Money 20/20 Las Vegas (2024) Recap: Key Observations
8 mins read
In November, CoinsDo attended Money20/20 in Las Vegas, where leaders in finance and technology converge to shape the future of money. Thinking we’d see a sizable contingent of crypto-related financial service providers, we were rather surprised to find that their presence was notably subdued. This observation led me to reflect on the current state of the crypto industry within mainstream finance. In this blog, we'll share our insights, delve into possible reasons behind these trends, and explore what they might mean for the future of digital currencies. Observation #1: The Subdued Presence of Cryptocurrency Companies Walking through the conference halls, it was evident that crypto firms were not as prominent as one might expect at such a significant financial event. One possible explanation for the reduced presence is the increasing regulatory scrutiny the crypto industry faces. In the United States, agencies like the Securities and Exchange Commission (SEC) have intensified their focus on cryptocurrency regulations. According to a report by PWC, this is raising the bar for crypto firms to fall in line with traditional financial services obligations, a bar that not many crypto firms are able to clear currently, possibly reducing their visibility at mainstream events. Another factor could be the market volatility experienced over the past year. The crypto market has seen significant fluctuations, and the hacking of major exchanges like Wazir X have shaken investor confidence. This environment might encourage companies to focus on consolidation and stability rather than broad promotional efforts. Observation #2: Traditional Applications Take Center Stage Despite the lower visibility, the crypto companies present were emphasizing traditional financial applications of blockchain technology. Many firms showcased solutions like cross-border payments and crypto payment acceptance systems. This shift suggests a strategic move to demonstrate real-world utility. By addressing tangible problems—such as high transaction fees and slow processing times in international payments—they aim to integrate more seamlessly with existing financial systems. This trend aligns with the broader industry movement towards practical blockchain applications. Deloitte’s Global Blockchain Survey found that 83% of surveyed executives see compelling use cases for blockchain in enhancing existing financial processes. Focusing on established use cases could accelerate mainstream adoption. However, it might also sideline more innovative, disruptive aspects of crypto technology. Striking a balance between practical solutions and pioneering developments is crucial for the industry's growth. Observation #3: The Dominance of Third-Party Custodial Solutions A notable observation was the prevalence of third-party custodial services for crypto assets. The reliance on custodial solutions indicates that many users and institutions prioritize security and convenience over complete control of their assets. Non-custodial solutions, while offering greater autonomy, require users to manage their own private keys—a responsibility that can be daunting. Our own informal survey at Money20/20 also shows that institutional investors prefer custodial services due to regulatory compliance and risk management considerations. We believe that the market's readiness for non-custodial solutions is hindered by factors such as lack of user-friendly interfaces, security concerns, and limited regulatory clarity. Overcoming these challenges is essential for broader adoption of non-custodial crypto solutions. Observation #4: The Rise of AI and Regtech at Money20/20 One of the most prominent themes at this year's conference was the integration of artificial intelligence into financial services, encapsulated by the event's theme: "Human x Machine. The convergence of "Human x Machine" signifies an industry recognition that combining human expertise with machine efficiency can lead to better outcomes. By leveraging AI, financial institutions can enhance their capabilities without replacing the essential human judgment required in nuanced decision-making. We believe this explains the significant presence of regtech companies, especially those offering eKYC solutions powered by AI. These technologies are designed to streamline the customer onboarding process, enhance security, and ensure compliance with regulatory requirements. Why the Focus on AI-Powered Regtech? Increasing Regulatory Demands: Financial institutions are under growing pressure to comply with complex regulations aimed at preventing fraud, money laundering, and terrorist financing. AI-powered eKYC solutions can process vast amounts of data quickly and accurately, reducing the risk of non-compliance. Efficiency and Cost Reduction: Manual compliance processes are time-consuming and costly. AI automates these tasks, saving time and resources. A study by Accenture found that AI could help banks reduce operational costs by up to 30%. Improved Customer Experience: Faster onboarding processes enhance the customer experience. AI can verify identities in real-time, allowing customers to open accounts or access services without lengthy delays. Observation #5: Increased Interest from Venture Capitalists Despite the quieter presence of crypto firms at the forefront, there’s been a noticeable surge of interest from venture capitalists (VCs) diving deeper into the crypto space. This uptick signals a shift in investor sentiment, with many VCs appearing increasingly willing to embrace the inherent risks of the industry. What’s driving this shift? A growing sense that the U.S. regulatory environment may soon provide clearer and more stable guidelines for the crypto market. The anticipation of more defined regulations is a game changer. Uncertainty has long been a barrier to broader investment in crypto, but with both major U.S. presidential candidates recently signaling crypto-friendly positions, there’s renewed hope for supportive policies that could legitimize and stabilize the industry. For VCs, this suggests a reduced risk landscape and the potential for more predictable returns—making now a prime time to back innovative projects. This growing VC interest is a lifeline for the crypto industry. Access to funding could empower startups to bring transformative ideas to life, from decentralized finance (DeFi) platforms to cutting-edge blockchain applications. For entrepreneurs, it’s an exciting moment: a chance to secure the resources needed to scale their vision and make an impact in a space that’s ripe for disruption. Final Thoughts Reflecting on our time at Money20/20, it's clear that the crypto industry is at a crossroads. The subdued presence of crypto companies and their focus on traditional applications suggest a strategic shift towards integration with mainstream finance and a response to regulatory pressures.
Monthly Crypto Roundup by CoinsDo: Oct 2024
5 mins read
October 2024 was a dynamic month for the cryptocurrency market, marked by key project developments, regulatory milestones, and emerging trends in the U.S. political sphere. Despite no further rate cuts from the Federal Reserve, a blend of economic stability, project launches, and regulatory news contributed to mixed but generally optimistic market sentiment. Key Events Among the most pivotal was MicroStrategy’s announcement to acquire $42 billion in Bitcoin between 2025 and 2027, a move that signals an unprecedented endorsement of Bitcoin as a hedge asset from one of the world’s largest corporate holders of cryptocurrency. This multi-year strategy exemplifies a growing institutional pivot toward digital assets as reliable stores of value, particularly in an economic landscape shaped by inflationary pressures and central bank rate adjustments. By spreading this investment over three years, MicroStrategy demonstrates a nuanced understanding of Bitcoin’s liquidity cycles, strategically avoiding over-exposure and potential price destabilization. This approach may pave the way for other large-scale entities to consider Bitcoin, not as a speculative asset, but as a structural element of diversified portfolios. Simultaneously, South Korea’s record-high crypto transaction volumes in October reflect an equally transformative trend, as the nation has rapidly become a cornerstone of the digital asset economy in Asia. This surge is not solely driven by individual investors but also by emerging fintech integrations, institutional investments, and government-backed blockchain projects, positioning South Korea as a pioneer in mainstream crypto adoption. In a broader context, this exponential growth in transaction volumes highlights the maturation of digital asset infrastructure within developed Asian markets, which increasingly view cryptocurrencies as a core component of the financial ecosystem. Market Overview Bitcoin (BTC): Bitcoin showed steady growth, rising about 14.2% as investors saw it as a hedge against economic uncertainties. Favorable developments in U.S. political sentiment also contributed to its stable upward trend. Avalanche (AVAX): With a 20.1% rise, AVAX stood out as a top performer. This growth followed the Avalanche9000 upgrade and increased developer incentives, enhancing the ecosystem's attractiveness Solana (SOL): Solana climbed 12%, benefiting from new institutional partnerships and heightened developer engagement through events like the Solana Hacker House Hacks and Security Concerns October 2024 saw substantial security breaches across the crypto ecosystem, with a total of $129.6 million in losses from various hacks, exploits, and exit scams, underlining persistent vulnerabilities within the sector. Radiant Capital Exploit: Radiant Capital faced the largest loss of the month, amounting to over $50 million. Hackers exploited security weaknesses in developer devices, granting unauthorized access to core protocol functions. This breach highlighted critical vulnerabilities that can arise from insufficient security practices on developer-facing systems, signaling the need for heightened security protocols within developer environments. Whale Phishing Attack: In a highly targeted phishing scheme, attackers stole $36 million in assets from a crypto whale. This attack demonstrated an elevated level of sophistication, with attackers using deceptive links that mimicked trusted entities to gain access to sensitive information. The incident has prompted renewed calls for enhanced user education on identifying phishing attempts and exercising caution with high-value assets. M2 Exchange Hack: M2, a prominent exchange, experienced a $13.7 million hack affecting BTC, ETH, and SOL in its hot wallets. The attack exposed vulnerabilities in M2’s hot wallet infrastructure, leading to immediate operational and security overhauls to prevent future breaches. Technological Developments Avalanche9000 Upgrade: Avalanche introduced the Avalanche9000 upgrade in October, aimed at enhancing scalability and security across its network. This upgrade, supported by a $40 million developer grant, reinforced Avalanche’s position as a competitive DeFi platform. Looking Ahead October 2024’s combination of advancements and challenges has set the stage for further scrutiny and growth in the crypto space. As more political leaders recognize the value of crypto, it will be essential to watch for legislative developments, particularly in balancing innovation with security needs. The market’s future hinges on navigating these regulatory, security, and technological shifts successfully.
How to Transfer Crypto to My Bank Account with CoinWallet
5 mins read
Transferring cryptocurrency to a bank account can seem daunting at first, but with the right guidance, it becomes a straightforward process. Whether you're looking to convert USDT or any other crypto asset into fiat currency, understanding each step ensures a smooth and secure transaction. This guide walks you through the essential steps to successfully transfer your crypto to your bank account. Step 1: Identify Your Asset and Its Blockchain The first step in transferring your cryptocurrency to your bank account is to identify the asset you wish to convert and understand the blockchain it operates on. This is crucial because different cryptocurrencies use different blockchains, and knowing this will determine the native coin you'll need to pay for gas fees. Think of it like knowing the type of car you drive and the kind of fuel it needs. In the digital coin world, the "fuel" is called a gas fee, which is a small amount you pay to make the transfer happen. Ensure you have enough of the native coin in the same wallet address to cover the transaction fee. If you're short on the native coin, you can purchase more through our DApp or, if that doesn't work, via a reputable exchange in your region. It's important to choose an exchange that supports the fiat currency you wish to receive and is known for its reliability. In other words, make sure you have enough of this "fuel" in your digital wallet, or else you won't be able to move your money. Some exchanges we recommend include Coinbase, Binance, and Kraken. Alternatively, visit CoinMarketCap's top exchange list for more options. Step 2: Transfer the Native Coin to the Same Wallet Address Once you've secured enough native coins for gas fees, the next step is to ensure that this coin is in the same wallet address as the cryptocurrency you intend to transfer. This might seem like a basic step, but it's crucial to avoid transferring your assets to the wrong address, as this could result in the loss of your cryptocurrency. Always double-check the address before confirming the transfer. Basically, you need to ensure that the "fuel" you just got is in the same digital wallet as the money you want to change into cash. Step 3: Transfer Your Crypto to an Exchange or Use LetsExchange With your asset and gas fees ready, it's time to transfer your cryptocurrency to an exchange where you can sell it for fiat currency. If you are a CoinWallet user who acquired the native coin through our DApp, you're already set to proceed. Our in-app LetsExchange feature simplifies this process by allowing direct exchanges within the app. However, if you opt for an external exchange, it's essential to check with the exchange regarding the process for selling your specific cryptocurrency, as procedures can vary. It is worth noting that some exchanges also offer integrated P2P conversion features, enabling users to seamlessly convert their digital assets into fiat currency or vice versa, directly with other users on the platform. These exchanges typically provide an escrow service and a dispute resolution mechanism to ensure the security and fairness of every transaction. The escrow service holds the cryptocurrency until both parties have confirmed the transaction, mitigating the risk of fraud. Regardless, please verify that the exchange supports the specific cryptocurrency and blockchain you're working with. This step is critical to ensure that your transaction proceeds smoothly. Final Thoughts Turning digital money into cash and getting it into your bank might seem like a big deal, but it's pretty straightforward once you know what to do. Just like learning anything new, it takes a bit of reading and maybe a little practice. Just don’t forget the following: Ensure the exchange supports the token you're selling and that your token is on the correct blockchain. The process for selling crypto can differ from one exchange to another. Always consult the exchange's support or help center before proceeding. Whether you choose to use LetsExchange or another platform, the key is to proceed with caution and make informed decisions throughout the process.
What is Solana (SOL)?
6 mins read
Solana (SOL) has garnered significant attention in the cryptocurrency space for its high-performance blockchain capabilities. Known for its speed and efficiency, Solana is often touted as a potential competitor to Ethereum. This article delves into the origins, technology, real-world applications, and future prospects of Solana. The Genesis of Solana Solana was created by Anatoly Yakovenko, who published the project's whitepaper in 2017. The mainnet beta launched in March 2020. Yakovenko, a former Qualcomm engineer, aimed to address the scalability issues plaguing other blockchains. Solana's architecture was designed to support high throughput and low transaction costs, making it suitable for decentralized applications (dApps) and decentralized finance (DeFi) platforms. Solana's journey began with a focus on performance improvements over existing blockchain platforms. Its inception was driven by the need to solve the notorious blockchain trilemma—scalability, security, and decentralization. Solana's innovative approach, leveraging Proof of History (PoH), has positioned it as a formidable contender in the blockchain ecosystem. Understanding Solana's Technology Solana's technology stands out due to its unique approach to transaction processing: Proof of History (PoH) PoH is a key innovation of Solana that timestamps transactions to establish a chronological order. This system allows for more efficient validation of transactions, enhancing the blockchain’s throughput. By encoding the passage of time, PoH enables Solana to handle more transactions without sacrificing security. Proof of Stake (PoS) Complementing PoH, PoS is used for consensus and security. Validators are selected based on the number of SOL tokens they hold and are willing to "stake" as collateral. This combination ensures that the network remains secure and decentralized. High Throughput Solana claims to handle up to 65,000 transactions per second (TPS), significantly higher than Bitcoin’s 6-8 TPS and Ethereum’s 12-15 TPS. This capacity is crucial for supporting complex dApps and DeFi platforms that require fast and reliable transaction processing. Low Transaction Costs The network’s efficiency allows for very low transaction fees, making it attractive for developers and users. This cost-effectiveness is essential for applications that involve high-frequency trading or micro-transactions, where transaction fees can quickly add up. Network Uptime Solana boasts a network uptime of 99.94% over the past year, reflecting its reliability. Consistent uptime is critical for maintaining user trust and ensuring that the network can handle large volumes of transactions without interruption. Real-World Applications of Solana Solana is not just theoretical; it has practical applications across various sectors: Decentralized Finance (DeFi) Solana hosts a multitude of DeFi projects that leverage its high throughput and low transaction costs to offer seamless financial services. These platforms include: Serum Serum is a decentralized exchange (DEX) that offers high-speed trading and lower costs compared to traditional exchanges. Built on Solana, it uses an on-chain order book to provide liquidity and facilitate the execution of complex trades. Serum’s infrastructure benefits from Solana's rapid transaction processing, enabling real-time trading without the delays common on other blockchains. Raydium Raydium is an automated market maker (AMM) and liquidity provider that integrates with Serum. It offers yield farming, staking, and other DeFi services. By leveraging Solana's efficiency, Raydium can execute trades quickly and at a lower cost, providing users with a more profitable and efficient DeFi experience. Non-Fungible Tokens (NFTs) Solana is increasingly popular for NFTs, with several prominent marketplaces and projects: Solanart Solanart is a leading NFT marketplace on Solana, enabling artists and creators to mint, buy, and sell NFTs. Solanart takes advantage of Solana's low fees and fast transactions, making it accessible for users and creators alike. Magic Eden Another prominent NFT marketplace, Magic Eden, allows users to trade a wide variety of NFTs, including digital art, collectibles, and in-game assets. The platform's integration with Solana ensures that transactions are quick and affordable, which is crucial for the high volume of transactions that occur in the NFT market. Gaming Blockchain-based gaming is another area where Solana is making significant strides: Star Atlas Star Atlas is a highly anticipated space exploration game that leverages Solana's capabilities to provide an immersive and interactive gaming experience. Players can explore, trade, and battle in a virtual universe, with all transactions and interactions recorded on the Solana blockchain. Aurory Aurory is a play-to-earn game that combines elements of traditional gaming with blockchain technology. Players can earn rewards and trade in-game assets as NFTs, benefiting from Solana's fast transaction speeds and low fees. This enables a seamless gaming experience where users can engage in economic activities without the friction of high transaction costs. SOL is now Supported on CoinsDo CoinsDo is excited to announce that it now supports transactions on Solana and the related SOL token. This new integration means that CoinGet and CoinSend can now efficiently manage these assets, providing users with a seamless and secure digital asset management experience. If you're in the market for a reliable, secure, and cost-effective digital asset management system, reach out to us to learn how CoinsDo can empower your business.
What is Facial Verification and Why Your Business Needs It
6 mins read
Facial verification is a cutting-edge biometric technology that uses unique facial features to verify an individual's identity. Unlike traditional authentication methods such as passwords or PINs, facial verification leverages advanced algorithms to analyze and match facial data, providing a highly secure and efficient way to confirm identities. Here’s a deep dive into what facial verification is and why your business should consider adopting it. What is Facial Verification? Facial verification is part of a broader field known as biometric authentication, which includes fingerprint and iris recognition. It works by capturing a live image of a person’s face and comparing it with a stored image, typically from an ID card, driver's license, or a previously taken photograph. The system analyzes key facial characteristics such as the distance between the eyes, the shape of the cheekbones, and the contours of the lips and nose. How Does it Work? The technology behind facial verification involves three key steps: Face Detection: The system locates the face within the image using deep learning algorithms and ensures the quality of the captured image. Feature Extraction: It extracts unique facial features, such as eye positioning, jawline shape, and nose structure, and converts them into a digital template. Matching: The system compares the extracted features with the stored facial template and calculates a match score to determine if the person is the same individual. Benefits of Facial Verification for Businesses In today’s increasingly digital world, businesses need reliable, secure, and user-friendly solutions to verify identities. Facial verification offers several advantages: 1. Enhanced Security Traditional security methods like passwords or tokens are vulnerable to breaches, phishing, and loss. Facial verification, however, is tied to an individual’s unique physical traits, making it much harder to replicate or steal. This heightened security can be particularly beneficial for businesses handling sensitive information or financial transactions. 2. Improved User Experience Facial verification simplifies the authentication process for users. Instead of remembering complex passwords or carrying physical access cards, users can simply use their face for seamless verification. This makes it ideal for onboarding new customers, enabling access to mobile apps, or securing sensitive online accounts. 3. Fraud Prevention Facial verification helps prevent identity theft and fraud, particularly in sectors such as banking, e-commerce, and healthcare. By ensuring that the person presenting the ID is the legitimate owner, businesses can minimize risks associated with fraudulent transactions or account takeovers. 4. Scalability and Efficiency As businesses grow, manual processes for verifying identities can become time-consuming and error-prone. Facial verification can automate identity checks, making it easier to onboard new clients, approve transactions, and manage access to services. This can free up resources and streamline operations. 5. Contactless Verification In the post-COVID era, many businesses are seeking contactless solutions to reduce physical interaction and enhance safety. Facial verification allows for touchless authentication, making it perfect for industries like travel, healthcare, and retail, where contactless interactions are now a priority. Key Industries Benefiting from Facial Verification Facial verification is already making waves across several industries: Banking and Finance: Secure customer authentication for online banking, loan approvals, and mobile payments. Retail: Reducing in-store fraud by verifying identities during high-value purchases or returns. Healthcare: Ensuring that only authorized personnel access medical records and secure areas. Travel: Streamlining check-ins and boarding processes at airports by verifying travelers’ identities. Government Services: Enhancing security for ID issuance, voting systems, and secure access to government facilities. Why Your Business Needs It With increasing concerns over data breaches and fraud, businesses need robust, future-proof security solutions. Facial verification provides a powerful tool to enhance both security and customer experience. Whether you’re looking to secure your systems, streamline customer onboarding, or adopt a contactless solution, facial verification can offer a sophisticated, reliable answer. CoinFace is an advanced solution from CoinsDo which allows you to: Authenticate users in real time using facial verification. Ensure regulatory compliance with secure and reliable biometric checks. Prevent fraud with advanced liveness detection that guards against identity spoofing. Streamline your KYC process for a faster and more seamless user experience. Get started with CoinFace today and safeguard your business with cutting-edge facial verification technology.