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Bringing DeFi to the Masses: Launch of X-Accounts & Fireblocks Partnership

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Digital payments platform, Wirex, has announced the launch of their game-changing X-Accounts feature, and partnership with Fireblocks, an industry-leading crypto provider. Set to become one of the world’s most accessible interest-paying accounts, X-Accounts will allow users to earn up to 16% on their crypto and fiat funds*.

Wirex’s long-term goal has been to make crypto ‘open to all’, offering the ability to utilise crypto in the everyday with the world’s first crypto-enabled debit card. With decentralised finance (DeFi) becoming hugely popular in recent months, the latest announcement will open up the often complex and expensive DeFi space to everyone, from hardcore crypto investors to casual, everyday users, and bring the benefits of DeFi to the mass market.

X-Accounts will allow customers to earn unprecedented levels of interest on both fiat and crypto funds* when compared to competitors and high-street banks. Avoiding the expensive fees and complicated processes often associated with DeFi and yield farming, users will have the ultimate control over their funds, with instant access, no minimum holdings and no maintenance fees for each pot.

Combined with Wirex’s other market-leading benefits, the addition of X-Accounts reaffirms the company’s vision to become the go-to crypto platform for users of all abilities. This includes consistently low fees, exclusive interbank and OTC exchange rates, free international ATM withdrawals, up to 2% Cryptoback™ rewards on card purchases, and the ability to hold multiple crypto and fiat accounts with a single intuitive app.

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Further removing the complexity and trust issues often associated with owning a crypto wallet, Wirex have also announced the upcoming integration with Fireblocks’ enterprise technology to offer maximum security of user’s funds. Developing Wirex’s reputation for regulatory compliance and customer safety, the partnership will give Wirex up to $30 million of insurance on crypto assets.

Pavel Matveev, CEO and Co-Founder of Wirex, said that: “X Accounts will give everyday users easier than ever access to DeFi, offering quick cryptodeposits and high interest rates on anyone’s fiat and crypto holdings, meaning customers can sit back and watch their assets grow like never before. By working with Fireblocks to offer secure, scalable and built-in compliance protocols, customers can use X-Accounts without worrying about the risk that’s often found with many DeFi products.”

Michael Shaulov, CEO and Co-Founder of Fireblocks, describes the technology’s significance: “Maximising digital asset security is extremely important with this level of operational scale and efficiency, especially when it comes to DeFi. Building on top of the Fireblocks platform will bring an additional layer of security to Wirex’s customers as they become a part of the growing DeFi ecosystem.”

The latest news has further solidified Wirex’s support for the DeFi space, following a series of important announcements. In May, Wirex migrated 20% of their native token, WXT, to the Ethereum blockchain, and recently hosted an exclusive NFT giveaway. Since then, they’ve launched multiple ERC-20 tokens on the platform, including UNI, AAVE and MKR, with plans for many more.

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Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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