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$18 Billion Investment Firm Launches App Allowing Tax-Free Bitcoin Investing
Choice is taking tax-efficient bitcoin investing mobile, and launching on the iOS app store to meet today’s investor where they live.
Today, an investment firm with over $18 billion in assets under custody, Choice, announced the launch of their new iOS app that allows all users to invest in bitcoin — tax free.
“Now, the moment you decide you want to invest in your future, you can open your phone, create an account and start trading thousands of assets — including bitcoin— all from the palm of your hand, all without capital gains taxes,” said Ryan Radloff, CEO of Choice.
Choice says there are over 15.2 million people in the United States who own bitcoin and have a retirement account, but own 0 BTC in their retirement account. With this new app, it seems to be the best and most convenient way to invest in bitcoin — tax free.
Choice wanted to take this tax-free investment vehicle (an IRA) right to their customers’ fingertips. In today’s digital age, almost everyone has a smartphone and thus has the ability to use their services. 60% of Americans who don’t have investments outside of their retirement accounts now have access to investing in bitcoin on their own, in a tax-free way. Choice is tapping into a gigantic market with this move.
“Over 80% of Facebook and Twitter usage is via mobile, so to actually solve the retirement crisis the U.S. faces, we had to make retirement accessible and meet people where they already live their lives. Today we are taking a big step in that direction,” said Ryan Radloff, CEO of Choice.
The most common statement I hear from many Bitcoiners when it comes to news like this is, “Well if it’s not your keys it’s not your bitcoin.” And if you were thinking that, I have good news for you, because when you use bitcoin within the Choice app you get the option to either hold your own keys or use Fidelity as a custodian. You can be completely in control of your bitcoin.
About Choice
Choice is an offering of Kingdom Trust Company, an independent qualified custodian regulated by the South Dakota Division of Banking. It specializes in unique and innovative custody solutions for individual investors, investment sponsors, family offices, advisory firms, broker dealers, and various other investment platforms.
With its launch in May of 2020 Choice became the first retirement provider to offer a single account for all client retirement assets, physical or digital, legacy or traditional. Today, the platform powers more than 125,000 retirement accounts, and custodies more than $18 billion worth of assets across thousands of unique assets. Digital assets now account for over $1.6 billion, or approximately 10% of assets since Choice’s launch last May.
1inch (1INCH) DEX Aggregator Unveils iOS App
Pioneering DEX aggregator 1inch launches iOS app.
1inch Unveils iOS App
In a bid to make its platform more accessible, leading decentralized finance (DeFi) exchange aggregator 1inch (1INCH) today unveiled its native iOS app.
According to a report by The Block, 1inch Wallet – the app released by 1inch – is geared toward proving users with a mobile-friendly way to perform token swaps, trades, and other transactions. The application is slated to launch in phases, the report reads.
The first phase of the release will focus on a “highly secure wallet implementation with swaps” while other features such as staking, governance, and liquidity pools (LPs) will be released in the upcoming phases.
Further, the newly released app boasts of other innovative features such as including push notifications functionality, iCloud encrypted back-up, and allowing for EIP-681 payment requests which essentially means that users can pay using URLs.
Commenting on the development, Sergej Kunz, 1inch co-founder, noted:
“We see a lot of people using their mobile devices to interact with DeFi in general and with the app.1inch.io (the 1inch web browser dApp) in particular.”
Adding:
“In order to offer the most user-friendly and full-fledged solution, we needed a highly secure and modern crypto wallet which is now an essential part of the 1inch mobile application.”
Kunz added that in the upcoming months, the 1inch team is aiming to work on the app’s localization into different languages. The team is also aiming to add a fiat-on-ramp feature.
1inch On a Roll
1inch has emerged as one of the top DeFi platforms since the famed “DeFi Summer of 2020.”
As previously reported by BTCManager, 1inch launched its official landing page 1inch.io. Most recently, the DeFi protocol expanded to the Binance Smart Chain to enable small traders to enjoy transactions with cheap gas fees.
Kunz adds:
“Thanks to the recent expansion of the 1inch Network to Binance Smart Chain (BSC), 1inch users can now easily switch between BSC and Ethereum, looking for higher speed and lower fees. We are closely monitoring the latest developments in the DeFi space, and we’ll add support to other promising blockchains.”
At press time, 1INCH trades at $4.95 up by 9.3 percent in the last 24-hours, according to data from CoinGecko.
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1inch Launches Wallet on Apple iOS App Store
1inch, a decentralized exchange aggregator operating on both Ethereum and Binance Smart Chain (BSC), launched its wallet for iPhone users on Apple iOS on Tuesday.
The operation of this wallet will make it easy for users to exchange tokens on their mobile devices with the convenience of portability. The wallet will enable users to switch between BSC and Ethereum at a real-time lower transaction rate for digital currency exchange.
Not only on the mobile phone, but users can also approve and confirm transactions on Apple Watch. The application will also encrypt Apple iCloud backups, allowing users to migrate between different devices.
1inch itself ranks as the 7th largest Decentralized Exchange (DEX), with a total locked value of $311.7 billion based on DeFi Pulse data.
According to Debank,1inch has a 24-hour trading volume of $232,805,465 on the Ethereum chain and $100,320,794 on Binance Smart Chain (BSC).
1inch(1INCH) Price Analysis
Source:1INCH/USDT Daily via TradingView
Judging from the daily candlesticks chart, 1inch (1INCH) gradually showed a double top pattern (also known as the “M” pattern) after late March. 1INCH formed the first peak at $6.67 on April 9, accompanied by a rapid increase in trading volume. Subsequently, the price dropped by about 20% to $5.26. The currency rebounded after and rose to $6.65 on April 18, but the trading volume contracted slightly from the first peak. Then it fell below the support of the neckline of around $5.50 drawn on the above chart.
Currently, 1inch’s price has rebounded and the bulls are trying their best to push prices above the 20-Exponential Moving Average. At the time of writing, 1inch is trading at $5.01.
The stochastic RSI has stepped out of the oversold zone, meaning a bullish crossover may potentially drag 1INCH’s price upward in the near term. The MACD index also gradually slows down, which indicates that it may form a bullish “golden cross” near the zero axes.
However, after 1INCH has formed a double top pattern, it will encounter strong resistance from the neckline of $5.50 on its way up. It is worth noting that the main force often creates false breakthroughs without expanding trading volume.
Therefore, it is recommended that investors buy when there is a rudimentary bottom pattern on the right side with increasing trading volume, or buy when the neckline is broken and the retraction is confirmed. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.
If the bulls manage to flip the $5.50 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting its all-time high of $6.67 level.
If the bears pull the price back below $5.50 support, such a move will indicate the possibility of expanding the decline for 1INCH in the short term.
The decline of 1inch is very likely to exceed 20%.
Image source: Shutterstock
1inch launches mobile wallet on Apple iOS
Decentralized exchange aggregator 1inch launched its wallet on Apple iOS Tuesday, allowing users to swap tokens on their mobile devices.
The new wallet brings all the advantages of the 1inch Network to mobile users, allowing traders to instantly swap tokens at lower rates. The iOS wallet also supports so-called stealth transactions within the Ethereum (ETH) network. Stealth transactions ensure that transactions are hidden from third parties, which 1inch claims can reduce the risk of front-running.
Crediting Binance Smart Chain, or BSC, for 1inch Network’s recent expansion, protocol founder Sergej Kunz said “1inch users can now easily switch between BSC and Ethereum, looking for higher speed and lower fees.” He continued:
“We are closely monitoring the latest developments in the DeFi space, and we’ll add support to other promising blockchains.”
The wallet’s initial rollout focuses on highly secure implementation with swaps. Real-time rates, fast signing of transactions, and integration with Apple Watch and Apple iCloud are also part of the initial release. Staking, governance, and liquidity pools will be introduced at a later date. 1inch explained:
“Among the wallet’s key advantages is its top-level security, as the wallet parses call data, showing what is happening in a user-friendly manner. Also, receiving real-time rates and fast signing of transactions are highly important. With 1inch Wallet, transactions can be approved and confirmed even on Apple Watch.”
1inch burst onto the DeFi scene in the second half of 2020 and quickly gained notoriety among traders for its ability to find the cheapest exchange rates among DEXs integrated into its ecosystem. In terms of total users, 1inch ranks fourth among decentralized exchanges over the past seven days, behind Uniswap, 0x and SushiSwap. In January, it was as high as second in terms of total users.
The DEX aggregator launched in August 2020 after being bootstrapped by Binance Labs, Galaxy Digital, and other investors to the tune of $2.8 million. In December, 1inch closed a $12 million funding round led by Pantera Capital, with key contributions from ParaFi Capital, Nima Capital and many others.
Trading apps usurp TikTok in popularity
Two trading apps have risen to the top of Apple’s App Store in recent days. Robinhood holds the number one position, with Coinbase in second, at time of publication on Friday. In third: popular social media platform TikTok. YouTube, Instagram and Snapchat hold the fourth, fifth and sixth positions respectively.
One possible conclusion? Folks are now more interested in swapping crypto and financial assets than they are in interacting on various social media platforms — a conclusion noted by CNBC in an article on Friday.
Robinhood saw significant coverage in January when the company halted purchases for GameStop stock. The decision came after the asset’s price spiked in tandem with activity from a Reddit group known as Wallstreetbets.
Second-place app Coinbase has also hit many headlines this year, especially in recent weeks in anticipation of its direct stock listing. Chatter rose as the stock, under the ticker COIN, was listed by Nasdaq on Wednesday.
Crypto and stocks largely entered the retail spotlight after they both crashed in March 2020. Emerging from the event, both markets posted recoveries, with the crypto markets going on to reach new all-time highs. Bitcoin’s price has since more than tripled its record high from 2017.
Apple updates iOS to fix crypto wallet security vulnerabilities
Apple has issued new security updates for its mobile operating system after the iPhone maker discovered vulnerabilities that could compromise cryptocurrency wallets.
The security updates, which were released Tuesday, affect iOS 14.4 and iPadOS 14.4. The vulnerabilities reportedly allowed hackers to gain remote access to a target system, thereby exposing the user’s cryptocurrency wallet.
Pete Kim, Coinbase’s head engineer, warned iPhone users to update their operating system immediately.
“If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible!” Kim tweeted Tuesday. “The update includes a fix for a remote arbitrary code execution vulnerability that may have been actively exploited.”
⚠️ If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible! The update includes a fix for a remote arbitrary code execution vulnerability that may have been actively exploited.https://t.co/qyK9eygST4
— Pete Kim ⟠ (@petejkim) January 26, 2021
Coinbase’s mobile wallet is the 13th most downloaded finance app on the Apple Store.
Apple’s security updates are available for iPhone 6s and later, iPad Air 2 and later, iPad mini 4 and later and the seventh-generation iPad touch. The company says that the vulnerabilities “may have been actively exploited” by malicious actors.
Mobile wallets are a popular way for crypto users to store and transfer their digital assets. They also make it easier to spend cryptocurrency on everyday items.
Crypto infrastructure has been a primary target for hackers over the years, but the extent of the attacks has declined considerably. As Cointelegraph reported in November, crypto-related attacks declined sharply over the course of 2020.