HONG KONG, HONG KONG, July 26th, 2023, Chainwire
OKX, a leading crypto exchange by trading volume and Web3 technology company, has published its industry-best ninth consecutive monthly Proof of Reserves (PoR), showing a balance of USD$11.3 billion in BTC, ETH and USDT.
OKX’s PoR covers 22 commonly used digital assets and demonstrates that OKX has maintained a reserve ratio exceeding 100% for nine consecutive months across all those assets. In addition to BTC, ETH and USDT, the assets included in OKX’s PoR are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX stores the majority of its reserves in highly secure off-chain cold storage. It has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in late 2022.
OKX’s current reserve ratios are as follows:
- BTC: 103%
- ETH: 103%
- USDT: 103%
OKX Global Chief Commercial Officer Lennix Lai said: “Public-facing disclosures of both reserves and liabilities are essential to ensure long-term accountability in our industry. However, point-in-time attestations of reserve holdings mean little—instead, sustained and consistent disclosures are needed. As the industry leader when it comes to monthly PoR reporting, with more consecutive monthly snapshots than any other top exchange, our commitment to transparency is unwavering.”
OKX will continue to publish its monthly PoR while providing a self-audit tool to all users. The open-source verification tool enables users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.
OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows.
Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.
For further information, please contact:
About OKX
OKX is a leading global crypto exchange and Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
Contact
OKX
media@okx.com
London, England, July 24th, 2023, Chainwire
cheqd, a start-up creating the trusted data economy, where users and organizations have full control and portability of their data, is launching Creds – a platform for issuing, holding and sharing digital credentials to build portable reputation.
Announced at the Nebular Summit today in Paris, Creds, is a platform to issue digital credentials, or “creds”, which are a portable, reusable, privacy-preserving, and a secure way to prove identity, build decentralized reputation, and establish trust.
Creds addresses a number of Web3 challenges, in particular, community security, engagement, trust, the wave of distrust created by generative AI, and privacy concerns.
Community security, portable trust and decentralized reputation
One of the biggest challenges in Web3 is security. One report shows that crypto scams wiped out nearly $150M in a single week and mass scale distrust in communities. With Creds, projects can confirm personhood and ownership of handles, wallets, and reputation, proving admin and moderator role/status across platforms, including Discord and Telegram, and preventing impersonation, Sybil attacks, and scams. Fake content, news and even people are being supercharged with the advent of generative AI, compounding the issues.
The way to combat this issue is through trust and reputation. Meaning that individuals should be able to build their verifiable reputation and port it across different communities and platforms. Creds allows exactly that with the added feature of privacy, whereas individuals can choose to share one or a collection of credentials for others to verify as real.
Community engagement and gamification
Gamification enhances user engagement and drives customer acquisition and retention. Companies that use gamification are more profitable than those that don’t. Creds adds a reputation layer to community strategy enabling projects and individuals to explore gamification mechanics, such as incentivized quests and learn-to-earn, create unique reputation and trust systems, and increase real engagement.
“More and more organizations are looking to become community-focused to take advantage of the rising community economy. As an example, it’s preferable to have a smaller number of real active community members, or superfans, than to have a group with thousands of bots.”, expands Eduardo Hotta, Head of Marketing & Community at cheqd.
Privacy-preserving
Trust and reputation systems have been tried with the use of Non-Fungible Tokens (NFTs) and SoulBound Tokens (SBTs) with varying levels of success. Creds are different to NFTs and SBTs, as they are private, revocable, and can be taken to different platforms and ecosystems, since all personal data is off-ledger, where it remains private and secure. Data is cryptographically signed and verified by decentralized identifiers (DIDs) on-chain, making it a trusted data.
Fraser Edwards, CEO and Co-founder of cheqd explains: “Creds offers a privacy-preserving alternative to the surveillance enabling tech of SBTs and NFTs where you have little control over your privacy, as activities and other information are written on the ledger making it public and immutable. Creds are collectable, portable, secure and verifiable; it has all the best things that the NFT and SBT have with the addition of everything else they are missing.”
Launch
cheqd kicked off the launch of Creds and its verifiable credentials by issuing creds to attendees at the Nebular Summit. Attendees, with their creds, have a verifiable way to prove they were at the event, without giving up any personally identifiable information about themselves. And, just like an NFT, their creds are collectable and can be kept as a memoir of the event they attended.
Sebastien Couture, Founder of Nebular Summit and Interop Ventures says: “Our goal for Nebular Summit is to showcase the innovative technology emerging from the interchain ecosystem, and offering credentials to all attendees is a really unique and personalized experience to showcase these innovations. We’re excited to build from this first edition and use them to offer future benefits, like early registration to our events throughout the year.”
For further questions or interview requests, please contact Avishay Litani at avishay@marketacross.com.
creds.xyz
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. Put simply, you can now issue credentials and get paid to do so.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as lending markets in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a cutting-edge payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming and other sectors.
cheqd also features a decentralised reputation platform (creds.xyz) to incentivise and engage Web3 communities though learning credentials, as well as protect users from fraud and scamming across Discord, Telegram and beyond.
cheqd.io
Contact
Avishay Litani
MarketAcross
avishay@marketacross.com
Dubai, UAE, July 23rd, 2023, Chainwire
The world’s first loyalty token tailored for telecom carrier businesses, Zeebu (ZBU), has been successfully listed on global cryptocurrency exchange LBank. From today, users of the LBank Exchange can officially trade the ZBU/USDT trading pair.
The milestone marks a significant step in the journey of Zeebu, whose goal is to empower telecom carriers with loyalty rewards and streamline invoice settlements within its ecosystem.
Listing Details:
- Trading Pair: ZBU/USDT
- Start Deposit: 07:00 on July 21, 2023 (UTC)
- Start Trading: 12:00 on July 21, 2023 (UTC)
- Start Withdrawal: 07:00 on July 22, 2023 (UTC)
The Zeebu loyalty token is specifically designed to revolutionize the telecom carrier industry by incentivizing and rewarding telecom carriers within its eponymous ecosystem. With a robust and redeemable loyalty token, Zeebu empowers carriers by simplifying and accelerating invoice settlements, among other advantages.
The ZBU token represents a reward for both customers and merchants, with every successful invoice settlement triggering token rewards, which can in turn be used to settle invoices or alternatively, swiftly converted on token exchanges.
The Zeebu platform’s commitment to creating a user-friendly loyalty and rewards system ensures a seamless fit with the unique demands of the telecom carrier market. By facilitating fast, frictionless transactions, Zeebu brings meaningful benefits to carriers and paves the way for a more interconnected telecom ecosystem.
By eliminating the need for traditional banking channels and intermediaries in cross-border settlements, the unified settlement platform unlocks significant cost savings for high-volume carrier businesses, potentially boosting their bottom line by up to 120%. Moreover, the removal of complexities ensures a streamlined settlement process to maximize efficiency.
All telecom carriers and enthusiasts are invited to join the Zeebu ecosystem and be a part of the telecom revolution. For more information, please visit www.zeebu.com.
About Zeebu
Zeebu is the world’s first loyalty token rewards system tailored for telecom carrier businesses. By transforming the settlement experience for users, Zeebu aims to empower telecom carriers with loyalty rewards, streamline invoice settlements, and unlock innovation.
Contact
Sneha Biradar
sneha.biradar@zeebu.com
MOOKY, the groundbreaking memecoin poised to redefine the crypto landscape, is gearing up to make its grand debut in July 2023. With an array of exciting features such as CEX listings, NFT integration, and an extensive marketing campaign, MOOKY is set to establish itself as the leading memecoin of the year.
As the final stage of the presale approaches, anticipation is reaching new heights. Investors and crypto enthusiasts eagerly await the opportunity to get their hands on MOOKY tokens and be part of this groundbreaking journey.
One of the key milestones for MOOKY is its upcoming listing on prominent exchanges, BitMart and LBank. This strategic partnership will provide MOOKY with increased accessibility and liquidity, attracting a broader audience of investors. Additionally, the team is planning an exciting Uniswap launch to enhance further MOOKY’s presence in the decentralized finance (DeFi) ecosystem.
In line with its innovative approach, MOOKY recognizes the significance of non-fungible tokens (NFTs) in the crypto space. Integrating NFT functionality, MOOKY opens up new avenues for token utility and engagement. The team envisions a vibrant NFT marketplace where MOOKY holders can explore unique digital assets and unlock exclusive experiences.
To ensure widespread awareness and adoption, MOOKY is rolling out an extensive marketing campaign. By leveraging various channels and influencers, MOOKY aims to capture the attention of the crypto community and beyond. The team is dedicated to fostering a strong and supportive community where members can connect, share insights, and contribute to MOOKY’s success.
With the final presale stage underway and the launch just around the corner, now is the perfect time to get involved with MOOKY. Stay tuned for more updates and announcements as MOOKY revolutionizes the memecoin space in 2023.
To learn more about MOOKY and participate in the presale, visit www.mooky.io.
About MOOKY
MOOKY is a forward-thinking memecoin that aims to redefine the crypto landscape in 2023. With its CEX listings, NFT integration, and extensive marketing campaign, MOOKY is set to lead the way as the top memecoin of the year. Join the MOOKY community and be part of the future of memecoins.
San Francisco, US, July 17th, 2023, Chainwire
Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, is thrilled to announce that LFG Market, a marketplace for Ordinal NFTs and Bitcoin-based BRC-20 tokens, has chosen to integrate the Portal DEX protocol to offer users cross-chain trading of Ordinals and BRC-20 tokens. The integration of Portal DEX will make cross-chain transactions between Bitcoin and other digital assets fast, secure, and private.
With this, LFG users will be able to purchase the Ordinal NFTs and BRC-20 tokens using assets from other chains such as Ethereum without bridges or custodians. Utilizing Portal’s “cross-chain Atomic Swaps” technology for payments in any NFT marketplace is a monumental “first” in the NFT ecosystem.
“LFG is looking for solutions that allow ETH and other NFT collectors seamless access to Ordinal trading, and we found Portal to be the best solution available. So it makes total sense to integrate Portal’s DEX protocol,” said LFG Market Co-founder Jason Rosenstein.
The creation of Ordinal inscriptions on the Bitcoin blockchain has led to over $210 million in Ordinals trading volume, according to the latest quarterly report by DappRadar. With DEXes gaining a stronger foothold in the crypto industry, the interest in NFTs on Bitcoin is only expected to shoot up in the future. According to Nansen, 4% of the US population owns an NFT; but it was almost non-existent on Bitcoin until the Ordinals revolution in 2023.
For Ordinals to truly take off as the value layer for data and information, cross-chain solutions are needed to bring the much bigger non-Bitcoin NFT audiences from across the blockchain space to access Bitcoin Ordinals with security and trust-minimization. Whether it’s Eth NFT fans or Solana NFT fans, there still is no ability to exchange their treasured NFTs in a trust-minimized way across chains. “Bridge” solutions and wrappers are cumbersome, often custodial, and highly vulnerable to security threats.
Portal’s “cross-chain Atomic Swaps” functionality being built into LFG Market and other DEXes allows for stablecoin payments – that today only exist on EVM-compatible chains – seamless access to Bitcoin BRC-20 and Ordinal purchases.
While the LFG Market currently accepts payments only in BTC, other tokens such as ETH, USDC, USDT, and even tokens on Layer 2 EVMs like Arbitrum and others will be accepted after integrating the Portal DEX protocol. Since Portal’s Atomic Swaps operate at Layer 2 without bridging, it is both the safest and least-expensive way to trade cross-chain. Portal is working on supporting as many compatible blockchains, wallets, and DeFi apps as possible.
Portal CEO Chandra Duggirala said, “Based on our research, we know that marketplace and DEX operators value UX and liquidity. We’ve worked tirelessly to ensure that our infrastructure integrates smoothly with their existing setups, minimizing engineering overhead, while cross-chain liquidity aggregation helps them increase volumes and offer more assets and features to their users.”
Portal believes that blockchains are “specialized” and that each chain is optimized to do one thing, at the expense of other tradeoffs. Bitcoin is purpose-designed to be sound, peer-to-peer money with superior censorship resistance. Ethereum, on the other hand, was designed for composable utility. By enabling seamless swapping of assets between incompatible chains, Portal helps aggregate liquidity across many chains, ending the fragmentation problem, and helping marketplaces like LFG and others grow their user bases and value propositions.
About LFG Market
LFG’s mission is to create a platform that simplifies and enhances the trading process of Ordinals and BRC-20 tokens. LFG is a seamless and efficient trading environment that enriches the digital asset ecosystem and facilitates novel financial interactions on top of Bitcoin.
For further information, visit: Website | Twitter | Discord
About Portal
Portal is building the cross-chain DEX protocol and ecosystem tools to help DEXes and users seamlessly own, exchange and contract across blockchains while minimizing custodial risk. With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity within open, transparent markets with a security model as robust as Bitcoin mining.
For media inquiries, please contact: press@portaldefi.com
For further information, visit: Website | Twitter | Telegram
Contact
CEO
Chandra Duggirala
Portal
hello@portaldefi.com
Singapore, Singapore, July 13th, 2023, Chainwire
Recently, ungrounded allegations are spreading on social media regarding a supposed “decline in assets” at global major exchange Huobi. To prevent panic among users, Huobi has released a necessary response based on data and facts.
On July 1, the crypto giant published its Merkle Tree-based proof of reserves for July, confirming that the total assets the platform holds in custody for users exceed $3 billion.
Misleading claims stem from outdated data on third-party platform
Since July 6, some social media influencers have posted unsubstantiated claims about “asset decline” at Huobi. In response, the exchange made the following statements:
Those influencers’ claims are based on asset data provided by Glassnode. However, according to professional analysis, the data obtained by Glassnode is inaccurate, with evident gaps and omissions in addresses. This is due to the following reasons:
1. Huobi’s major cold and hot wallet addresses used for asset storage have been changed since the completion of a share transfer on October 8, 2022.
2. Huobi’s assets are distributed across multiple chains, including 400 million USDT on TRON, 6,500 TRC20 BTC, and a portion of ETH used as collateral for ETH validators. However, Glassnode failed to promptly update relevant data based on this information and changes.
Huobi has established contact with Glassnode and requested the necessary data updates.
Huobi has voluntarily disclosed its major addresses since the end of November 2022. Following the collaboration with Nansen, a blockchain analytics platform, Huobi has provided Nansen with the relevant addresses. Furthermore, all address changes whether resulting from the replacement of major shareholders or due to system upgrades have been synchronized with Nansen.
The Huobi assets details displayed on Nansen can be found publicly at: https://portfolio.nansen.ai/dashboard/huobi
In reality, this steep decline is not caused by any changes in the platform security or user trust. Instead, it can be attributed to Huobi’s withdrawal from certain markets. Therefore, it is important to understand that both the fluctuations in user base and assets are within the realm of normalcy.
Since the beginning of 2023, Huobi has maintained a stable and upward momentum, without experiencing any significant changes.
Pursuit of asset transparency by upholding highest industry standards in safeguarding user assets
As a prominent digital asset exchange, Huobi prioritizes its users and considers the protection of user funds as its primary responsibility. Huobi’s on-chain wallet assets are publicly transparent, and users can verify at any time that their funds have a 1:1 backing of real assets.
Starting in 2023, Huobi updates the Merkle Tree-based proof of reserves every month and publishes it to the public. Currently, Huobi’s on-chain assets ensure permanent 100% redeemability for user assets. Users can view Huobi reserves of BTC, ETH, BETH, TRX, USDT, and HT in detail on the asset audit page of Huobi’s official website, including reserve ratio, Huobi wallet’s assets, and Huobi’s user assets.
The specific asset proof of reserves can be viewed at: https://www.huobi.com/en-us/finance/merkle/.
The assets applicable for Proof of Reserves are BTC, ETH, BETH, USDT, TRX, and HT.
Huobi’s current reserve ratios are as follows:
USDT: 100%
BTC: 101%
ETH＋BETH: 103%
HT: 103%
TRX: 103%
In the future, Huobi will continue to publish Merkle Tree PoR to the public and put users first with professional and reliable digital asset trading services in line with high industry standards.
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. Huobi serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – “global development, technology drives development, and technology for good” underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.
Contact
Michael Wang
glo-media@huobi.com
London, England, July 13th, 2023, Chainwire
Decentralized wireless network operator World Mobile has announced it has secured licensed spectrum in the United States of America. This strategic move marks a significant milestone in the company’s mission to bring reliable and affordable internet access to under-connected areas of the United States.
World Mobile has secured up to 20MHz of spectrum across the states of California, New Mexico, Nevada and Utah, providing a solid foundation for World Mobile’s US expansion plans. The spectrum will play a pivotal role in enabling the company’s decentralized hybrid-connectivity solution, which combines blockchain technology with aerial and terrestrial infrastructure to provide connectivity at a cost multiples lower than traditional mobile network operators.
World Mobile CEO Micky Watkins said: “By securing licensed spectrum, we are signaling our intent to revolutionize the connectivity landscape in the United States. Securing spectrum strengthens our position to deploy our network and support a profitable sharing economy. We believe in harnessing the collective power of individuals and communities to create a more inclusive and connected world.”
World Mobile securing licensed spectrum aligns with the US government’s plan to support connectivity across the country. President Biden recently announced a $42 billion high-speed internet initiative, which aims to expand broadband access to rural and low-income areas, as well as to promote competition and affordability in the market.
The Commerce Department has officially distributed the funding, awarding grants at State level, ranging from roughly $27 million to more than $3.3 billion, based largely on local needs.
World Mobile plans to deploy its service in the US later this year, following a successful commercial launch in Tanzania, and field tests in Kenya, Nigeria and Mozambique. The company has recently been bolstered by the appointment of ex-Softbank India country head and Bharti Airtel CEO, Manoj Kohli, who brings over 40 years’ of telecoms experience to the leadership team.
About World Mobile
World Mobile was founded with a far-reaching goal: to connect everyone, everywhere while advocating for economic freedom and dignity. Unlike traditional mobile networks, World Mobile is based on blockchain and incentivizes people to be part of a sharing economy that taps into the trillion dollar global telecom market. Individuals and business owners around the world can operate nodes on its network and bring their community online while earning revenue.
Learn more: https://worldmobile.io/
Contact
Dan Edelstein
pr@marketacross.com
Georgetown, Cayman Islands, July 12th, 2023, Chainwire
Kava, a Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos has launched the Kava 14 upgrade. This upgrade deploys ‘internal bridge’ technology to seamlessly convert native Cosmos assets to and from Ethereum’s ERC20 token standard.
Kava 14 is one of a cluster of milestones in the making. In early July, Tether announced its decision to make Kava the gateway for issuing native USDt on Cosmos. With the launch of Kava 14, USDt can now be minted and easily converted on Cosmos, to — and from — USDt on every other L1 with native USDt including the: Bitcoin (Omni & Liquid protocol), Ethereum, TRON networks, and more.
“Within the first few days of Kava launching the official Tether integration, more USDt has been issued on Cosmos than on Polkadot and Near combined,” said Scott Stuart, Kava Co-Founder. “It’s clear that people want USDt on the interchain. I’m optimistic that having a native stablecoin and a safe, reliable way to convert it across chains via the Kava 14 upgrade will finally unlock the incredible tech the Cosmos ecosystem has built.”
Kava Gains Momentum
Following Tether’s July announcement, Kucoin now supports Kava’s Cosmos and EVM networks, providing a reliable CEX for user transactions within the Cosmos ecosystem. Meanwhile, Curve Finance’s launch of a USDt liquidity pool offers a decentralized alternative for experienced users. In parallel, Stargate, a top omnichain liquidity layer, is set to launch on Kava, anticipating increased usage and liquidity. This expansion comes after a governance proposal that plans to widen the scope of the Kava Rise incentive fund.
The Kava 14 upgrade is a leap forward for Cosmos DeFi builders and users providing a safer, more secure, and more reliable method for converting assets to and from the Cosmos ecosystem.
Follow @KAVA_CHAIN on Twitter for more information and updates on Kava 14’s mainnet launch.
About Kava
Kava is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide.
For more updates, follow Kava on Twitter.
Disclaimer
This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens.
Contact
Media Manager
Guillermo Carandini
Kava
guillermo.carandini@kava.io
London, England, July 12th, 2023, Chainwire
cheqd, a startup that allows users and organizations to gain control and portability of their data, introduces Credential Service, empowering organizations with an easy-to-use, plug-and-play solution for issuing and managing digital credentials.
cheqd’s Credential Service is a ready-made, software-as-a-service offering or “Credential-as-a-Service” that can easily be integrated into any organization. With its Credential Service, cheqd provides a simple solution for organizations to issue and verify decentralized credentials with ease. It removes all of the complexity and technical knowledge required to build or integrate Decentralized Identity within existing applications, allowing organizations to issue and verify trusted credentials in a few simple steps. Application developers can effortlessly issue and manage credentials by using simple API services. It supports features such as Credential Payment, Verifiable Credentials and Presentations, Decentralized Identifiers and Identity Keys, and Revocation Registries. This provides cheqd partners with the option to use a simple set of API services rather than needing to integrate more complex and nuanced Software Development Kits (SDKs).
As part of cheqd’s ultimate vision, Credential Service will be a route for anyone to access upcoming payments functionality – cheqd first-of-its-kind feature enabling on-chain payments for off-chain trusted data. Payment functionality offers opportunities for anyone to create entirely new business models – Trusted Data Markets.
With Credential Service organizations can access cheqd’s Decentralized Identity (DID) framework in the simplest and most efficient way, with no technical skills required. DIDs are a foundational technology for enabling self-sovereign identity (SSI) that gives users control over the information they use to prove who they are to websites, applications and services on the Web. Users can store all of their data in digital wallets that protect their privacy and keep their personal data more secure while limiting risk and simplifying the process of verification.
The Credential Service is built atop cheqd’s blockchain technology, a robust, public and permissionless network that’s fully compliant with Europe’s GDPR. As it’s based on self-sovereign identity technology, it is closely designed with the upcoming EU eIDAS regulation in mind that governs electronic identification and trust services for electronic transactions. As with all cheqd products, no personally identifiable information is stored on its network. Instead, the user’s personal data resides off-ledger, where it remains private and secure. The information is signed and verified by trusted identifiers on-chain, and any credential can be checked and verified in seconds.
cheqd’s Credential Service is sector-agnostic and applicable for a wide range of use cases, including Know Your Customer (KYC) checks, verification of educational qualifications and online reputations. It also supports payments for digital credentials with full regulatory compliance.
“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service,” said cheqd’s Co-founder and Chief Executive Officer, Fraser Edwards. “It is especially relevant for those who have never interacted with decentralized identity and want to access payment rails without needing to use anything technically complex. Its built-in payment infrastructure, combined with a simple set of APIs, will allow developers to fully leverage credential payments in the easiest possible way.”
For further questions or interview requests, please contact Avishay Litani at avishay@marketacross.com.
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. Put simply, you can now issue credentials and get paid to do so.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as lending markets in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a cutting-edge payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming and other sectors.
cheqd.io
Contact
Avishay Litani
MarketAcross
avishay@marketacross.com
Tortola, British Virgin Islands, July 12th, 2023, Chainwire
In its ongoing journey to reshape the crypto investing landscape, Struct Finance, a DeFi platform that enables investors to engage with tailored interest rate products linked to digital assets, is thrilled to announce the launch of the BTC.B-USDC Vaults.
The tranche-based BTC.B-USDC Interest Rate Product was made possible by effectively leveraging Avalanche’s BTC.B (Bridged Bitcoin) for DeFi applications. The new vault beautifully complements Struct Finance’s Genesis USDC Vaults, heralding an exciting era in DeFi yield opportunities. Struct Finance built the new vault on top of GMX’s Liquidity Provider Token (GLP) to generate predictable yields for BTC in the form of fixed returns, and USDC in the form of variable returns, while still leveraging a secure asset and minimizing volatility and exposure to other risks.
“Our BTC.B-USDC Vaults represent an innovative application of Bitcoin in DeFi. We’re taking full advantage of Avalanche’s Bridged Bitcoin (BTC.B) to bring about a fresh wave of opportunities in the digital asset space,” said Ersin Dalkali, the Co-founder of Struct Finance.
While Bitcoin continues to dominate the market, its inherent lack of a DeFi layer has traditionally made native yield generation quite challenging. Avalanche has unlocked new possibilities for Bitcoin in DeFi with BTC.B (Bridged Bitcoin). Unlike WBTC that relied on centralized bridges, BTC.B is minted via Avalanche Core — a decentralized bridge — and can be trustlessly bridged across networks using the Layer Zero bridge.
At present, Bitcoin investments in prominent lending pools yield between 0.2–0.5%. Even the stable swap pools offering wBTC-BTC.B products only manage to deliver returns of about 2%. Struct’s BTC.B-USDC product shatters these limitations, offering significantly higher yields.
The purpose of BTC.B is to empower BTC holders to explore DeFi opportunities on the Avalanche blockchain, without the need to acquire secondary tokens or rely on centralized bridges. BTC.B represents BTC coins transferred to the Avalanche blockchain in the form of ERC-20 tokens. With over 6000 BTC bridged and a fully diluted value of $180 million, BTC.B is carving a niche for itself in the crypto arena.
The Bitcoin ETF applications by BlackRock, WisdomTree, and Invesco – three of the world’s leading asset managers – are not just a mere submission. It is a signal that the traditional financial realm is ready to embrace Bitcoin on a new level. Recently, the US Securities and Exchange Commission (SEC) gave the green light to a 2X leveraged Bitcoin ETF, sparking an enthusiastic wave of speculation and anticipation for approval of a spot Bitcoin ETF.
Delta hedging
Amid the highly volatile crypto industry, Struct Finance’s Interest Rate Products allow anyone to split and repackage the risk of any yield-bearing DeFi assets in different parts to fit their risk profile through an innovative process called “tranching.” Every Interest Rate Product is a single vault split into two portions, or tranches that have different return configurations:
- A Fixed-return Tranche for conservative investors looking for consistent returns
- A Variable-return Tranche for investors with a higher risk appetite seeking superior returns
The yield from the underlying asset flows into the fixed tranche first to ensure predictable returns. The remainder is then allocated to the variable tranche, which gets enhanced exposure to the underlying yield-bearing asset. Compared to the fixed tranche, the variable tranche might accrue more yield, less yield, or no yield.
As part of its BTC.B-USDC Vaults, Struct Finance has implemented a unique approach to managing investment risk: delta hedging. While the fixed tranche takes center stage with its high yield, the variable side of the product offers an additional layer of intriguing complexity and potential.
Upon deployment of funds into the vault, the BTC.B in the fixed tranche gets converted into GMX’s GLP token, setting up a position that’s short Bitcoin against GLP and contributing a negative delta. In contrast, the USDC on the variable side is converted into GLP, which inherently carries a positive delta.
This innovative delta-hedged product design achieves a fine balance between the positive and negative delta forces. It results in a robust strategy that allows investors to confidently navigate the crypto market’s inherent volatility.
This artful interplay of the fixed and variable sides within the vaults opens the doors for investors to tap into the potential of Bitcoin investments like never before. By catering to a diverse range of risk appetites, Struct Finance ensures that both retail and institutional investors can tailor their strategies to maximize their returns, regardless of market conditions.
About Struct Finance
Struct Finance is at the forefront of the DeFi revolution, with a vision to transform the design and utility of financial products. It empowers users to design their own financial instruments, harnessing the power of tokenized, yield-bearing positions to unlock a world of diverse investment opportunities. Moreover, its cutting-edge financial products adopt a tranche-based system, smartly distributing yield between different investor classes. This balanced approach guarantees a steady yield for risk-averse investors while also offering the prospect of heightened returns to the more adventurous. Initially available on Avalanche, Struct Finance plans to go multichain in the near future.
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Disclaimer: This release is for informational purposes only and should not be construed as financial promotion.
Contact
Miguel Depaz
media@struct.fi