer-term assets to ensure stability.
Credit quality criteria defined for reserve assets to bolster stablecoin stability.

In a move to enhance the stability of stablecoins, the Basel Committee on Banking Supervision, part of the Bank for International Settlements (BIS), has recommended targeted adjustments to its standards on banks’ exposure to crypto assets.

The proposed measures, outlined in a consultative document released on Dec. 14, 2023, focus on refining prudential standards for stablecoin exposure, building on the committee’s initial standards published in December 2022.

Addressing redemption risks with maturity limits

The committee’s first proposal centres on mitigating redemption risks during periods of extreme stress, where stablecoin issuers might face mass withdrawal claims, leading to fire sales. To address this, the committee suggests imposing a maximum maturity limit for individual reserve assets. This measure aims to restrict stablecoin exposures to longer-term maturities, potentially safeguarding against abrupt and large-scale withdrawal demands.

If longer-term assets are allowed, the committee emphasizes the necessity for over-collateralization. This means that such assets must exceed the claims of stablecoin holders, providing a buffer against potential declines in asset values. This ensures that stablecoins remain redeemable at their pegged value, even in challenging market conditions.

Credit quality criteria for stability

The second proposal focuses on establishing criteria for credit quality concerning reserve assets. The committee suggests a list of reserve assets suitable for stablecoin issuers, including central bank reserves, marketable securities guaranteed by sovereigns and high-credit-quality central banks, and deposits at banks with a high credit rating.

By specifying assets with high credit quality, the committee aims to bolster the stability of stablecoins, reinforcing their ability to maintain value, particularly in volatile market conditions.

The Basel Committee invites comments on these proposed amendments until March 28, 2024. Whether amended or not, the prudential standards for stablecoin exposures are slated for implementation on January 1, 2025.

These recommendations reflect the ongoing efforts of global regulatory bodies to address potential risks associated with stablecoins and fortify the resilience of the financial system in the rapidly evolving landscape of crypto assets.

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Taurus and Teylor collaborate to tokenize German SME loans on TDX Marketplace

Taurus and Teylor Partnership.
Teylor’s credit portfolio tokens, overseen by Allen and Overy, become tradeable on Taurus’ TDX marketplace.
Taurus’ TDX marketplace, with $1 billion+ in transactions, solidifies Switzerland’s role in institutional-grade blockchain treatment for diverse asset classes.

In a groundbreaking move, Swiss crypto custody firm Taurus, backed by Deutsche Bank, has joined forces with Zurich-based fintech lending platform Teylor.

The collaboration aims to tokenize Teylor’s credit portfolio tokens, allowing them to be traded on Taurus’ TDX marketplace, signalling a significant step in the tokenization of traditional finance.

Tokenizing German SME loans on TDX Marketplace

Taurus and Teylor collaboration centers on tokenizing Teylor’s credit portfolio tokens, a move that aligns with the global trend of digitizing traditional financial assets. Overseen by law firm Allen and Overy, Teylor’s credit portfolio tokens will be eligible for secondary market trading on Taurus’ TDX marketplace, adhering to Luxembourg-based investment structures that comply with Swiss and European regulations.

Taurus co-founder Lamine Brahimi emphasized the landmark nature of this tokenized debt product, expected to attract substantial investments from institutional players in the next two weeks. With Taurus’ TDX marketplace already facilitating over $1 billion in tokenized transactions, this move further solidifies Switzerland’s role in providing institutional-grade blockchain treatment across various asset classes.

Teylor, known for offering loans ranging from €100,000 to €1.5 million to Germany’s Mittelstand economy, has garnered support from investors like Barclays. Teylor CEO Patrick Stäuble highlighted that the tokenized loans would target a diverse range of German businesses, spanning industrials, chemicals, precision machinery, and import/export. This initiative addresses the financing needs of businesses that fall between the capacities of traditional bank branches and corporate finance departments.

This strategic collaboration between Taurus and Teylor not only demonstrates the evolving landscape of digital finance but also showcases Switzerland’s commitment to fostering innovation in blockchain-based solutions.

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Litecoin update: analyzing the current state of LTC amid the rise of this AI Altcoin

Litecoin (LTC) is popularly known as a Bitcoin (BTC) fork. While the two share several similarities, LTC was designed to be lighter, amidst other key differences. 

In this post, we will analyze the current state of Litecoin, including what makes it a good crypto to buy. Further, we will explain the growing interest in a new AI altcoin, InQubeta (QUBE).

InQubeta (QUBE): Potential 1,250% Price Rise

InQubeta is making waves within the crypto space solidifying its position as one of the best 2023 ICOs after raising over $6.7 million during its ongoing presale. 

InQubeta is unique for several reasons, chief among them being its staggering growth potential and innovative concept.

InQubeta lies at the intersection of the crypto and AI industries. It aims to solve a key challenge in the AI sector—fundraising—by leveraging the power of blockchain. You might be wondering, how? It will become the first crowdfunding platform for AI startups via cryptocurrency. 

AI startups will create investment possibilities that are modelled as equity-based NFTs to raise capital. These NFTs will be made available to investors, which will give them stakes in AI ventures.

This presale is currently in the sixth stage, and a token costs only $0.01925. By the time the presale comes to an end, the price of QUBE is expected to rise by 1,250% following the frequent price rises as the presale progresses.

Litecoin (LTC) token update

Litecoin (LTC) was created as a fork of Bitcoin. Changes were made to the Bitcoin blockchain, and voila, Litecoin came into existence. It was created in 2011 by Charlie Lee, intending it to be a lite version of BTC.

With its all-time high of $412, Litecoin has incredible upward potential. The fact that 58% of the total investors are long-term holders indicates a strong level of trust. Furthermore, more than 97% of investors have between $0 and $1,000 worth of Litecoin, demonstrating robust retail involvement.

Given the above, LTC is among the best coins to invest in. According to a popular analyst, LTC will cross $85 before the end of 2023. If you wish to position yourself for profit, it is a great coin to consider.

Conclusion

One of the best coins to invest in at the moment is Litecoin. Strong retail participation and the bulk of holders being long-term holders provide ample opportunity for growth. InQubeta is another token that has drawn interest from investors.

To learn more about InQubeta and its ongoing presale, visit InQubeta presale or join the InQubeta communities on Telegram.

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Bitget Wallet partners with Linea, aims to collaboratively develop the Layer 2 ecosystem

Victoria, Seychelles, December 14th, 2023, Chainwire

Bitget Wallet (formerly BitKeep), a leading global Web3 trading wallet, has announced a collaboration with the Ethereum Layer 2 network, Linea, to jointly advance the development and growth of the Linea ecosystem. Bitget Wallet has integrated with the Linea mainnet, providing wallet connectivity and support for the Linea mainnet and ecosystem projects.

Wallet users can now easily connect to the Linea mainnet via their mobile app and browser extension, manage their assets on the Linea ecosystem, engage in multi-chain swaps for Linea mainnet tokens and view real-time candlestick data, and interact with projects on the Linea ecosystem.

“The partnership with Bitget Wallet is a great step for Linea, enhancing user interaction with our zkEVM Layer 2 solution. This collaboration simplifies asset management and ecosystem engagement for the network, aligning with our goal to make web3 more accessible and efficient. We’re excited about this collaboration and the positive impact it will have in the Linea ecosystem. – Declan Fox, Product Lead”

Developed by Consensys, Linea is a developer-friendly Ethereum Layer 2 network built on zero-knowledge proof technology that aims to provide efficient scaling solutions to enhance Ethereum’s performance and usability.

As part of this collaboration, Bitget Wallet has launched an extension of Linea’s DeFi Voyage Wave 9 through its own event on its Task2Get platform, signaling the commencement of the second phase of Bitget Wallet’s Task2Get initiative.

By exploring the Linea ecosystem within the wallet and completing tasks like token swaps and DApp interactions, users can earn Task2Get NFT rewards distributed by Bitget Wallet and share in a total prize pool of $10,000. The event runs from December 14th to December 28th. Task2Get NFT holders will qualify for additional airdrops from this campaign as well, including tokens from partnered projects and more.

Task2Get, a Web3 exploration incentive platform introduced by Bitget Wallet, rewards users for participating in various on-chain interaction tasks, offering an effective way for users to both learn and earn from various ecosystems, while also providing growth opportunities for these projects.

“As active participants in the Web3 ecosystem, we not only curate and showcase promising mainnets and projects for users to better interact and claim future airdrops, but also launch various incentivized task events in collaboration with these parties,” Alvin Kan, Chief Operating Officer of Bitget Wallet states. “This will allow users to explore and interact with decentralized ecosystems while earning rewards at the same time.”

Besides offering an easy-to-use user interface and comprehensive interaction guides, Task2Get also provides convenient access to interaction records and interaction reminders. Users can also stand to earn exclusive NFTs for completing various tasks, which will qualify them for rewards such as vouchers and even airdrops in the future.

As one of the top global-leading Web3 trading wallets, Bitget Wallet provides reliable and powerful services for over 12 million users worldwide. Bitget Wallet’s mobile app is also ranked fourth in global downloads in recent months.

Leveraging its vast user base and strong market influence, it has built up a robust growth and exposure platform for Web3 mainnets and projects through its Task2Get incentive. With the continuous deepening of collaboration between Bitget Wallet and Linea, it is predicted that Task2Get will be a key driver in fostering further innovations and market growth, cultivating sustained user engagement and active interaction in the ecosystem.

About Bitget Wallet (Web3 Trading Wallet)

Formerly known as BitKeep, Bitget Wallet stands as Asia’s largest and global frontrunner among all-in-one Web3 trading wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, MPC Wallet and more.

With a 5-year legacy, Bitget Wallet has garnered acclaim from over 12 million users worldwide and has secured partnerships with prominent industry leaders including Bitcoin, Ethereum, TRON, BNB Chain, Solana, Base, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.

In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.

For more information, visit:

Website
Twitter
Telegram
Discord

 

Contact

Rachel Cheung
media@bitget.com

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