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Fintech startup SoFi — known for its online lending services — has seen three top executives depart from the company. Fintech startup SoFi — known for its online lending services — has seen three of its top executives depart from the company, the Wall Street Journal reports on June 4. As Cointelegraph reported at the time, SoFi partnered with major United States-based crypto exchange Coinbase in February to roll out crypto trading support. Per the WSJ report, head of risk, Kevin Moss, the lender’s top capital markets executive, Ashish Jain, and marketing chief, Joanne Bradford, recently told CEO Anthony Noto about their plans to abandon their positions. All three have reportedly been working at the company before Noto took place as CEO last year. Bradford, former Pinterest and Yahoo executive, was responsible for overseeing SoFi’s marketing, while Moss, a former executive at Wells Fargo, set the startup’s lending standards and Jain managed interactions with banks. A SoFi representativ..
Major crypto exchange Binance has partnered with decentralized crypto lending platform Cred to bring its services to the Binance ecosystem. Major crypto exchange Binance has partnered with decentralized crypto lending platform Cred to bring its services to the Binance ecosystem, according to a press release published on May 29. As part of the agreement, Cred will migrate some of its ERC-20 LBA tokens to Binance’s mainnet, Binance Chain, and become the official lending and borrowing platform for the decentralized financial ecosystem. Commenting on the partnership, Ted Lin, Chief Growth Officer at Binance, said that Binance chain’s “one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless.” Holders of the company’s native LBA tokens will reportedly be able to commit their assets for a fixed term and receive better interest rates if they stake the token. California-based Cred is a licensed lender and a founding member of t..
Cryptocurrency asset management company BlockFi announced that it has opened interest-bearing accounts for the gemini dollar. Cryptocurrency asset management company BlockFi announced that its interest-bearing accounts now support the gemini dollar (GUSD) in a post published on May 29. Per the announcement, GUSD deposits will see a yearly yield of 6.2%, paid in the stablecoin in question. BlockFi notes that it also offers GUSD as a U.S. dollar funding option and as collateral from institutional cryptocurrency borrowers. BlockFi CEO Zac Prince commented: “The implication of adding this functionality is that you could see crypto companies like BlockFi compete with traditional fintech challenger banks by taking advantage of assets like Bitcoin for on-ramps in to a dollar-based blockchain financial ecosystem.” BlockFi notes that the accounts will not be available to United States-based customers due to a lack of regulatory clarity surrounding stablecoins backed by fiat currency. The firm ..
San Francisco-based cryptocurrency lending firm Dharma Labs announced that it has launched its service to the public. San Francisco-based cryptocurrency lending firm Dharma Labs announced that it has launched its service to the public in a Medium post published on April 8. As Cointelegraph reported in February, Dharma Labs has previously raised $7 million from big name investors, including Coinbase Ventures. Per the launch announcement, users can interact with the service with any wallet, and only Ethereum (ETH) and the decentralized stablecoin (DAI) are supported for the time being. The service is also reportedly non-custodial, and the users remain in control of the private keys granting access to the assets. The post explains that this has an advantage over custodial centralized crypto exchanges, which can sustain losses of customers funds in the case of a hack. The non-custodial implementation of lending and borrowing is purportedly made possible by the Dharma Key system. In the la..
sponsored A decentralized crypto lending platform says it has unveiled new features designed to make it easier to access liquidity without sacrificing their portfolio. A decentralized peer-to-peer network says it is well placed to cater to the growing demand for crypto lending, and has unveiled new tool that allows users to borrow USD-backed stablecoins against cryptocurrency collateral. Nitrogen cites research from Bloomberg that shows how demand for loans backed by crypto collateral soared in 2018, as the price of Bitcoin and other coins began to decrease. It says its service enables users to “borrow and lend in a safe and transparent way” — with a range of intuitive features targeted at them on both sides of the transaction. The network enables borrowers to use ETH and ERC-20 tokens — such as BNB, REP, BAT, OMG and ZRX — as collateral in order to unlock funds on demand and receive a loan in fiat-backed stablecoins, such as PAX, TUSD and USDC. According to Nitrogen, the fact that t..
On-chain Crypto Lending: The Path To The Mainstream. One of the hottest topics in cryptocurrency right now is the potential ability for distributed ledger technology to transform the borrow and lending activities in traditional banking. This helps banks solve two major issues: application of legal actions and liquidity. But “on-chain” technology could solve another essential, but less recognized, problem: credit. In theory all the information is right in front of you on the blockchain, but the utopian world and the real world are two different things. There remain some significant pain points that are holding back “on-chain” borrowing and lending from really taking off and entering the mainstream. I see the following three as the most critical: Maturity of Technology -- For lenders and borrowers, security and credit are the top considerations. But since blockchain technology has not yet garnered complete trust with the average investor or traditional banks, people are often left quest..
BlockFi has launched new cryptocurrency accounts bearing 6 percent annual interest paid monthly in crypto. Crypto wealth management and lending company BlockFi has launched new cryptocurrency accounts supporting Ethereum (ETH) and Bitcoin (BTC) bearing 6 percent annual interest paid monthly in crypto. The company announced the launch through a post published on its website on March 4. In July last year, crypto-focused merchant bank Galaxy Digital led a $52.5 million fundraising round for BlockFi. Furthermore, according to the March announcement, interest earned in BlockFi’s interest accounts compounds monthly resulting in an annual percentage yield of 6.2 percent. The accounts also reportedly are not entirely new, since they have been in private beta since the beginning of the current year and already hold over $10 million in assets. The post also specifies that client assets are custodied at the Gemini Trust Company (the custodian of the crypto exchange lead by the Winklevoss Twins, ..
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. At Blockport, we’re very excited to announce our latest partnership with Nexo, a platform offering the world’s first crypto-backed loans. As of today, Blockport users will be able to use the Nexo platform to get crypto loans, offering them another alternative to selling their cryptocurrencies for fiat currencies. Instead of selling their cryptocurrency assets, Blockport users can now keep their crypto, with all potential upsides and leverage them to get instant access to cash. Nexo is the most advanced and trusted instant crypto lending provider on a global scale, servicing 40+ currencies across more than 200 jurisdict..
Blockchain-based lending firm Dharma Labs raised $7 million from big investors including Coinbase Ventures. San Francisco-based blockchain lending firm Dharma Labs has raised $7 million from big investors including Coinbase Ventures, as the company confirmed to Cointelegraph on Feb. 5. According to crypto news outlet The Block Crypto, Dharma Labs is planning to use the raised capital mostly for its Lever product, a platform providing instant margin loans for cryptocurrency traders and high-volume investors. Max Bronstein, head of the Dharma Labs marketing team, reportedly claimed that Lever represents a decentralized smart contract alternative to Genesis Global Trading. Genesis, a Bitcoin (BTC) over-the-counter (OTC) trading firm that was the first New York-based to acquire a BitLicense, has recently revealed it processed $1.114 billion in loans last year. Bronstein stated that Lever would facilitate peer-to-peer crypto lending by allowing two parties of a loan to be discoverable, as ..
Cryptocurrency lending company Genesis Capital processed $1.114 million in borrows and lends last year. Cryptocurrency lending company Genesis Capital processed $1.114 million in borrows and lends last year, according to the recently released Digital Asset Lending Snapshot for Q4 2018. At the end of Q3 2018, the company published its first Digital Asset Lending Snapshot, which reported that Genesis Capital only processed $553 million at the time counting from the start of its activity in March 2018. Thus, the company concludes that “Q4 loan originations increased more than 100% in the final three months of 2018 compared to the prior six-month period.” The company claims that, despite a 44 percent price decline in Bitcoin (BTC), its loan book increased to $153 million in active loans, up $20 million from the third quarter. Furthermore, according to the company, the most active months to date were November and December 2018, since it reportedly “saw new hedge funds and trading firms uti..
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