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Easy Company Raises $14.2M For Social Crypto Wallet

by Blockchain NewsJanuary 11, 2023

The “social” cryptocurrency wallet developed by The Easy Company, a company whose primary focus is the development of a consumer layer for the decentralized web, has received a seed round investment of $14.2 million. This wallet’s primary objective is to facilitate the incorporation of more general audiences into the Web3 ecosystem.

According to TechCrunch, the first investment round was comprised of participation from a diverse group of investors. These investors included Lobby Capital, Relay Ventures, and 6th Man Ventures, as well as Tapestry, Upside, and Scribble. Other investors included Lobby Capital, Relay Ventures, and 6th Man Ventures.

Angel investors who had experience in traditional social media as well as Web3 participated in the round as well. Among these investors were former executives from companies such as Instagram, Novi, Airbnb, Twitter, Uber, OpenTable, and Eventbrite.

It is said that the wallet has entered the public testing phase and is now available for both iOS and Android after going through a period of thirty days during which it was tested in secret.

Mike Dougherty, the Chief Executive Officer of Easy, has stated that the company’s mission is to integrate compelling social elements with user-curated profiles so that anyone can search, browse, and discover the world of Web3 on their own.

The presentation that Dougherty gave, a significant number of the products and services that are currently being provided by Web3 companies are far too complicated for the typical person to be able to make use of them. The mission of the company is to make it easier for customers to interact with Web3 and use digital wallets by streamlining these processes.

The platform has a structure that is comparable to that of social media applications like Instagram, in which users may swipe to see either their own NFTs or those of others they watch, similar to how Instagram Stories are shown. In addition, it is said that the platform features a user interface that is comparable to that of social media applications like Instagram.

Despite the fact that the crypto winter has persisted for such a significant amount of time, venture capitalists continue to provide significant investment for Web3 companies.

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Bank Of England Accepts CBDC Wallet “Proof Of Concept” Applications

by Blockchain NewsDecember 12, 2022

The bank stipulates that the wallet must be capable of performing fundamental functions such as exchanging currency and requesting payments, and has fixed its price at close to $255,000. The Bank of England (BOE) is interested in receiving a “proof of concept” for a wallet that will have the capacity to store a Central Bank Digital Currency (CBDC). The Board of Exchange (BOE) published a call for proposals on the Digital Marketplace of the United Kingdom government on December 9. The Digital Marketplace is a website where government entities may seek employment for digital initiatives.

In addition, the wallet has to demonstrate that it can be loaded and unloaded using a CBDC, that it can request peer-to-peer payments using an account ID or QR code, and that it can be used to pay online with companies. All of these capabilities need to be present.

A mobile app for iOS and Android, a website for the wallet, an example merchant website, and the back-end infrastructure to service the wallet website and applications while also keeping user data and transaction history are key deliverables for the project. The project will also generate these deliverables.

The bank stated that there had been “no work done” on a CBDC sample wallet, and that it “will not construct a user wallet itself.”

For the proof-of-concept project, which is projected to last for a total of five months and have a cost of 244,500 dollars (or 200,000 British pounds), the BOE has decided to analyze five different vendors.

At the time this was written, there had been no applications submitted.

The BOE has announced in the past that it intends to work toward establishing a CBDC by at least 2030.

The BOE’s work as part of Project Rosalind, a collaborative experiment it is carrying out with the Bank of International Settlements (BIS) Innovation Hub, is supported by the sample wallet. Project Rosalind’s goal is to create prototypes of an application programming interface (API) for a CBDC.

The Rosalind application programming interface will also be tested for implementation alongside the proof-of-concept wallet.

The Chancellor of the Exchequer, Jeremy Hunt, presented a series of reforms to Britain’s financial services industry on the 9th of December. One of these measures includes conducting a consultation on ideas for the formation of a CBDC.

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Tagged : Boe / CBDC / News / Wallet

MetaMask Launches Bridge Aggregator, Enabling to Move Tokens across Blockchains

by Blockchain NewsNovember 10, 2022

Popular self-custodial wallet MetaMask has now launched a bridge aggregator allowing users to bridge across multiple blockchain networks.

The Metamask bridge currently supports bridging limited to $10,000 per transfer of Ether and Wrapped Ether (wETH), major stablecoins, and native gas tokens. The bridge also supports major Ethereum Virtual Machines (EVM) such as Ethereum, Avalanche, Binance Smart Chain (BSC), and Polygon. Support for more EVM networks like Arbitrum and Optimism is said to be available in the future.

In addition to the supported blockchain networks, the bridge feature also enables MetaMask users to move tokens from one blockchain network to another without researching to find and choose a reliable bridge.

Out of the two layers of bridge providers: bridge aggregators, and individual aggregators, Metamask chose to integrate with two bridge aggregates, Socket and LI.FI. The crypto wallet stated that through these two bridge aggregators, it would support individual bridges starting with providers such as Connext, Hop, Celar cBridge, and Polygon Bridge.

The new bridge feature is live to all MetaMask users in the beta Portfolio dApp, a new decentralized application (DApp) launched in September. It allows users to have an overview of their cryptos and non-fungible token (NFT) in one place.

The dApp’s feature includes “watch any wallet” — a feature that allows users to add their offline or hardware wallet and a feature that allows users to add their friend’s ENS domain or public address to their watchlist. The Portfolio dApp currently supports assets from seven different networks: Ethereum, Optimism, BNB Smart Chain, Polygon, Fantom, Abritrum, and Avalanche.

MetaMask has so far been introducing a handful of tools, making interactions between blockchain networks and tracking of assets more efficient. Earlier this month, the Non-custodial wallet provider launched a new Non-Fungible Token (NFT) portfolio tracking service powered by NFTBank, an NFT portfolio management tool and valuation engine.

Image source: Shutterstock

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Tagged : Blockchain / DAPPS / Industry / Metamask / NFT / Wallet

Nairobi-based FinTech Mara Launches African Crypto Wallet Service

by Blockchain NewsOctober 28, 2022

A new crypto project called Mara has now been introduced to the African crypto ecosystem. This project is backed by Coinbase Ventures, FTX-affiliated Alameda Research, Huobi Ventures, and other prominent venture capital firms and angel investors in the industry.

Mara is a digital financial ecosystem project that appears only to be starting its ride with the launch of a cryptocurrency wallet for signed-up users in Nigeria.

Having raised $23 million in fundraising, Mara already has a waitlist with over 3 million users, the majority being Nigerians. It is said that as the wallet app advances, the whole product will be rolled out to other countries, including Ghana and Kenya.

According to co-founder and CEO Chi Nnadi, Mara was explicitly built for the African crypto market through money transfer services and with the idea for a broader suite of financial products that sets it apart from other global brokerages and exchanges.

The Mara wallet will offer services such as cryptocurrency brokerage services that will permit users to buy, send, sell and withdraw fiat and crypto. It will also provide users with a U.K. entity that allows them to access dollars, pounds, and euros that can be used to buy and sell crypto.

Moreover, the wallet app will contain educational resources on cryptocurrencies and personal finance management, which users can access whenever.

A nonprofit foundation called the Mara foundation partnered with USD Coin issuer Circle will also be launched alongside the wallet app to foster the growth of blockchain development in Africa.

Mara aims to train 1 million developers on the continent using this nonprofit foundation. And in addition, it releases an educational community, which will provide free resources on financial literacy, cryptocurrency, Web3, and blockchain education in numerous languages.

The project also aims to launch a proprietary layer-1 blockchain solution called Mara Chain before the end of 2022. This blockchain is planned to have a native token to allow developers to build decentralized applications.

Mara is not the only one launching products to foster crypto adoption in the continent. The Central African Republic (CAR) has also recently launched its own national crypto hub, Sango.

Project Sango is designed to bring out the potential of blockchain technology on various fronts. It aims to attract businesses into the country as it looks to re-establish an economic boom and global connectivity.

Image source: Mara

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Tagged : Blockchain / Cryptocurrency / Exchange / Exchanges / Industry / MARA / Wallet

HK-Based Hardware Wallet Maker OneKey Raises $20m in Series A Funding

by Blockchain NewsSeptember 28, 2022

A Hong Kong-based crypto hardware wallet maker has raised around $20 million in a Series A funding round.

OneKey announced on Twitter that the funding round was led by Dragonfly and Ribbit Capital. Other participants included Coinbase Ventures, Framework Ventures, Sky9 Capital, Folius Ventures and Ethereal Ventures. While angel investors, including Santiago Santos and Feng Liu, also backed the round.

“We are thrilled to announce that OneKey has closed a Series A round of approximately $20 million led by @dragonfly_xyz and @RibbitCapital, and followed by @hiFramework, @Sky9Capital, @FoliusVentures, @etherealvc, @coinbase, @santiagoroel, and @fishkiller,” Yishi Wang, a core contributor at OneKey, tweeted.

Along with Series A funding, OneKey also closed a round of “small funding” with other participants from IOSG Ventures, according to a tweet from Wang.

“One more thing, we are super excited to announce that after series A, we have also closed a new round of small funding with participation from @IOSGVC for an unspecified amount,” he tweeted.

OneKey claims that its code is open source. According to the crypto hardware wallet firm, if a crypto wallet does not operate in an open source way, it could hide a backdoor that could compromise the security of customer assets.

“OneKey is, to date, the only hardware wallet in the world that is 100% open source and uses a certified secure chip,” said another tweet from Wang today.

The company believes that it is the number one hardware wallet in the Eastern Hemisphere since its foundation in 2020. According to Wang, OneKey has overtaken custody of billions of dollars in crypto assets. He also believes that the firm continues to grow rapidly without “incomplete 3rd-party statistics.”

Wang has also revealed – citing data from the firm’s shipped orders – that rival wallet maker Ledger and crypto firms Alchemy and Infura are using OneKey’s devices.

Currently, there are around 30 people working for OneKey and the wallet maker has no plans to increase that number. “OneKey is very conscious of controlling the burn rate and prioritizing long-term profitability,” Wang said. He also added that the firm currently does not have any plans for a native token.

Image source: Shutterstock

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Tagged : Bitcoin / Blockchain / Crypto / Finance / ONEKEY / Wallet

Hacker Steals $950,000 from Crypto Vanity Address as Exploits Continue

by Blockchain NewsSeptember 27, 2022

According to PeckShield, a blockchain security firm, a hacker has stolen $950,000 in Ether (ETH) from an Ethereum “vanity address” generated with a tool known as Profanity. The matter was reported on Monday.

The hacker stole 732 Ethereum on September 25 and sent it to the authorized digital currency blending administration Cyclone Money, as indicated by on-chain data from PeckShield. Here the funds were blended in with other cryptocurrencies and removed to the programmer’s own wallet.

The hack was done through weaknesses associated with the popular Profanity vanity address generator. While vanity addresses are made through an instrument called Obscenity, this strategy for generating such addresses makes them simpler to penetrate through a beast force assault. The penetration requires a ton of processing power and may be counterbalanced by how much cryptographic money is in the wallet.

In the aftermath of the attacks, the developers’ team behind Profanity took steps to ensure that no one continued using the tool.

The exploit was done in a similar way Wintermute was exploited last week. On Tuesday, September 20, the U.K.-based algorithmic crypto market maker Wintermute was hacked and lost $162.2 million in DeFi operations. A vulnerable private key generated by the Profanity app was attacked in the Wintermute hack.

The Profanity vulnerability has been known since January. Still, the decentralized exchange 1inch Network disclosed the apparent risk on September 13 and warned Twitter crypto community members about the risks facing the Profanity wallets.

Last week on September 18, attackers executed a similar hack that saw $3.3 million worth of cryptocurrencies stolen from users of a vanity Ethereum wallet. The hacker managed to steal the tokens from a number of Ethereum addresses that were generated with the Profanity tool.

According to Certik blockchain cybersecurity company, about $273.9 million has been lost this year because of compromised private keys, making the method one of the largest attack vectors.

Image source: Shutterstock

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Tagged : Address / Cybercrime / Ethereum / Hacking / PROFANITY / VANITY / Wallet

Coinbase Adds Support for Ledger Hardware Wallets

by Blockchain NewsFebruary 23, 2022

Coinbase Global Inc, the biggest exchange in the United States, has confirmed that its Wallet browser extension is now available for the Ledger Hardware Wallets, a move that was initiated to bring an added layer of security to its users.

As the announcement published in a blog post by Adam Zadikoff, Senior Product Manager at Coinbase Global, the integration will provide “an additional layer of security and greater peace of mind” to all of its customers.

“Today, we are adding support for Ledger hardware wallets in the Coinbase Wallet browser extension, introducing an additional security option for our users,” he introduced the detail by adding that “Hardware wallets are physical devices that store the private keys to your crypto wallet offline. Because every transaction on the blockchain requires both a user’s public and private keys, a hardware wallet ensures that only the user who holds the physical device can complete a transaction.”

Since the launch of the Coinbase Wallet, both through the mobile app and its browser extension, the trading platform has played a pivotal role in helping its users to connect to the growing hoard of DApps and earn interest from a variety of Web3.0 protocols. The wallet is allegedly easy to use. According to Adam:

“Whether you are a first-time hardware wallet user or already have a Ledger it is easy to use Coinbase Wallet to connect to the ever-growing world of NFTs, dapps, and DeFi. All you need to do is download the Coinbase Wallet browser extension, connect your Ledger to your computer, and follow the on-screen instructions.”

While there are numerous hardware wallets in the market today, Ledger is one of the most prominent with over 4 million users. Through the launch, both Coinbase and Ledger have debuted a limited edition of the Nano X Coinbase Edition which users can use to gain more personalized self-storage services.

According to Adam, a host of related integrations of hardware wallets will be initiated in the coming future.

Image source: Suhtterstock

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Tagged : Coinbase / Exchanges / Ledger / Wallet

Coinbase Adds Support for Ledger Hardware Wallets

by Blockchain NewsFebruary 23, 2022

According to Adam, a host of related integrations of hardware wallets will be initiated in the coming future.

Image source: Suhtterstock

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Tagged : Coinbase / Exchanges / Ledger / Wallet

Samsung Launches New Phone, Featuring Crypto Wallet Equipment

by Blockchain NewsFebruary 11, 2022

Samsung is showcasing its growing interest in the crypto space with the release of its new flagship phone Galaxy S22 Ultra.

The South Korean electronics company announced that the S22 Ultra is equipped with a crypto wallet and users would also be able to store ID documentation and keys in digital format.

The electronics giant said that the new features in S22 Ultra are set to release later in the year first in South Korea before expanding it globally.

Additional features that come with the new digital ID feature include storing documentation such as national IDs, driver’s licenses, digital debits and credit cards, and digital keys for houses and cars.

Sources have claimed that other possible features might include storage of boarding passes, coronavirus vaccination cards, and crypto in the digital wallet.

Samsung announced that the wallet would be “a seamless, convenient and secure experience to make everyday life easier,” the company said.

Samsung also added that the wallet combines digital payments, asset management, keys, and ID into one tool that will help in simplifying a user’s day to day routines.

Samsung’s growing interest in the crypto sector was clearly visible when it first unveiled the phone on the metaverse using Decentraland – a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.

Samsung has further showcased its ambitions for the metaverse by launching a store on Decentraland.

According to January 7, 2022, reported by Blockchain.News, Samsung Electronics America launched a new store dubbed the Samsung 837x on Decentraland.

The report added that the Samsung 837x store is modelled after the tech giant’s physical Samsung 837 flagship location in New York City, and it seeks to give visitors a unique metaverse experience and experiential playground for people to discover the amazing possibilities when technology and culture collide.

While in 2021, Samsung issued an official announcement to inform users that they will now be able to manage and trade cryptocurrencies from third-party wallets directly on Samsung Galaxy smartphones, Blockchain.News reported.

The update was designed to provide blockchain users with a more convenient and faster way to process transactions between digital assets by transferring funds from cold storage wallets to the Samsung blockchain, the report added.

Image source: Shutterstock

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Tagged : Bitcoin / Blockchain / Crypto / Industry / Samsung / Wallet

New Malware Emerges That Targets Coinbase Wallet, MetaMask and Other Crypto Extensions: Report

by DailyhodlFebruary 2, 2022

A new type of malware has surfaced that can compromise crypto wallets and extensions, putting investors at risk of hacks.

According to a new blog post by network security expert 3xp0rt, a piece of malware known as Mars Stealer – an improved version of information bootlegger Oski Stealer – has emerged to prey on web browsers, crypto extensions and crypto wallets.

Some of the popular web browsers the malware affects are Internet Explorer, Firefox, Microsoft Edge and Thunderbird.

It also preys on crypto extensions such as MetaMask, TronLink, Binance Chain Wallet and Coinbase Wallet while also targeting wallets such as Bitcoin Core and its derivatives. Wallets under MultiDoge and Ethereum could also potentially be affected.

However, 3xp0rt notes that the malware only targets crypto extensions on Chromium-based browsers other than Opera.

The cybersecurity expert says that Mars Stealer operates by getting a handle of a computer’s internal library files to conduct a complex series of technical coding reconfigurations to do its bidding.

To steal a user’s wallet information, the malware targets sensitive data stored in the wallet.dat file. The file contains information such as the address and private key access data, according to the internet security expert. The malware also has a built-in grabber, loader, and self-removal feature.

“Mars Stealer is an improved version of Oski Stealer. [It] has added [functionality]: anti-debug check, crypto extension stealing, but Outlook stealing is missing. The code has been refactored, but some algorithm remained stupid as in Oski Stealer.”

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Tagged : All News / Bitcoin / Coinbase / Crypto / Hack / Malware / Mars Stealer / Metamask / News / Oski Stealer / SCAM / Scams / Schemes And Hacks / Spyware / Wallet