In 2018 proposals, modified in 2019, FATF said crypto service providers have to verify who their customers are. The identity checks are supposed to allow authorities to track illicit funds, just as they do in the conventional financial system – but many in the industry have complained that it violates privacy and is poorly designed for payments taking place on a transparent blockchain.
Cango.fi, a community-oriented protocol, has revealed a decentralized super aggregator making cross-chain swaps more accessible. The project supports swaps of native tokens and stablecoins across different chains.
Cango relies on combining the aggregation of interoperability protocols with DEXs to enable simple and efficient cross-chain transactions.
Users can directly interact with the interface to initiate a cross-swap of stablecoins or native tokens across networks. For example, users can find the best rate to swap BNB on the BNB Chain for MATIC on Polygon. Cango searches for the best possible routes and then presents users with a single executable transaction. From there, users can go cross-chain in a click of a button.
Cango achieves ‘super aggregation’ by querying the prices of leading DEX aggregators like 1inch and Paraswap in order to find the best rates for users. The platform can also split transactions across various sources to consistently provide the lowest prices and gas costs.
Cango is a decentralized aggregator seeking to increase the accessibility of efficient cross-chain transactions through user-driven design. Its developers believe that the space needs a stronger application layer to support the growth of a multichain ecosystem. They plan to make Cango a leading project that can enable the next generation of users to explore new chains.For more information about Cango, please follow the links: Website | Twitter | Discord|
The development of the crypto sector has presented users with a vast choice of new products to track your portfolio as investment opportunities. AssetDash is a new project seeking to simplify access to the market by merging several systems into a user-friendly app.
Currently, the iOS App Store places AssetDash at the top of the NFT portfolio tracker apps. As a mobile app, AssetDash supports the highest number of NFTs across multiple blockchains.
All your assets are manageable in one place with AssetDash’s free-to-use dashboard. This new application is compatible with a wide range of other investing apps.
Besides CoinBase, Robinhood, and OpenSea, this technology is compatible with many other well-known trading applications. Simply put, AssetDash brings all your investment applications to one place. This app aims to simplify your life when you need to track your investments in the market.
What do we know about this new project? And how does AssetDash plan to keep on growing in the long term? The sections below will try to answer these questions.
A Close Look Into the AssetDash App
You may quickly and securely link your numerous investment accounts to AssetDash. Hundreds of apps from every market are compatible with this platform. Moreover, the AssetDash team is always working on adding more.
If you wish to connect a brokerage account, you must follow the simple instructions on AssetDash. The team also provided guidelines to connect crypto wallets and other financial accounts to the app.
In the “Settings” menu, you will be able to add new external accounts at any time with AssetDash. Keep in mind that you can connect unlimited accounts to AssetDash.
As soon as you link your accounts, you’ll have access to a broad overview of your assets. If you click on the products, you will see a detailed set of information for each of them. AssetDash also tracks the overall success of your portfolio and the performance of each financial product across various timeframes.
Additional features include market overviews for several asset classes and current news concerning your investments. Users do not have to limit themselves to cryptocurrencies. Instead, AssetDash tracks multiple asset classes, from equities to NFTs, for them.
In the past, checking your portfolio required updating a half-dozen different apps. Now, your portfolio summary and price data are available in a single location. Consequently, the team’s strategy is clear: simplify the investment tracking process across asset classes.
Another important aspect of this app is that it does not require any personal information from its users. You can join AssetDash completely anonymously and use it privately.
If you wish to join AssetDash, you will have to follow the simple steps below:
After downloading the app, the system will ask you to create an account by providing only an email address and a password.
The application will prompt you to choose the kind of investments you make as the second stage in the process.
At this stage, you will need to paste your cryptocurrency addresses and connect your accounts in order to use crypto. AssetDash has “read-only” access to your accounts. The system searches public blockchains to identify your cryptocurrency holdings associated with your address.
This concludes the sign-up procedure, and from this point on, your AssetDash dashboard will display an up-to-date status of all of your investments.
The AssetDash team places a high value on protecting the privacy and safety of its customers. In this sense, the system does not need any personally-identifying information to set up an account. You may remain completely anonymous when using AssetDash.
You will just need to supply the app with an email address to use it, as mentioned earlier. The AssetDash team explained that you are allowed to use an anonymous email at this stage in the process.
AssetDash’s brokerage and exchange connections are in the hands of top-tier industry partners Plaid and Vezgo. If you link a cryptocurrency exchange or brokerage account, AssetDash will only have read-only access to that account, as already stated.
As a direct result of this feature, AssetDash is only able to read the holdings that are currently present in the account.
AssetDash – Future Plans
Thousands of people have signed up for AssetDash in the first few months of its existence. In the meantime, the NEAR foundation chose to believe in this project and awarded it a grant.
It is AssetDash’s mission to help investors and community leaders better connect. The company believes it can reduce the time and effort required to communicate with web3.
DeFi and NFT protocols, and other investment groups, may benefit from the project’s success.
AssetDash is a portfolio management tool that makes it simple for investors to keep track of their holdings. Multi-brokerage and crypto exchange accounts are generally easy to track using the company’s user-friendly investment app.
These exchanges include viral platforms, such as Binance, Robinhood, Coinbase, FTX, and others.
Additionally, AssetDash is compatible with a wide range of cryptocurrency wallets on several blockchains. This operation aims to provide consumers with a single dashboard where they can get real-time updates on their investments.
Users are responding positively to the introduction of this app. For example, the market selected AssetDash as the top system in the “Products of the Day” category on Product Hunt.You can find many details online if you wish to learn more about AssetDash and its team’s announcement. Specifically, you can check the project’s website or download AssetDash for your iOS or Android device.
The Oslo Freedom Forum offers another way to measure the bitcoin network’s worth. Price action is fine, but, what about real-life impact? The event is not about bitcoin per se. However, The Human Rights Foundation’s Chief Strategy Officer, Alex Gladstein, put together a series of one-minute clips that summarize exactly how deep bitcoin’s existence changes everything.
Let’s read and hear what the activists have to say. Last time it was Carter, Mahboob, and Volkov. On this occasion, we go to Togo, Belarus, and Senegal to learn exactly why bitcoin is essential for humanity’s future. It’s hard to see the benefits from one of the few countries in which the banking system actually works. See it through this edition’s Oslo Freedom Forum protagonist’s eyes and you’ll gain the necessary perspective.
BTC price chart for 06/30/2022 on Bitfinex | Source: BTC/USD on TradingView.com
Oslo Freedom Forum: Farida Nabourema On Monetary Colonialism
The Togolese human rights defender poses the problem. The CFA Franc is monetary colonialism, it’s as simple as that. However, the Oslo Freedom Forum quickly learned that few people outside of the countries that are forced to use the currency know how deeply rooted the issue is.
“Living in Togo, money has been at the center of our struggle for change because literally us falling under dictatorship came from our decision to want to become monetarily independent from the colonial system. Togo and the other 14 countries in the French colonial system they all have to follow the same monetary policies that were created by the colonial institution. And in that specific sector, laws have been passed literally banning citizens from owning foreign currency.”
Now, the fact that your country doesn’t have control of your national currency is bad enough. It’s like, your country is independent, but not quite. And that’s just the tip of the iceberg. The consequences for activists that don’t necessarily see eye to eye with the government are a little harder to see. Back to Farida Nabourema:
“You are not allowed to have a foreign currency account unless you have received specific authorization from the Minister of Commerce. And literally, you have no chance of obtaining that if you are openly opposed to the government. And the CFA currency has lost over 200% of its value since the independence era and as a result, has increased poverty because people have lost more than double of their savings and resources and have found themselves in greater debt.”
That’s right, activists are quietly punished and condemned to remain poor, but, what else is new? Bitcoin is. There’s a new game in town, and everyone can participate in it. In this case, it’s easy to see how beneficial this is for activists, but how the country as a whole might benefit is a little harder to see.
“So bitcoin provides better stability while allowing us to continue our struggle but also help us find a different monetary system as we hope that one day we can have state institutions that are accountable to us because for now the people of Togo have no say whatsoever in terms of our fiscal and monetary and financial policies.”
Oslo Freedom Forum: Jaroslav Likhachevskiy On The Need For Bitcoin
The Oslo Freedom Forum learned exactly why the world needs bitcoin through a look at the recent history of Belarus with BYSOL founder Jaroslav Likhachevskiy.
“The political situation in Belarus has been bad for almost 30 years, but 2020, it went completely crazy. Lots of crackdown. Lots of violence in the streets. 50,000 people in jail in Europe, can you imagine? And huge need of support in civil society and activists inside of the country.”
In some parts of the world, the banking system works and it seems like bitcoin is not necessary. That is, until the banking system is weaponized against you and everything you own gets confiscated.
“And we suddenly realized that the traditional financial system is 100% tracked and known by the regime. All of the transactions, all of the assets, all of the accounts, everything, so they can freeze your funds any day of the week. They can take it. They can put you into the jail because you received support from abroad. And this is the moment we started using crypto for transferring money.”
The Senegalese financial freedom advocate paints the problem once again. It’s hard to see the need for a new banking system from the few countries in which the current one works. However, the necessity is painfully obvious from any country in which the current system has failed. Diop told the Oslo Freedom Forum:
“The money is not broken in a developed world. In Norway, in America, money works. We have a way to go to a bank really quick, open up a bank account, get a credit card and get pretty much like all these banking services. Unfortunately, in Africa, banks are pretty much luxury brands because a bank will never open up a branch in a village. So how do we service these people?”
That’s a rhetorical question, Fodé Diop answers it right away with a longer version of “bitcoin fixes this.”
“Personally, I believe that the future is going to be the future of banking is going to be most likely an Android device connected to the Bitcoin Network and we can send value from anywhere in the world. And anybody who joins the network participates in the network effect of this monetary system itself.”
Jacobi Asset Management has announced it will launch a European spot bitcoin ETF this July. The exchange-traded fund will be named the Jacobi Bitcoin ETF and listed on Euronext Amerstdam.
European institutional and professional investors will be able to invest in Bitcoin via the ETF for a 1.5% annual management fee under the ticket BCOIN.
Why a spot Bitcoin ETF?
Jacobi Asset Management was founded in 2021 and led by CEO Jamie Khurshid, a former Goldman Sachs investment banker. The firm comprises “a diverse team of blockchain, technology, investment, and regulatory experts” with a history of digital asset management.
Khurshid commented that the ETF “will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure.” Jacobi aims to “make digital asset investments simpler and more familiar for institutional and professional investors.”
According to Jacobi, Fidelity Digital Assets and Flow Traders are reportedly an “integral part” of the fund.
Access to Bitcoin
Edd Carlton, an Institutional Digital Asset Trader at Flow Traders, asserted that the listing of a spot Bitcoin ETF “aligned with the growing demand from institutional investors.” Calls for a spot Bitcoin ETF have been made in the US for years.
However, so far, the only spot ETFs to be launched are in Canada, Brazil, and Jersey, which are much smaller than most US-based ETFs. Building on the spot ETFs in smaller markets, the Jacobi Bitcoin ETF is set to be the biggest spot Bitcoin ETF in the world.
Overall, European investors do not have the same variety of ETFs as US investors; just “15 and 20 per cent of retail investors in Europe use ETFs compared to about 40 per cent of their US counterparts.” As a result, there is a lower trading volume of ETFs in Europe, with the European Commission considering removing them from a consolidated tape.
Nonetheless, the move to allow a spot Bitcoin ETF in Europe will likely give institutions such as pension funds, mutual funds, and insurance companies a pathway into Bitcoin that was currently unavailable. There is a potential for a spot Bitcoin ETF to be extremely popular in Europe, given the lack of alternative options for Bitcoin investments through traditional means.
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Watch out for phishing emails, says OpenSea, after staff at the world’s largest NFT marketplace discovered that an employee of Customer.io, a platform for managing email newsletters and campaigns, leaked the list of OpenSea customers’ emails to an outside party.
The E.U. Parliament, Council, and Commission tripartite reached a provisional agreement in June 29 on the Transfer of Funds Regulation (TOFR). The TOFR constitutes a part of the regulatory frameworks the E.U. is setting up for cryptocurrency regulation.
Upon implementation, crypto-assets service providers (CASPs) in the E.U. will be obliged to comply with the rules and adjust their internal policies and procedures accordingly.
The rules will become effective 18 months after the MiCA regulation is applied.
Regulating the crypto wild west
The TOFR introduces several anti-money laundering rules that seek to collect data on cryptocurrency transactions.
In a series of tweets on the provisional agreement, Ernest Utasun, an E.U lawmaker, branded the agreement an answer to the “unregulated crypto wild west.”
According to him, the TOFR rules apply to every transaction, even if it’s not more than a Euro. Including transactions carried out at crypto ATMs. In addition, CASPs will have to collect data on unhosted wallet transactions. This data includes transactions made to and received from unhosted wallets.
The rule further requires that the identities of unhosted wallets owner are verified on transactions above 1000€. These rules on unhosted wallets seem informed by thoughts that illicit actors primarily use them to facilitate crimes.
Another potential topic of contention that could have led to these regulations are the reports on Russia leveraging cryptocurrencies to avoid financial sanctions. Given that as part of these rules, CASPs must bring their operations in conformity with economic sanctions imposed by the E.U.
However, the rules do not apply to peer-to-peer (P2P) transactions. Meaning that upon implementing the TOFR rules, users uncomfortable with the data collection could migrate to P2P transactions.
The rules will also regulate digital asset providers’ relationships with CASPs in third-world countries, especially where these providers are unregulated and unlicensed.
Speaking on the rules, E.U policymaker Ondřej Kovařík tweeted:
EU institutions have found a provisional political agreement on the Transfer of Funds Regulation. I believe it strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses. pic.twitter.com/k0P0I3Ah6K
The crypto asset provider will safeguard the data collected on transactions and make them available to the E.U.
Concerns about the TOFR rules
The E.U. has recently increased its effort to implement regulatory frameworks for cryptocurrency activities. The several institutional crises recorded in the crypto market since 2022 have further intensified this need.
However, experts and analysts consider the regulatory attempts a move to stifle cryptocurrency use in the E.U. The concerns also echo that the TOFR rules constitute a breach of citizens’ right to privacy.
Rather than aid the growth of cryptocurrency, many believe the regulations will delay blockchain development in the E.U. and stifle innovation. Another potential negative impact lies in the requirement to collect data on all transactions could make crypto exchange activities unnecessarily slow and expensive.
Likewise, the security of the data collected has come under criticism. Many opine that pooling the data with CASPs and the governments could make them vulnerable to attacks.
The European Agency, the European Commission, and European Banking Authority are some of the E.U. institutions that have suffered attacks in the past.
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