Značka: Wallet

OpenSea acquires Dharma Labs and a new CTO

OpenSea announced Tuesday the acquisition of Dharma Labs, a cryptocurrency lending platform and digital wallet, for an undisclosed amount. According to the statement, Dharma Labs would effectively shut down and its co-founders, Nadav Hollander and Brendan Forster, will become OpenSea’s new chief technology officer and its head of strategy, respectively.OpenSea claimed this acquisition will help accomplish its mission to scale product development, grow its team, expand its safety and reliability efforts and invest in the nonfungible token (NFT) and Web3 ecosystem.I’m happy to finally share that we’ve acquired @Dharma_HQ to help us scale our engineering, product and customer support! https://t.co/NnJdSFBzvo— Devin Finzer (dfinzer.eth) (@dfinzer) January 18, 2022Devin Finzer, OpenSea’s co-founder and CEO, believes that the “union” between the marketplace and Dharma Labs will “help us dramatically improve the experience of buying, minting and selling NFTs on OpenSea.” He added that the two companies share a vision “that NFTs will be the cultural focal point of crypto’s adoption for years to come — and that vision can only be realized if using NFTs becomes easy & delightful for the average person.”As OpenSea’s new chief technology officer, Hollander is expected to use his expertise to improve their products’ technical reliability and uptime, as well as to build Web3-native mechanisms that reward loyal community members. Related: OpenSea surpasses $3.5B in monthly Ether trading volume, setting new ATHAccording to a statement from Dharma Labs, its Dharma Smart Wallet will be deactivated in 30 days. It thus urges its users to withdraw or sell their funds before Feb. 18, 2022 and clarifies that they will not have to pay any fees to do so. Additionally, OpenSea recently announced the creation of a private NFT Security Group that will steer investment efforts and tackle security and safety challenges that face the NFT and Web3 ecosystem. Co-founder and current chief technology officer, Alex Atallah, will assume the role of overseeing the group’s development.

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Crypto.com pauses withdrawals due to ‘suspicious activity’

Major crypto wallet and platform Crypto.com has temporarily halted withdrawals after “a small number of users reporting suspicious activity on their accounts,” but all funds are reportedly safu at the moment. We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.— Crypto.com (@cryptocom) January 17, 2022A few hours ago, Crypto.com halted withdrawals from its platform in response to several “thefts” by customers’ accounts. Dogecoin (DOGE) founder Billy Markus noticed a suspicious transaction pattern on Etherscan that prompted the company to halt all transactions until they figured out what was going on with their platform.Internal system transfers and funds are safe? Inside job gone awry like office space? Hackers taking funds from an exchange hot wallet? ‍♂️Never a dull day in the world of crypto.— Shibetoshi Nakamoto (@BillyM2k) January 17, 2022

Ben Baller, a cryptocurrency enthusiast and jeweler, claimed that his account was breached, losing 4.28 Ether (ETH) (about $15,000). Ben also said that he used two-factor authentication, so the alleged perpetrators must have bypassed some of Crypto.com’s security features.I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got passed the 2FA?— BEN BALLER™ (@BENBALLER) January 17, 2022

Related: Crypto.com announces global partnership with Formula 1Cointelegraph reached out to Crypto.com for more details regarding its decision to halt withdrawals but did not receive a response as of publishing time. This article will be updated pending new information.The cryptocurrency industry is no stranger to hacks, rug-pulls and protocol exploits. Earlier this month, decentralized finance security platform and bug bounty service ImmuneFi found that losses from hacks, scams and other malicious activities exceeded $10.2 billion dollars over 2021.Per the report, there were 120 crypto exploits or fraudulent rug-pulls, the highest-valued hack being the Poly Network at $613 million.

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Coinone will stop withdrawals to unverified external wallets

South Korean crypto exchange Coinone has announced it plans to no longer allow withdrawals of tokens to unverified external wallets starting in January.In a Wednesday announcement, Coinone said users would have from Dec. 30 to Jan. 23 to register their external wallets at the exchange, after which time it would restrict withdrawals. The exchange specified that crypto users could only register their own wallets, and the verification process “may take some time” and could change in the future.According to Coinone, it planned to verify users’ names and resident registration numbers — issued to all residents of South Korea — to ensure crypto transactions were “not used for illegal activities such as money laundering.” Customers at the exchange likely won’t be able to withdraw funds to wallets without Know Your Customer, or KYC, safeguards. This restriction also applies to the popular hardware wallet Ledger. In March, the South Korean government implemented a previously passed bill that requires local crypto exchanges to meet requirements for a real-name account and ISMS authentication, as well as report on their operations within six months. Crypto users in the country will also see the implementation of a tax rule scheduled to go into effect in January — the rule would impose capital gains taxes on all crypto trading profits of more than roughly $2,300.Related: 30-somethings led crypto purchases at South Korean exchanges in 2021Many exchanges, including Bithumb, have since announced restrictions and stronger KYC and Anti-Money Laundering, or AML, checks in response to Korean lawmakers’ push to regulate crypto. However, Coinone will likely still accept wallets offered by exchanges already in compliance with KYC checks, which would include those from FTX and Binance.

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Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17

Cryptocurrency and stock trading app Robinhood plans to roll out the beta version of its digital wallet feature starting in January 2022. In a Wednesday blog post, Robinhood said tens of thousands of users currently on the waitlist for the trading app’s crypto wallet would have access to the beta version starting in mid-January. The trading app said more than 1.6 million people were waiting for the wallet, which will support depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other tokens. The trading app has been testing its digital wallet feature since it was first announced in September, completing its first alpha transfer — using DOGE — on Nov. 22. According to Robinhood chief operating officer Christine Brown, the beta rollout would be focused on the security of users, as well as providing education on crypto transactions and clarity around network and gas fees.What’s next? The #WalletsBeta phase will start in mid-January & enable a larger group of users from the waitlist to gain access. While Alpha focused on a small batch of customers and 1:1 engagement, Beta will roll out to tens of thousands of customers.— Christine (Hall) Brown (@christine_hall) December 29, 2021“While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain,” said Robinhood. “With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time.”Related: Some Salvadorans claim funds are missing from their Chivo walletsThe share price of Robinhood (HOOD) on the Nasdaq seemed to be unmoved by the recent announcement. First going public in July, the stock has steadily declined from an all-time high price of $70.39 on Aug. 4 to $17.03 at the time of publication, a drop of more than 75%.

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Bitcoin wallet addresses created in November inched toward 1 million

Could retail investors be flocking back to Bitcoin (BTC)? In encouraging signs for a bullish 2022, Glassnode data reveals that 913,000 new Bitcoin addresses were added from November to the start of December this year. In a boon for BTC, on-chain analyst On-Chain College shared insightful data regarding retail adoption and the potential beginnings of broader adoption trends. The key takeaway to round off the year is that up to 1 million new entrants joined the Bitcoin network in November. Despite bearish price action in the short term, the Twitter flood shows that the macro outlook for BTC remains sound. According to the chart, from June 2020 to December 2021, the number of wallet addresses with a balance greater than zero has trended up from 30 million wallets to a touching distance of 40 million. Glassnode describes the non-zero balance metric as the number of unique addresses holding a positive (non-zero) amount of coins. When the number trends up, new users enter the Bitcoin network. When it trends down, as visualized in the orange line on the graph from May to July this year, it shows users emptying their wallets to zero. By inference, wallet addresses’ fall is a downward price action indicator. Related: Bitcoin dominance falls under 40%In light of November’s new entrants, it begs two questions: Was this just an outlier fueled by excitement after recently hitting an all-time high? Was it the start of a broader trend?It’s heartening to think that with thanksgiving, festive celebrations and Omicron fears in November and December, potential investors have more opportunities to research Bitcoin and potentially invest. Reporting in December backs up the claim, as the balance changes for wallets holding 1 BTC or less — typically suggesting smallscale investors — reached their highest since March 2020.However, there is a note of caution regarding the future of retail. William Clemente, oft-cited in Cointelegraph and a BTC analyst, tweeted a series of graphs with the message “retail interest in Bitcoin is pretty much gone since the Spring.” More evidence of retail is required. While it was widely reported in October that institutions are buying Bitcoin rather than gold, Google Trends search data for “Bitcoin” is a quarter of what it was during the December 2017 peak. Evidently, retail mania is some ways off.

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How to store crypto in 2022, explained

Cryptocurrency holders can seek out wallets that offer the best of security, functionality and usability –– features that cater to any set of users. Users must be careful to consider factors including security, functionality and ease of use when determining where they will keep their funds. Although this typically means a choice between hot or cold storage, newer wallet releases give users many of these features within a single offering. The HitBTC team has since released their own wallet, branded by its security and clean interface, with the driving force to ensure that cryptocurrencies are universally accessible. The wallet itself is designed for anyone to use, whether it’s a first-time cryptocurrency user or an avid investor. It offers diverse functionality, including the ability to buy crypto with Apple Pay, VISA or Mastercard, exchange them on the app, and ensure security through two-factor authentication (2FA), face ID and biometry. By practicing a security-first approach, the team can provide a solution that ensures user safety while allowing for a straightforward approach for handling digital currencies. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Some Salvadorans claim funds are missing from their Chivo wallets

Some of the money from El Salvador’s state-issued Chivo wallets is reportedly missing, according to many Salvadorans posting on social media.In a Dec. 16 Twitter thread started by user “the commissioner,” at least 50 Salvadorans have reported December losses totaling more than $96,000, following the setup of the Bitcoin (BTC) wallets by the government. Some of these transactions were for as little as $61, but others said they were missing thousands or more.2- $3,921 pic.twitter.com/fvP8aLHQyP— El Comisionado (@_elcomisionado_) December 18, 2021“There is a security flow on the wallet where money and transactions disappeared,” said Luis Guardado in a direct appeal to President Nayib Bukele. “No tech support and only useless calls, where is my money.”Bukele said in October that 3 million Salvadorans were using their Chivo wallets, roughly half of the nation’s 6.5 million people. Since El Salvador’s Bitcoin Law was first proposed in June, many in the country have opposed the measure for a variety of reasons, including the volatility of cryptocurrencies and claims that they were an unreliable investment for pension funds. Protestors marched through the capital city of San Salvador before the law went into effect on Sept. 7, with subsequent protests seeing some people managing to ransack and burn Chivo kiosks. Related: President Bukele fires back at critics on ‘Bitcoin experiment’El Salvador’s president has frequently taken to social media to promote the adoption of BTC as well as related projects, including using geothermal energy from the country’s volcanoes to mine crypto and building a Bitcoin City initially funded by $1 billion in BTC bonds. He also uses the platform to announce his Bitcoin purchases to the world. At the time of publication, the country’s treasury holds 1,391 BTC — roughly $71 million with the price of the crypto asset hovering near $50,000 for the holidays.

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Beware of sophisticated scams and rug pulls, as thugs target crypto users

This year has been monumental for the cryptocurrency sector in terms of mainstream adoption. A recent report published by Grayscale Investments found that more than one-quarter of United States investors (26%) surveyed own Bitcoin (BTC), up from 23% in 2020. With the holidays around the corner, financial services provider MagnifyMoney also found that nearly two-thirds of surveyed Americans hope to receive cryptocurrency as a gift this year. While crypto’s growth is notable, there has also been an increase in the number of scams associated with digital assets. A Chainalysis blog post highlighting the company’s “2022 Crypto Crime Report” revealed that scams were the dominant form of cryptocurrency-based crimes by transaction volume this year. The post notes that over $7.7 billion worth of cryptocurrency has been taken from scam victims globally. According to Chainalysis’ previous research, this number represents an 81% increase compared to 2020, a year in which scamming activity dropped significantly compared to 2019. Source: ChainalysisScams are the biggest threat for building trust in crypto Kim Grauer, head of research at Chainalysis, told Cointelegraph that while there are many different crypto-related crimes, scamming has become the largest in terms of value received by criminals. She added that scams represent a significant threat to building trust within the crypto ecosystem, as this may prevent people from investing in digital assets.Grauer further mentioned that scams related to decentralized finance (DeFi) have been on the rise this year. With an annualized revenue in all DeFi protocols estimated at around $5 billion, this shouldn’t come as a surprise. More interesting, though, is that Chainalsyis has discovered that “rug pulls” have contributed to this year’s increase in scam revenue. According to Grauer, Chainalysis defines rug pulls as an instance when a person or developer decides to unexpectedly cease a project and run away with funds:“Rug pulls have accelerated the amount of scamming the crypto space has seen this year. In addition to financial scams, rug pulls have exploited different vulnerabilities in the crypto space. Overall, they have taken $2.8 billion of cryptocurrency.” Although rug pulls are a relatively new crime, Grauer believes these cases are becoming common in the growing DeFi ecosystem. To put this in perspective, the Chainalysis blog post notes, “Rug pulls have emerged as the go-to scam of the DeFi ecosystem, accounting for 37% of all cryptocurrency scam revenue in 2021, versus just 1% in 2020.” The Chainalysis blog post also provides examples of some of the biggest rug pulls of 2021. For instance, the AnubisDAO case is mentioned as the second-biggest rug pull of this year, with over $58 million worth of cryptocurrency stolen. According to the post, AnubisDAO launched on Oct. 28, 2021, with claims of offering a decentralized currency backed by a number of assets. However, the project didn’t contain a website or white paper, and all of the developers went by pseudonyms. Miraculously, AnubisDAO still managed to raise nearly $60 million overnight, yet 20 hours later, all of those funds disappeared from AnubisDAO’s liquidity pool. While AnubisDAO demonstrates a large-scale DeFi rug pull, new cases are occurring almost daily. An early Ethereum and DeFi investor who wishes to remain anonymous told Cointelegraph that they fell victim to a rug pull on Dec. 19, 2021. The anonymous source shared that the project is called “up1.network,” noting that many early Ethereum investors were discussing Up1 in a Discord chat group. They added:“People I trusted were mentioning the project so I checked it out. I thought it was strange to see Up1 giving away airdrops, but thought it could have been affiliated with a DeFi token I had. I then connected my MetaMask wallet and clicked on ‘get airdrop’ but kept getting an error message. I did this three times, which gave the project access to my account.” Unfortunately, once Up1 gained access to their account, three DeFi tokens worth $50,000 were instantly taken. “I revoked access after the fact on Etherscan so they couldn’t steal any more tokens,” they mentioned. The Ethereum investor then checked the DeFi platform Zerion where they saw the notifications that the DeFi tokens had left their wallet. Zerion also provided them with a wallet address to where the funds went, along with a message:“0xc28a580acc42294787f44cffbaa788eaa4958056; You gave a web3 site / smart contract unlimited access to your funds (check who you gave access to and revoke here).”While both AnubisDAO and Up1 are examples of DeFi rug pulls, it’s important to point out that the nonfungible token (NFT) ecosystem is also vulnerable to rug pulls. Most recently, the Bored Ape Yacht Club community fell victim to a rug pull when some members decided to connect their wallets to mint NFTs from a link posted in the group’s Discord channel. Even more surprising is that rug pull scams are also targeting mainstream NFT projects. For example, on Oct. 28, 2021, the global beauty pageant Miss Universe sent out an official tweet announcing the launch of its NFTs on the Wax blockchain. Unfortunately, the people who minted these nonfungible tokens were part of a rug pull.As a reminder: DON’T MINT from the links posted in Discord.Due to amazing members of the community, we’ve obtained pertinent information about the hackers.We’re working diligently to fix this. Priorities are restoring the server, prosecuting, and making it up to the minters— Jenkins The Valet (@jenkinsthevalet) December 21, 2021Jessica Yang, an NFT photographer, told Cointelegraph that when Miss Universe announced the launch of an NFT project, she didn’t question whether it was a scam or not because the pageant is widely known. “The price of each NFT was 0.06 Ethereum. That translates to around $230 for one. The artwork also has the beauty contestant’s face and country they are associated with plastered on it,” she remarked. Yang also mentioned that the project was geared toward women, noting that Paula Shugart, the president of Miss Universe, previously stated:“Miss Universe is going to be the first brand in the NFT space that is about women, about women’s empowerment, and embracing the technology, and moving forward. I love it; this is the first one that is away from other more male-oriented spaces.” Given the brand’s reputation and appeal, Yang and many others minted Miss Universe NFTs, connecting their wallets to the platform. Yet Yang noted that the next day, Miss Universe deleted its official Instagram account. She then noticed that her funds disappeared entirely. Yang added:​​”One red flag I saw was coming from their Discord. The moderators kept trying to get everyone to buy Miss Universe NFTs, promising that they were going along with the roadmap. Their roadmap promised monthly AMAs, signed prints, and much more. Even Steve Harvey vetted the project.”Do your own researchAs the DeFi and NFT ecosystems continue to mature and grow, these environments will, unfortunately, be prone to rug pull scams until industry solutions are developed. In the meantime, the best course of action is for users to do their own research. For instance, Grauer shared that every DeFi project should have a code audit available to make investors feel safer. “Many of the DeFi platforms that have been hacked don’t have code audits,” she remarked. The Chainalysis blog post also pointed out that “rug pulls are prevalent in DeFi because with the right technical know-how, it’s cheap and easy to create new tokens on the Ethereum blockchain or others and get them listed on decentralized exchanges (DEX) without a code audit.”In addition to code audits, the anonymous Ethereum investor shared that after reviewing the Up1 site more closely, they could tell that it was fake. “For instance, the team was all anonymous, with just first names that couldn’t be clicked on to open a Twitter or LinkedIn profile.” Even with these precautions the anonymous source mentioned that wallet providers also need to do a better job of keeping users safe:“If there is a questionable site, wallets should seek them out. I believe this technology can scale, but it has to be able to handle these scams. Otherwise, people will lose all their money.” Following the Up1 rug pull, the anonymous source contacted MetaMask and shared that they got a response noting that it would flag the website. It’s also important to point out that while a clear industry solution is yet to be developed, Grauer noted that, unlike fiat-related crimes, crypto payments can be traced to their source. With this in mind, she added that some cryptocurrency platforms are starting to take action to keep users safe from scams. For example, crypto exchange Luno partnered with Chainalysis in 2020 to protect against a scam targeting South African crypto users. Eva Crouwel, head of financial crime at Luno, told Cointelegraph that one of the requirements from a regulatory framework point of view is to be able to monitor and act upon transactions that have a suspicion of money laundering, terrorist financing, sanctions or any other type of illicit activity. She noted that on-chain transactions must be monitored, as well as the design and the development of case management and user interface. In terms of crypto investors keeping themselves safe from scams, Crouwel recommends staying away from offers that sound too good to be true, adding:“Start by doing as much due diligence as possible. Look at the company’s/token’s social media profiles to see what other users’ experiences have been. You should also go through the company directors’ personal social media pages and look into their industry connections and employment background so ensure their history is sound.”

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Just 1.3 million Bitcoin left circulating on crypto exchanges

In glad tidings for an orange Christmas, Bitcoin (BTC) supply is drying up to lows not seen for years. In a recent tweet by CryptoRank, just 6.3% of the total Bitcoin supply, or 1.3 million BTC, is held on cryptocurrency exchanges. The decreasing supply is nothing new, trending down since the Bitcoin halving in 2020 when the BTC block reward was cut in two. BTC availability on exchanges followed suit, slowly trending down over the past year. Exchange wallets accounted for 9.5% of the BTC supply in October 2020, just before the 2020 Christmas all-time highs, and 7.3% in July this year. The 6.3% December figure is the lowest recorded in 2021.Interestingly, Coinbase’s BTC wallet dominance is also slipping. The American exchange used to custody more BTC than all other exchanges combined. Its dominance has slipped from 50.52% to 40.65% over the past year. The news follows a swathe of positive price metrics that dovetail the upward price action of Bitcoin. Firstly, the illiquid BTC supply has iced over for the winter as the BTC supply going from a “liquid” to an “illiquid” state is now 100,000 BTC per month. In essence, more BTC is locked away into cold storage than the amount being mined. Glassnode, the on-chain analytics company, shared further bullish news regarding exchange behavior. The seven-day moving average for BTC’s exchange inflow volume just reached a 5-month low of 978.452 BTC and has been trending down week on week. The exchange supply shortage may continue with less and less BTC sent to exchanges. Furthermore, it’s important to note that many retail investors and some companies store their BTC on exchanges, indicating that the ‘illiquid’ BTC may be even lower. Some BTC hodlers would leave the custody of their keys to exchanges instead of taking their BTC offline into cold storage.Related: Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whalesUnsurprisingly, Binance CEO and co-founder Changpeng Zhao has encouraged the hot wallet practice, despite the best efforts of Bitcoiners like Andreas Antonopolous ensuring ‘not your keys, not your Bitcoin’ is part of everyday BTC mantra. As a result, while 1.3 million BTC rests on exchanges, they may not be ‘circulating’, and may in fact contribute to the illiquid supply. Nonetheless, despite calls for a “Santa Rally” off the back of bullish analytics, the bears are not yet out of the woods. A tweet by BullRun Invest using Glassnode data shows that 24.6% of all BTC supply is sitting above the price of $47,000. It suggests that roughly a quarter of the BTC bought at those price levels are currently underwater. If BTC fails to make progress into the 50s, there may be fewer presents under the tree tomorrow.

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Dormant Bitcoin wallet holding 321 BTC activated after eight years

A Bitcoin wallet containing millions of dollars worth of Bitcoin (BTC) has come out of dormancy. For one reason or another, the wallet has not transacted for years despite having what is considered life-changing money. The wallet had not been used since 2013, barely a few years after the mysterious Bitcoin creator Satoshi Nakamoto disappeared. The wallet currently contains $15 million worth of BTC, and it’s unclear who owns this account or why it was reactivated on Tuesday.The wallet has 321 BTC. After eight years, the value of this amount has increased from $6,594 to a staggering $15,103,046. By now, the funds in the wallet had appreciated almost 2,300 times.The Bitcoin community is abuzz with speculation about who owns the wallet and why it has just come out of dormancy. Some believe that it could be a whale — an individual or group with a large stash of Bitcoin — who is about to make a move that will shake up the market.If you’re looking for a sign….in 3…2…1… https://t.co/8ezk8Ub6Sz— Mama Heqet 2.0 (@DaturaDaimonic) December 21, 2021A Twitter user proposed several reasons for the wallet activation in a comment thread. Many possibilities exist according to them, from Satoshi Nakamoto deciding to return to a patient investor who is going to sell their BTC now to someone just recalling their seed phrase for their Bitcoin wallet.Someone’s maybe figured out a exploit from an old wallet perhaps making not so random seed phrases or something. Too many waking up to be random..— Sapsicle farms⚛ (@SapsicleF) December 21, 2021

In recent months, several dormant Bitcoin wallets from 2011–2013 have been reactivated, each containing tens of millions of dollars worth of Bitcoin. On Sept. 19, the owner of a dormant Bitcoin wallet emptied their account and transferred all 616 BTC to different accounts.Related: Dead Coins and Wallets: The Treasures of Atlantis or Zombie Uprising?Old, sleeping wallets from the early days of Bitcoin are being reactivated with large amounts of cryptocurrency inside. Early investors who put up a few hundred dollars and kept their stakes have evolved into BTC whales, with values continuing to rise.Another Bitcoin wallet awoke in January after having been inactive since June 2010. The wallet had $5 million worth of BTC. In June 2021, another Bitcoin whale account with 900 BTC became active. On Sunday, another dormant address with 235 BTC ($11,114,901) was reactivated after nine years. A dormant address containing 225 BTC was activated on Thursday after almost eight-and-a-half years.

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Nexo partners with Three Arrows Capital to launch NFT lending & art financing service

Nexo, the crypto borrowing and exchange platform, has launched an NFT Lending Desk in partnership with NFT hedge fund Three Arrows Capital. The new lending desk caters to over-the-counter, or OTC, clients to offer crypto credit backed by NFTs. Nexo is one of the first crypto lenders to allow customers to borrow stablecoins, ETH, and other cryptocurrencies using certain NFTs as collateral. The company stated that in its initial iteration, the service will accept Bored Ape Yacht Club and CryptoPunks NFTs, with more collections on the way. Clients can also use issued lines of credit as a means of art financing by executing further NFT purchases with t borrowed funds.In a statement shared with Cointelegraph, Nexo Cofounder and Managing Partner Antoni Trenchev said:“Our partnership with Three Arrows Capital is a definitive move towards providing financial instruments & Web 3.0-native MetaFi. As we continue to discover the full scope of this asset class, services like Nexo’s lending will be in high demand to unlock NFTs’ underlying value while allowing users to retain ownership.”Related: Fidelity and Nexo are entering institutional lending marketBy collaborating with Three Arrows Capital, Nexo said it hopes to expand its existing crypto credit issuance services by providing the NFT Lending Desk with risk hedging, valuation and liquidation mechanisms. Additionally, Three Arrows Capital became the first NFT Lending Desk client with an NFT-collateralized crypto credit issued by Nexo.Three Arrows Capital Director Kyle Davies added that they are “happy to partner with Nexo and demonstrate our recognition of NFTs’ promise as a financial instrument – one that requires appropriate, high-quality financial tools to be fully leveraged.” Related: Three Arrows buys 156K ETH in the weeks after CEO ‘abandoned ETH’ In the coming months, Nexo said it plans to increase its offerings of investment-grade products and accessible and secure exposure to the NFT market, according to the company. As the NFT-backed lending market grows and NFT utility increases, other lending platforms such as NFTfi, ETNA Network and Drops Loans are also offering similar services to Nexo.

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Coinbase Wallet rolls out support for NFTs

United States crypto exchange Coinbase has made new upgrades to its self-custody wallet, including adding support for nonfungible tokens, or NFTs, in a move that could drive further adoption of the browser extension. The company announced Tuesday that Coinbase Wallet will soon be able to support NFTs, giving users the ability to view their collections and access leading NFT marketplaces like OpenSea. Coinbase didn’t specify an exact date for the rollout but said users will need to have the latest version of the browser extension installed to access the features.Looking ahead into 2022, Coinbase said it plans to expand its support for NFTs, as well as make its native decentralized exchange trading feature more accessible and affordable. Coinbase Wallet has a DEX integration feature that allows users to convert their holdings through various decentralized exchanges. As Cointelegraph reported, Coinbase recently unveiled a new standalone browser extension for its wallet that allows users to access a wider array of crypto assets on the leading DEXs.Related: Got crypto? Here are 3 software wallets for storage, staking and swappingWhile NFT mania has cooled significantly in recent months, the growth of digital collectibles is one of the most defining trends of 2021. Cointelegraph Consulting estimates that total NFT sales are expected to top $17.7 billion this year. Data from NonFungible shows that weekly sales peaked in late August at more than $1.6 billion. 2021 is shaping up to be a defining year for NFTs. Source: NonFungibleRanked by total volume, Coinbase is now the world’s second-largest cryptocurrency exchange, according to CoinMarketCap. Binance, the world’s largest crypto exchange, already supports an NFT marketplace and in October announced support for multi-chain NFT deposits and withdrawals.

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