The international exchange company is looking to launch a digital asset-backed lending service of up to $500,000 this month.
According to the company, the service will be available in 217 countries– including the European Union, Australia, the United Kingdom, and several other nations in Asia. The provision and issuance of these loans will be promoted by a multimillion-dollar liquidity pool.
The service (CEX.IO loan) will introduce changes in the crypto space by allowing users to borrow funds against their digital assets. The process will only take a short while as it won’t involve other standard loan processes such as credit checks.
CEX.IO loan will also be flexible allowing customers to decide the size of a loan they want to take out and its term. Customers can borrow a loan between $500 and $500,000 with a duration of 1 week to 1 year. Larger loans with lengthy duration will typically have smaller interest rates.
To qualify for the loan, users must first deposit cryptocurrency into their accounts. The crypto serves as collateral for a loan. The currently supported crypto coins are Bitcoin and Ethereum with a 50% Loan-to-Value (LTV) ratio.
Registered and verified customers will receive their loans almost instantly after their application is processed. New clients will first need to register an account with the UK-based exchange CEX.IO, complete a KYC procedure and then submit their request.
The loan amount is directly credited to the user’s account upon successful application and approval. Depending on the linked payment methods, one can choose to withdraw the funds to a bank account or even card. An individual can also decide to use the loan to trade cryptos on the CEX.IO platform.
A statement by Anton Chashchin, the loan service’s Commercial Director read, “Our clients are a vibrant and diverse group of market participants, whose needs evolve with the industry. We aspire to provide our clients with capital that helps them capture opportunities coming their way.”
“Our loans offer that extra boost, which traders, investors, startups, and entrepreneurs in general, need, while they can still benefit from the potential appreciation of assets they own,” added Chashchin.
CEX.IO recoups the deposited digital asset collateral as soon as the borrower clears the loan i.e. the principal amount and accrued interest.
BlockSwap Network Partners Algorand To Build Next-Gen DeFi Project AlgoSaver
[PRESS RELEASE – George Town, Cayman Islands, 18th May 2021]
BlockSwap Network is pleased to announce a strong partnership and collaboration with Algorand. Through this collaborative effort, both teams will bring forth the AlgoSaver solution. Introducing a sustainable saving market for mainstream users offering 7% on USD deposits is a significant milestone for both teams.
The partnership between Algorand and BlockSwap Network is possible through the Algorand EU Accelerator. Of the 200 projects entering this accelerator, only 11 were able to complete the process. BlockSwap Network is one of those 11 companies, allowing the team to build new products and solutions to improve mainstream adoption of cryptocurrency.
By completing the EU Accelerator, BlockSwap Network will launch the AlgoSaver testnet in July 2021. AlgoSaver offers a sustainable savings market for mainstream users with a 7% APY on USD. That rate is far more competitive than what users can earn through traditional bank accounts or the majority of mainstream investment options. Additionally, ALGO liquidity providers can earn 200% on their staked tokens by providing liquidity to the Open Saver smart contract suite.
“I am thrilled to see Algorand acquire a key infrastructure play as a result of the EU Accelerator — Algosaver will bring a fixed yield market and enable universal savings to our entire ecosystem” Addie Wagenknecht — Algorand Foundation Global Program Manager.
Eterna Capital Partner Mattia Mrvosevic comments: “With Blockswap, users can finally unlock liquidity tied up in staking and by tapping into AlgoSaver, users get to actually invest in a fixed yield product in Algorand. In a world where 2 billion people still lack access to financial services, BlockSwap’s vision of fostering universal basic savings is key to making society more inclusive.
The Open Saver smart contract suite will serve as a Universal Basic Saving solution to let anyone earn a 7% USD yield from their native currency in a frictionless manner. With its liquid staked asset and tradeable tranches of yield bonds classifications, open Saver makes it easy for capital market players to deploy their capital.
The completion of the Algorand EU Accelerator has helped BlockSwap Network raise over $6 million in funding. The team completed several investment rounds, a Balancer LBP event for fair price discovery, and a liquidity provider incentive on Uniswap, the largest decentralized exchange in the world. Additionally, the team has recently launched its CommunityNet initiative to let users test the products under the BlockSwap Network umbrella. Two hundred fifty million BSN CommunityNet tokens will be distributed during this event, which is redeemable 1:1 on the mainnet.
The success of BlockSwap Network would not be possible without a strong community. The project has over 20,000 followers on Twitter and Telegram. With the help of its growing community, BlockSwap Network can keep pushing the boundaries of decentralized finance. Their upcoming product will make DeFi a lot more appealing to mainstream users looking to put their money to work.
About BlockSwap Network
BlockSwap Network makes proof-of-staking benefits accessible to everyone as a stable yield source, incentivizing existing staking operators and PoS token holders by insulating everyday users from dealing with crypto asset volatility and its staking process’s complexities.
StormGain: Crypto Mining now available on all smartphones
For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field.
Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so.
Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers.
The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance.
After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.
The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly.
StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide.
What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.
Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry.
As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved.
Disclaimer: This is a paid post and should not be treated as news/advice.
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SingularityNET Partners With Ocean Protocol Prior to the AI-Based DeFi Fund Launch
[Press Release – Amsterdam, Netherlands, 18th May 2021]
The collaboration will see the OCEAN token’s inclusion in SingularityDAO’s index fund/investment portfolio. Moreover, SingularityDAO is designed to leverage AI at multiple levels: AI manages dynamic token-sets, executes predictive market-making strategies to provide liquidity for these token-sets on DEXs, and predictively models hedging strategies.
All this AI requires a lot of data to learn and improve, which is why SingularityDAO is a natural user of Ocean data sets – data sets published via Ocean Market (and other Ocean-based markets) into the Ocean ecosystem. The Ocean ecosystem is host to many diverse and varied trading and DeFi data sets. These make excellent candidates for consumption by SingularityDAO’s AI agents to enhance its financial modeling.
I’m really excited by the opportunity to work together with Ocean Protocol, one of the most respectable projects in crypto that has been constantly delivering community-driven, decentralized data solutions. SingularityDAO will constantly make use of data to train our ML and I can’t think of a better partner than Ocean Protocol. – Marcello Mari, CEO at SingularityDAO
The news follows the successful completion of a total of $5.2 million raised in three different rounds for the highly anticipated Governance Generation Event on MANTRADAO, which reached its hard cap within less than 2½ hours.
The protocol, described as ‘DeFi meets decentralized AI,’ held the event exclusively for SingularityNET $AGI holders and attracted 5,800 registrations in one week. The token sale raised $1.6 million (8,000,000 SDAO).
The successful Governance Generation Event follows a recent private sale wherein SingularityDAO raised $2.7 million of funding from a number of top-tier investors such as AlphaBit, Marshland Capita, GBV, and SMO Capital. SingulariyDAO’s governance token has been generated on May 13th and distributed on the same day. It is currently trading on Uniswap.
SingularityDAO is a decentralized platform, governed by the SDAO token, tasked with governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.
About Ocean Protocol
Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.
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