NICE Actimize with Complidata has launched a consolidated Anti-Money Laundering (AML) platform that directly integrates features to identify trade-based money laundering (TBML) and money laundering through cryptocurrencies. Together, the companies claim they offer the only end-to-end TBML solution using artificial intelligence to read and extract entity and meta-data from unstructured trade finance documents. TBML a top… A new survey of about 800 institutional investors in the U.S. and Europe shows strong cryptocurrency adoption, particularly bitcoin. About 80% of institutions said they find cryptocurrency appealing, and 60% believe cryptocurrencies have a place in their portfolios. In the past three years the U.S. Securities and Exchange Commission has shot down several applications for a Bitcoin (BTC) exchange-traded fund. This dashed hopes of many investors who believed Bitcoin price would rally higher if an EFT was approved. Although investors no longer pin BTC’s future on the existence of an ETF, regulators could […] While the report from the Department of Justice has some positive sparks for DLT and blockchain, cryptocurrencies seem to be more of a threat than an opportunity for the DoJ. Square puts its money where its mouth is and invests $50 million in bitcoin. A cryptocurrency that it calls: “an instrument of economic empowerment and provides a way for the world to participate in a global monetary system …” Related articles Ethereum Active Addresses Decline is Good News for Gas Prices October 12, 2020 Bitcoin Stalls At $11,400 as Chainlink Surges To The 7th Spot (Market Watch) October 12, 2020 The DeFi movement is in full swing as platforms leverage of the capabilities of blockchain technology to create unique investment products capable of offering […]
NICE Actimize with Complidata has launched a consolidated Anti-Money Laundering (AML) platform that directly integrates features to identify trade-based money laundering (TBML) and money laundering through cryptocurrencies.
Together, the companies claim they offer the only end-to-end TBML solution using artificial intelligence to read and extract entity and meta-data from unstructured trade finance documents.
TBML a top priority
NICE Actimize says it has united TBML compliance within its core AML programme because it recognises that trade finance is a top three money laundering methodology globally.
But it says identifying irregularities in trade finance processing is especially challenging when volumes of trade are large and require every single shipment to be examined without disrupting the flow of daily business.
By integrating theComplidata A.I-Driven Automation (AIDA) solution for trade finance in its AML platform, NICE Actimize is leveraging the features of an industry-specific solution that automates trade finance processes.
Automated processes include document extraction, verification, auto labelling, screening alerts, document image processing, document categorisation, fields identification, compliance checks, red flags, consistency check and text reconciliation.
NICE Actimize says this allows organisations to reduce front office turnaround time by 75 per cent, automate and digitise the paper trail and achieve 80 per cent digitisation accuracy on day one.
The solution also allows organisations to perform frictionless AML compliance checks and operate from a unified case manager NICE Actimize claims.
Categories: Trade Based Financial crimes News
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Author: By Mark Ford
80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey
A new survey of about 800 institutional investors in the U.S. and Europe shows strong cryptocurrency adoption, particularly bitcoin. About 80% of institutions said they find cryptocurrency appealing, and 60% believe cryptocurrencies have a place in their portfolios.
Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, announced Tuesday the results of a survey to better understand institutional interest and adoption of cryptocurrencies as well as key barriers to investing in them. It was conducted from November 2019 to March 2020. Fidelity Digital Assets offers a full-service, enterprise-grade platform for securing, trading and supporting cryptocurrencies.
A total of 774 institutional investors participated in the survey, 393 of which were in the U.S. while 381 were in Europe. Respondents include financial advisors, family offices, pensions, crypto and traditional hedge funds, high net worth investors, endowments, and foundations. This is the second consecutive year Fidelity has surveyed U.S. institutions but it is the first time it surveyed European investors. According to the results:
Almost 80% of institutional investors find something appealing about digital assets.
Breaking down the number, 74% of U.S. institutional investors find cryptocurrency appealing, while 82% of European investors do. “A notable contrast is that 25% of European investors find the fact that certain digital assets are free from government intervention to be appealing, whereas only 10% of investors in the U.S. feel this way,” the report further reads.
Moreover, 36% of respondents — 27% in the U.S. and 45% in Europe — revealed that they are currently invested in digital assets. Bitcoin continues to be the cryptocurrency of choice with over a quarter of respondents holding BTC while 11% have exposure to ETH. “Looking out five years, 91% of respondents who are open to exposure to digital assets in a portfolio expect to have at least 0.5% of their portfolio allocated to digital assets,” the report adds.
Three characteristics of cryptocurrencies are most compelling to both U.S. and European institutional investors. 36% of respondents said “uncorrelated to other asset classes,” 34% are compelled by innovative technology, and 33% by the high upside potential. The report notes:
The majority of institutional investors (6 in 10) feel digital assets have a place in their portfolio, though opinions vary on precisely where.
Despite growing interest among institutions, obstacles remain to cryptocurrency adoption. 53% of respondents cited price volatility as the main reason, 47% said market manipulation, and 45% said “lack of fundamentals to gauge appropriate value.”
Fidelity Digital Assets president Tom Jessop commented on the survey findings: “These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class. This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions.”
What do you think about institutional interest in cryptocurrency? Let us know in the comments section below.
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Author: News by Kevin Helms
Top 5 cryptocurrencies to watch this week: BTC, XRP, ADA, XMR, ATOM
In the past three years the U.S. Securities and Exchange Commission has shot down several applications for a Bitcoin (BTC) exchange-traded fund. This dashed hopes of many investors who believed Bitcoin price would rally higher if an EFT was approved.
Although investors no longer pin BTC’s future on the existence of an ETF, regulators could eventually adjust their anti-crypto stance in the future.
In an interview with Cointelegraph, SEC Commissioner Hester Peirce said that the regulator will have to become accommodative to innovation as several people from both the crypto space and traditional financial institutions seek their guidance.
Bloomberg’s latest crypto newsletter predicts that a Bitcoin ETF could see the light of the day if Democratic presidential nominee Joe Biden is elected as the next U.S. President. The author believes that a change in guard may bring regulatory clarity that could attract investments into digital assets.
Crypto market data daily view. Source: Coin360
However, even if President Donald Trump is re-elected, Bloomberg expects Bitcoin to extend its uptrend through his second term as the digital asset will be buoyed by the rising debt-to-GDP, quantitative easing, and Bitcoin hash rate.
Even if Bitcoin only rallies at half the speed of its 1,400% gain from 2016 to 2020, it would rally to $80,000 by 2024.
The long-term forecasts are encouraging and so are the short-term charts. Let’s analyze the top-5 cryptocurrencies that may outperform in the short-term.
The breakout of the symmetrical triangle on Oct. 8 attracted buyers who pushed the price above the overhead resistance at $11,178 on Oct. 10. However, the bears have not yet given up completely as they sold the rally to $11,482.44 on Sep. 10.
BTC/USD daily chart. Source: TradingView
The bulls used the dip to buy and did not allow the price to break below $11,178. This suggests that the sentiment has changed from sell on rallies to buy on dips.
The moving averages on the verge of a bullish crossover and the relative strength index above 64 indicate that the advantage is currently with the bulls.
If the buyers can push the price above the overhead resistance at $11,500, the next stop for the BTC/USD pair could be $12,000 and then $12,460.
This bullish view will be invalidated if the pair turns down from the current levels and breaks below the 20-day exponential moving average ($10,853). Such a move will suggest that the current breakout was a bull trap.
BTC/USD 4-hour chart. Source: TradingView
The trend on the 4-hour chart has turned bullish with both moving averages sloping up and the RSI in the overbought territory. The buyers will again attempt to push the price above $11,500 and if they succeed momentum is likely to pick up.
However, if the price turns down from the overhead resistance, it could consolidate in a tight range of $11,468.98-$11,178 for some time. A break below $11,178 will be a sign of short-term weakness.
The bears defended the $0.26 overhead resistance on Oct. 10, but they could not sustain the selling pressure today. This shows that the bulls are buying on every minor dip and are currently attempting to push XRP above $0.26.
XRP/USD daily chart. Source: TradingView
A breakout and close (UTC time) above $0.26 will complete an inverse head and shoulders setup that has a pattern target of $0.300288. The moving averages on the verge of a bullish crossover and the RSI close to 60 suggest advantage to the bulls.
Contrary to this assumption, if the XRP/USD pair turns down from the current levels and breaks below the 20-day EMA ($0.246), it will show that the bears are aggressively shorting on rallies to $0.26.
XRP/USD 4-hour chart. Source: TradingView
The bears are attempting to defend the $0.26 resistance but they have not been able to sink the price below the 20-EMA. This suggests that the bulls are accumulating on dips.
The upsloping moving averages and the RSI near 60 suggest that bulls have the upper hand in the short-term.
A break below the 20-EMA will be the first sign of weakness and the advantage will turn in favor of the bears if they can sink the price below the $0.24 support.
Conversely, if the bulls can push the price above $0.26, a new uptrend is likely. The pair could face resistance at $0.266 and then at $0.28 but the trend will remain bullish as long as the price remains above the neckline.
The failure of the bears to sustain Cardano (ADA) below $0.90, between Oct. 7 to 9, attracted aggressive buying by the bulls who then pushed the price above the moving averages.
ADA/USD daily chart. Source: TradingView
The moving averages on the verge of a bullish crossover and the RSI near 62 suggest that the buyers have the upper hand. If they can propel the price above the neckline, it will complete a reversal setup that has a pattern target of $0.1331.
This bullish view will be invalidated if the ADA/USD pair turns down from the current levels and breaks below the moving averages. Such a move will suggest that the breakout above $0.104044 was a bull trap.
ADA/USD 4-hour chart. Source: TradingView
The rebound off the immediate support at $0.1040440 suggests that the sentiment has turned positive as the bulls are viewing dips as a buying opportunity.
However, unless the bulls drive the price above the neckline, the bears will again try to sink the pair back below $0.1040440 and the 20-EMA. If they succeed, the pair could drop to the 50-simple moving average and below it to $0.90.
Conversely, if the pair rebounds off the 20-EMA, it will indicate strength and increase the possibility of a break above the neckline.
Monero (XMR) is in an uptrend with both moving averages sloping up and the RSI in the overbought zone. The bulls will now try to extend the up-move to $140 and above it to $150.
XMR/USD daily chart. Source: TradingView
In a strong uptrend, the corrections usually last for one to three days and the bulls view the dips to the 20-day EMA ($105.96) as a buying opportunity because it gives a low-risk entry point with a good risk to reward ratio.
However, if the XMR/USD pair turns down from the current levels and drops back below $121.427, the bears will try to drag the price to the 20-day EMA. A break below this support will be the first sign of weakness.
XMR/USD 4-hour chart. Source: TradingView
The ascending triangle pattern completed on a breakout and close (UTC time) above $113.211. This bullish setup has a pattern target of $132.739. The buyers are currently attempting to sustain the price above $121.427.
If they succeed, it will suggest that $121.427 will now act as a strong support. Even if the price dips back below this level, the bulls will again try to buy the dip to the 20-EMA.
If the pair rebounds off this support, it will indicate strength and increase the possibility of a resumption of the uptrend.
Cosmos (ATOM) broke out and closed (UTC time) above the neckline of the inverse head and shoulders pattern on Oct. 10. This breakout has seen further buying today and the bulls have pushed the price above the $5.877 resistance.
ATOM/USD daily chart. Source: TradingView
The ATOM/USD pair could now start a rally that may reach $7.40 and then $8.877. The 20-day EMA ($5.17) has started to turn up and the RSI has risen into the positive territory, which suggests a possible change in trend.
Contrary to this assumption, if the pair turns down from the current levels, the bears will try to sink the price back below the neckline and the 20-day EMA.
If that happens, it will indicate that the current breakout was a fake one. The trend will turn in favor of the bears if the pair drops below the right shoulder at $4.549.
ATOM/USD 4-hour chart. Source: TradingView
The bulls have pushed the price above the overhead resistance at $5.877 that could start a new uptrend. The upsloping moving averages and the RSI is in the positive territory suggest advantage to the bulls.
This positive view will be invalidated if the bulls fail to defend the breakout level during the next retest. If the price becomes pinned below the neckline this will be a sign of weakness.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Author: By TeamMMG
Seven Key Takeaways From The Department Of Justice’s Cryptocurrency Enforcement Framework
US Attorney General William Barr speaks on Operation Legend, the federal law enforcement operation, … [+] during a press conference in Chicago, Illinois, on September 9, 2020. (Photo by KAMIL KRZACZYNSKI / AFP) (Photo by KAMIL KRZACZYNSKI/AFP via Getty Images)
The Department of Justice recently released a report that served as a “Cryptocurrency Enforcement Framework” as part of the Attorney General’s Cyber Digital Task Force. The full contents can be read here. What follows are some key takeaways from the report and some additional context.
1- Distributed ledger technology and even cryptocurrency itself is regarded as a potential positive technological force by the Department of Justice
“At the outset, it bears emphasizing that distributed ledger technology, upon which all cryptocurrencies build, raises breathtaking possibilities for human flourishing.” — in almost the beginning of the report this key point stands out almost right away —a somewhat positive attitude to DLT and blockchain.
The report then brings up case studies of DLT usage in the federal government, from the FDA’s pilot of a machine learning and blockchain-based system to modernize food safety to the Department of Defense’s consideration of blockchain “to provide increased effectiveness, efficiency, and security.”
Even cryptocurrencies, often shorn by states and condemned by European financial institutions and Chinese ones alike, get some light credit in the first section — though it’s in the context of the Federal Reserve piloting digital currencies, not in the context of independent peers arriving to a global consensus — in other words, cryptocurrency concepts without the governance and political choices that make cryptocurrency special.
2- Three categories of crime involving cryptocurrency fall into special scrutiny by the Department of Justice: financial transactions involved with criminal activity (such as buying illegal drugs with cryptocurrencies), money laundering/evading tax laws, and crime such as theft of cryptocurrencies that directly affect cryptocurrency markets
Very early on (in the first ten pages), it’s clear that the Department of Justice is uniquely focused on specific times of crime associated with cryptocurrencies — mostly ones that involve either crimes committed in cryptocurrency markets or criminals using cryptocurrency to hide information or financial flows that can be associated with criminal activity.
Two difficulties for the Department of Justice come up often in this discussion: the technical know-how to understand what is going on, and the global nature of the distribution of cryptocurrencies. There’s a commitment to dedicate resources and tap long-standing international partnerships to help allay some of those issues, but it’s clear that these are regarded as fundamental challenges in the scope of what the Department of Justice seems most interested in: direct criminal activity in cryptocurrency markets, or information that can tie financial flows to criminal activity.
3- The Department of Justice tries to make clear, at least on a broad level, that it’s tracking key terms and innovations in cryptocurrency, especially privacy-preserving ones
Early on, a section is devoted to the Department’s view on Web 3.0, which seems to combine an awkward mash-up of strong Web 2.0 concepts (algorithmic personalization of content) vs. Web 3.0’s effects (less reliance on centralized service providers, whether ISPs or cloud services).
It seems to ignore the central thrust of Web 3.0 and mesh networks as one being oriented towards independent peer-to-peer communication and hosted services on self-owned and self-managed instances. Yet the message is clear: the Department of Justice is trying to figure out what these new ideas and technologies mean for its enforcement of the law. This appears largely because the report is a skimmed summary of Binance’s summary of Web 3.0 with important context removed, one of the few times and perhaps the only time the report cites a cryptocurrency source that is “quasi-official”.
Privacy-preserving technologies or cryptocurrencies such as Monero and mixing are specifically name-checked and expanded upon. In fact, the Department of Justice specifically cites even just the usage of what they describe as anonymity-enhanced cryptocurrencies (specifically citing Dash, Monero and ZCash) as a “high-risk activity that is indicative of potential criminal activity” on page 41 of the report.
Decentralized finance is also briefly mentioned — in a way that suggests that the Department of Justice is aware of the trend though is not yet ready to dedicate pages of case studies. ICOs have their own spotlight when it comes to cooperation with the SEC. Yet the central focus is very much on privacy-focused cryptocurrency chains and methods of privacy-enhancement — for now.
4- The Department of Justice is very focused on pre-defined rogue states, terrorist groups, and individuals using cryptocurrencies on Darknet markets
Most of the case studies cited are either individuals operating on the Darknet with cryptocurrencies (ex: DeepDotWeb), terrorist groups in Syria asking for bitcoin donations or “rogue nations” such as North Korea and Iran, with a specific case study on the SamSam ransomware the Department of Justice claims was created by Iranian hackers. Interestingly, despite the rise of the digital yuan (DCEP) and heavy burdensome restrictions on cryptocurrency exchanges and users, and the Department of Justice’s increasingly China-centric focus, China was not mentioned once in the report as either an example or counter-example.
Clearly, for now, the Department of Justice sees the upholding of the traditional financial order and the definition of rogue states as its framework for how to comprehend cryptocurrency, rather than “great power” conflict frameworks it has read into other parts of its enforcement powers.
5- The Department of Justice’s relationship and architecture with other government agencies with regards to cryptocurrency is fully sketched out, and occupies large parts of the report
A large part of the report is spent on case studies and specific examples/instances of the Department of Justice collaborating with different government agencies on cryptocurrencies and the way it thinks about those relationships, from FinCEN’s settlement with Ripple (which mitigated possible criminal charges from the Department of Justice’s parallel investigation with FinCEN) to how the SEC and the Department of Justice worked together to tackle the Telegram ICO.
Emphasis is placed on the Department of Justice’s long-standing relationships with regulatory agencies within the federal US government, as well as its surprising cooperation with state attorneys in New York state as well as international collaboration with the FATF (Financial Action Task Force), especially surrounding anti—money laundering provisions.
6- Most of the sources it cites are from the Wall Street Journal or internal government references
It appears that the Department of Justice is most comfortable citing the Wall Street Journal, Reuters, and an array of internal sources or other government agencies.
The only external source of note the author noted was a reference to Binance Academy’s Wiki section of Web 3.0, to make an adjacent point about Web 3.0 that was not central to the thurst of the article. This suggests an unwillingness to cite if not consult sources that might be closer to the ground on cryptocurrency terms and innovations, and which might have a slightly different or diverse perspective than the Department of Justice.
7- While potential for distributed ledger technologies is mentioned, it still feels like the Department of Justice sees cryptocurrencies as more threat than opportunity
The overwhelming part of the report is filled with case studies and specific statutes and crimes that were or could be committed with cryptocurrencies. Despite some encouraging and more balanced words at the beginning of the report, it seems that for the most part, the Department of Justice sees cryptocurrencies as more threat than opportunity. This is especially the case with regards to its opinion on privacy-enhanced cryptocurrencies such as Dash, Monero and ZCash — the line that even usage of them might be considered suspicion of committing crimes is a strong one, and would be akin to pre-suspecting anybody using end-to-end encryption of possible criminal activity.
Author: Roger Huang
What Square’s $50 Million Bitcoin Investment Means for You
What would you do with $50 million?
You may not have an immediate answer … but it would sure be fun to figure out.
One well-known company is getting to do just that, and it made news this past week with what it decided to do its $50 million chunk of change.
It’s probably not what you would expect, but the move highlights something that every investor needs to know about.
Let me explain …
With all the headlines about the election and the crazy events of 2020, it’s easy to miss significant stories about other important topics … like making money.
This past week, online payment company Square (NYSE:SQ) was at the center of one such story. Remember, this company was started by Jack Dorsey, who also started Twitter (NYSE:TWTR), so it’s safe to say he is a visionary.
Square recently purchased $50 million worth of bitcoin. But that’s just part of a larger investment in cryptocurrencies.
For those of us who have followed the industry for a while, it’s not a major surprise. Dorsey has long been a fan of bitcoin, and Square started accepting bitcoin payments way back in 2014. Its Cash App began allowing bitcoin purchases in 2018.
Other mobile payment companies are also hot on the trail. According to reports, PayPal (NASDAQ:PYPL) and Venmo plan to allow users to buy and sell cryptos directly from both websites. PayPal already has a deal with Coinbase where money can be sent to and from the crypto exchange, but a move to directly offer cryptos via PayPal and Venmo would be big.
In its statement, Square said that bitcoin is “an instrument of economic empowerment and provides a way for the world to participate in a global monetary system …”
Going back a couple of years, Jack Dorsey said he sees bitcoin “as a transformational technology for our industry and we want to learn as quickly as possible.”
That advice is as valuable today as it was when he said it in 2018.
We talked about this a week ago, when I wrote about blockchain — the technology that bitcoin and other cryptocurrencies operate on — being the next great transformation technology platform.
Blockchain is on its way to affecting everything.
The way you buy everyday goods and services … buy a home … pay your taxes … even how we vote in the future.
This transformation is underway, and the truly seismic shift — when the massive profits are made — comes as businesses, consumers, and big-money investors realize what’s going on.
We all know cryptocurrencies can be volatile, but if you invest for long-term hypergrowth, you can ride through the day-to-day volatility. Still, bitcoin’s trading action is flashing a very bullish signal right now as its 30-day historic volatility nears an important level.
According to investor Raoul Pal, volatility has dipped to 20% only seven times in the past. In six of those instances, the price shot higher as volatility also spiked.
Odds are that the next big move for bitcoin and the entire crypto universe will be higher.
This is further confirmed by bitcoin’s longest stretch ever above $10,000.
Take a look at the chart below and you can see how bitcoin peaked around $10,000 several times in the first seven months of the year. It broke through that resistance level with gusto in late July and has stayed above ever since.
Bitcoin’s consolidation above $10,000 is extremely bullish over the long term, and it appears that a huge move higher is on the horizon. This is just one more catalyst to send bitcoin to its highest level in over a year.
If and when this occurs, the best altcoins — cryptocurrencies other than bitcoin — should also explode higher and even outperform bitcoin.
Simply put, altcoins are the best way to have direct ownership in the groundbreaking blockchain technology.
They are not fantasy internet money, as some who don’t really understand believe. Altcoins are investments in blockchain projects that make our lives easier, more productive, and more efficient.
Blockchain is the safest way to store and transfer information ever created. That’s why it is going to be huge. It’s why some high-profile insiders are saying it will be bigger than the internet.
All this disruption and change creates a once-in-a-lifetime financial opportunity for anyone who acts today.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now.
Matt McCall, Editor, MoneyWire
YFSwap to Turn Legacy Cryptocurrencies into High Yield DeFi Tokens
The DeFi movement is in full swing as platforms leverage of the capabilities of blockchain technology to create unique investment products capable of offering attractive returns. YFSwap is one such project that allows users to convert their legacy cryptocurrencies to much more flexible DeFi tokens and use them to explore various investment opportunities which is otherwise impossible.
The YFSwap tokens are designed to emulate the market dynamics of legacy cryptocurrencies like Bitcoin and Ethereum, magnified 1000 times. Meaning, the YFSwap token version of Bitcoin is a thousand times scarce than the actual cryptocurrency and theoretically, if the price of BTC increases by $1, then the effective increase in the price of YFBTC will be around $100. The same holds good for the total supply of YFBTC which will be 21,000 tokens in place of Bitcoin’s maximum cap of 21 million coins along with a similar, proportional reduction in rewards structure as well.
The YFSwap platform aims to create DeFi token analogues of some of the leading legacy cryptocurrencies, with YFBTC and YFETH being the initial ones. Other cryptocurrencies YFSwap intends to emulate in the near future include TRX, DOT, NEO, LTC, ADA, XMR, and XLM in the form of YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR and YFXLM, respectively. With these DeFi tokens, users will be able to participate in yield farming, staking and exchanging them for other tokens.
YFSwap’s DeFi versions of legacy cryptocurrencies like BTC and ETH is the product of a collaboration between YFSwap and BITTO, a leading blockchain solutions platform. Apart from these tokens, BITTO is also working on YFSwap.Finance DEX, a Sushiswap alternative. With the implementation of governance and timelock protocols, BITTO will assist YFSwap.Finance in operations until a strong community is created, following which the DEX will start operating independently while the former’s role will be restricted to further technical development of the platform. Meanwhile, BITTO is also working on launching its own licensed crypto exchange service later this year, and the current relationship between the parties can potentially translate to additional support for YFSwap tokens.
The YFSwap.Finance DEX aims to link liquidity between leading exchanges like Huobi, OKB, Binance and more by integrating their native tokens as pairings to acquire YFETH reward token, whereas the YFBTC will act as primary yield reward.
YFSwap already has ongoing free reward token and private crowdfunding campaigns to encourage new users to acquire YFETH. As a part of the “Claim Free Token” campaign, those holding UNI, BITTO, YFI, BAL, LINK, BNB, HT, OKB, BAND, NXM tokens in their Metamask wallet stand to earn up to 3 YFETH for free. Meanwhile, private crowdfunding participants can purchase YFETH at discounted rates against ETH deposits.
YFBTC.net will officially open the doors for YFBTC yield farming by end of October 2020. Users can stake their ETH, USDT, BITTO, WBTC, RENBTC, and TBTC to claim YFBTC rewards. However, it is worth noting that by staking BITTO-LP users can earn 1.5X more rewards than other tokens. Those willing to purchase YFBTC can now do so on UNISWAP.
YFSwap’s plans to introduce YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR, and YFXLM will create more yield farming options for the community, which could make YFSwap one of the largest DeFi platforms in the industry.
Learn more about YFSwap.Finance at – https://medium.com/@yfswap