Kraken Launches Its Own Wallet
Binance Secures Dubai's VASP License, Re-enters India, Converts $1B Of SAFU Reserves To USDC
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MetaMask and Coinbase must be concerned, because Kraken is rolling out its own self-custodial crypto wallet — a direct challenger to their products. It's one of the several centralized platforms' attempts to become more appealing by offering non-custodial solutions.
Kraken Wallet is now open for existing clients and non-users and includes essential features for navigating different markets. The wallet currently supports networks Bitcoin, Ether, Solana, Optimism, Dogecoin, Arbitrum, Polygon, and Base (is multi-chain), and allows to manage DeFi positions and NFTs from the same interface.
Regarding privacy, Kraken said it will collect "the absolute minimum amount of data required to function", and use proxies for hiding IPs.
Regarding security, Kraken Wallet has biometric logins and was audited by Trail of Bits.
But some seasoned enthusiasts still seem to criticize projects hyping up self-custody, because that could, allegedly, be an excuse not to get their sets of licenses. U.S. District Judge recently ruled that Coinbase Wallet isn't a broker, and doesn't have to follow the SEC's brokerage rules.
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Kraken Rolls Out Its Own Crypto Wallet
Kraken has stepped into the crypto wallet arena with its newly launched 'Kraken Wallet'. This move places Kraken in direct competition with established players like Coinbase and MetaMask, signaling a potential shift in the dynamics of the crypto wallet market. Kraken Wallet is designed as a self-custodial solution, meaning that users have full control over their private keys and, consequently, their funds — in the wake of recent concerns about the security of funds held on centralized platforms. | Read More
Worldcoin to Launch 'World Chain' Layer 2 This Summer
Worldcoin, a project spearheaded by Sam Altman, CEO of OpenAI, is set to revolutionize the blockchain space with the launch of its new Ethereum layer 2 network, World Chain, this summer. By prioritizing human users, World Chain aims to reduce the influence of bots, which often congest networks and lead to higher transaction fees. Additionally, the network is designed to be open-source and community-governed, aligning with Ethereum's decentralized ethos but with enhanced governance to ensure a user-friendly experience. | Read More
Binance Re-enters India, Secures Dubai License
Binance is making a bold return to the Indian market, despite facing a substantial $2 billion penalty. This decision follows a period of non-compliance with local regulations that previously led to a ban. Simultaneously, Binance has secured a Virtual Asset Service Provider (VASP) license in Dubai, marking a crucial regulatory win. This achievement came after Changpeng Zhao, co-founder of Binance, stepped down from his voting power in the local entity. | Read More
Binance Converts $1B of SAFU Reserves to USDC
The conversion involved a substantial amount of cryptocurrency assets, specifically 16,277 Bitcoins and 1.36 million BNB coins, which were all transformed into USDC. This decision was not made lightly; it reflects Binance's commitment to ensuring the stability and reliability of the fund. By switching to a stablecoin like USDC, Binance aims to mitigate some of the volatility risks. | Read More