The new Cryptosteel Capsule – it’s sleek, it’s sexy but is it safe?

The new Cryptosteel Capsule – it’s sleek, it’s sexy but is it safe?

The Cryptosteel Capsule is the latest storage device to protect your Bitcoin or other cryptocurrency wallet seed phrase. It is sleek, sexy and pretty easy to use. But how safe is it? Let’s take a look at the new capsule style storage device and compare it to the the Billfodl metal storage wallet.

What is the Cryptosteel Capsule?

The Cryptosteel Capsule is a powerful backup solution for preserving critical and sensitive information offline without relying on third parties. You use it to protect and store a passphrase, software generated key, PIN code or other valuable secret.

It’s a sturdy stainless steel capsule-shaped device, intended to endure harsh environments and function under virtually any conditions.

The capsule features engraving, a do-it-yourself assembly process, and a stainless, shockproof, acid-resistant and fireproof material. It is compatible with the majority of secret sharing and key generation algorithms, ensuring that the enclosed data stays safe. Even in cases of aggressive acts such as theft, bribery, vandalism or violence it’s designed to protect the master secret contained inside.

Like other wallets of its kind, it’s stainless steel metal construction is far more durable than paper, wood, and corrosive metals. It is also hard to detect using next-gen methods of surveillance because of the stainless steel metal used.

With Cryptosteel, your most valuable secrets are kept safe both from hackers and from environmental events.

cryptosteel
Internal rod that holds your engraved tiles

Why do you need one?

Cryptosteel is a physical backup solution for your digital assets and data. Physical storage devices like the cryptosteel are best to keep your sensitive data in an offline environment, safe from cyber criminals and hackers. The durability of a stainless steel construction means that the device will last for years and is impervious to damage and destruction.

The most common use of the Cryptosteel Capsule is to safely store the seed phrase (back up phrase) to your cryptocurrency wallets. Hence the name ‘cryptosteel’. Paper wallets are used for this purpose today, but can be easily destroyed, lost or stolen. Even if you use a hardware wallet, you should still have a Cryptosteel as a backup in case of loss or damage to your hardware wallet or compromise of your private keys.

A metal storage solution for your seed phrase means that you can recover your cryptocurrency as a last resort should anything go wrong with your digital wallets.

The Cryptosteel Capsule is an excellent choice to store your cryptocurrency seed phrase because:

  • it is made of a sturdy, shockproof and acid-resistant material
  • the assembly is do-it-yourself, so you can be sure that the encryption process is done properly, by you!
  • it features a variety of compatibility with secret sharing and key generation algorithms, including the BIP39 standard for mnemonic seed phrases commonly used to recover lost cryptocurrency.
  • it is fireproof and waterproof.
  • its stainless steel construction means it can’t be detected by high tech scanners.
  • it can function under virtually any conditions.

For more than just your crypto seed phrase

Cryptosteel Capsule can also be used to protect other types of secrets or keys such as:

  • BIP39 (unabbreviated 12-word recovery seeds),
  • Shamir Backup SLIP0039 (4-letter abbreviations of 20-word recovery seeds)
  • BIP32 root keys
  • WIF private keys
  • Monero mnemonic seeds (25-word recovery seeds)
  • Random ASCII passwords
  • PINs
  • Insurance account numbers
  • Master passwords to your password manager (e.g. LastPass, KeePass, 1Password)
  • Bank account info and passwords
  • GPS coordinates
  • Poems and haiku
  • Rainbow Codes
  • Elliptic curve coordinates.

How is the Cryptosteel Capsule different from other metal storage wallets?

The Cryptosteel is also unique in that it allows you to use a variety of secret sharing and key generation algorithms. This provides extra security for your data. The Billfodl and other similar metal wallets only support the BIP39 standard for mnemonic seed phrases. While you might buy the Cryptosteel Capsule for your cryptocurrency, you can use it to store a range of other secrets.

The design of the Cryptosteel Capsule is also different. It’s a cylindrical shaped device containing a stainless steel rod on which you arrange the engraved tiles into words, numbers or phrases that form your secret. The tiles are kept in place with a fastener and there are spacers that you can use to break up words. The tiles contained within the cylinder are obscured from view by the stainless steel capsule and cap. The device measures around 10cm in length and 1.6cm in diameter. It is slender and therefore easy to conceal somewhere or to hide.

Most other metal storage wallets are shaped like a cassette or credit card holder. They’re flat with a stainless steel sleeve and a chassis with your tiles hidden in between.

Is the Cryptosteel Capsule safe?

The answer is yes, the Cryptosteel Capsule is safe. It’s safe from damage, destruction, prying eyes and of course from cyber attack. But not as inherently safe as the Billfodl metal storage wallet in our view. This is because the device itself doesn’t lock. A cap screws on to the capsule and can be fitted with tamperproof seals. While you will (eventually) know if someone finds your Cryptosteel Capsule (because the seal is broken), that person will also have almost immediate access to the inside of the device, and your secret phrase. They could access your seed phrase and write it down easily, with no deterrent except a seal sticker to overcome.

The BillFodl on the other hand has separate locking protection on the outside of the chassis, where you can fit your own padlock. While padlocks can be broken, this does add an extra layer of protection on top of the Cryptosteel. If someone finds your device, they can not get into it as quickly or easily. And this may just be enough to deter their curiosity, so that they move on to something else. If you want the BillFodl to remain undetectable to scanners, you simply need to buy a stainless steel padlock to use with it.

cryptosteel
Billfodl with padlock protection

Like any metal storage wallet, the Cryptosteel Capsule itself can still be stolen. So you need to keep it in a safe place. The good thing about the capsule design is that there are no hinges, pins or moving parts. You can bury it, or hide it inside a wall and still retrieve your tiles from inside of the capsule without worrying about dirt jamming up the device.

Conclusion

The Cryptosteel is a nice addition to your crypto security arsenal. It’s also more flexible than other wallets in that it can be used to protect lots of different types of secrets or keys. It’s the slickest, sexiest looking metal storage wallet on the market! But if you’re strictly buying a metal storage wallet to protect your crypto seed phrase, then we prefer the BillFodl for that extra level of security that acts as a deterrent from prying eyes.

You can buy the Cryptosteel capsule directly from the Ledger website here. The device will cost you a little more than the Billfodl will.

The Billfodl is available for purchase direct from the manufacturers Privacy Pros.

Click here to read more of our seed storage wallet reviews and recommendations.

Best cryptocurrency app to trade, earn, win and stake crypto

best cryptocurrency app

Hackers stole $700 million in crypto in the month of August 2021 alone. And that’s just the reported number. As the cryptocurrency world continues to welcome more new crypto wallets and epic platform hacks continue to be a feature of the space, choosing the best cryptocurrency app to guide your investment decisions is more complex but also more crucial. 

To trade or invest in cryptocurrency, there are a few ground rules if you don’t want to lose all your dough. The most important rule is that you should never invest what you are not willing to lose. Another rule is to have the best resources to securely trade, earn, win and stake your cryptocurrency. Downloading and using the best cryptocurrency app can help you:

  1. move your crypto around online
  2. avoid human error when you transact your crypto,
  3. improve your user experience, and
  4. give you access to tier 1 crytpo investments and decentralised finance protocols
  5. help to secure your crypto while you earn with it and compound your investments.

We’ve reviewed the newest and most popular cryptocurrency apps to select the best cryptocurrency app to do all of these things. The winner? Read on to find out!

What is a cryptocurrency app?

A crypto app can be a mobile or a desktop application. It provides a platform for you to transact your cryptocurrency and store your coins while you do so. Whether you decide to buy, sell, stake, earn, farm or hodl your crypto, it’s best to ensure that you are transacting using the best full-featured cryptocurrency app available.  

Different cryptocurrency app types

There are a few types of cryptocurrency apps. Two of the main types are cryptocurrency exchange apps and crypto wallets.

  1. Cryptocurrency exchange apps – These apps are used for buying and selling cryptocurrency. The best cryptocurrency exchange apps protect the safety of user assets and provide low fees on trades and swaps, good technical customer service, and fast trades. Examples of these apps include Binance, eToro, and Coinbase, etc. Crypto exchange apps like the Binance app also act as a crypto wallet.
  1. Crypto wallets – These applications are designed to help you monitor, manage and transact your cryptocurrencies regularly on-the-run. Since this is a software application that can be installed on the user’s phone, the ease of access is guaranteed. However, because the user has to connect to the internet to use the app, this type of wallet is more vulnerable to hackers than a hardware wallet.

Best cryptocurrency app

While traders use cryptocurrency exchanges to conduct daily trades, the cryptocurrency app serves as a form of storage to secure your digital assets while you need to transact with them. The best crypto wallet app can both secure your private keys and provide a platform to trade, stake, lend and borrow digital assets. While choosing the best cryptocurrency app, we prioritized its security capabilities and depth of native features that will allow you to make money on your crypto investments.

What else are you in crypto for after all!

Security from hack is essential in crypto, and any app that cannot guarantee the security of your assets should not be rated as one of the best.
The first thing to remember is cryptocurrency app you choose is only as secure as your phone security settings allow. Once your phone security is up to scratch the best cryptocurrency wallet apps have great added security features including pin code, two-factor authentication, and seed recovery phrase.

Apart from the security features, the best cryptocurrency wallet app should also guarantee:

  • an exceptional user experience,
  • fast transactions,
  • low transaction fees, and
  • diverse integrations with various blockchain networks and decentralised finance protocols.

These are the necessary features to invest and make money on your crypto

After reviewing these features across the most popular and newest crypto apps, here is our pick for the best cryptocurrency wallet app available.

We also recommend a best ‘up and coming’ crypto app. It’s one we have yet to test fully but are keeping an eye on. This newcomer has incredible features. It brings unparalleled convenience to crypto transactions which will make crypto far easier for newcomers.

No. 1 – Binance Wallet

Binance is one of the leading names in the crypto industry and the Binance Wallet is our pick for best cryptocurrency app. The Binance Wallet offers the best app features to help you invest and make money from your crypto. The top money making features include:

  • Trading spot, margin and futures markets
  • Automatic locked and flexible staking
  • Interest earning opportunities on crypto held in the wallet
  • Mining
  • Airdrops and rewards competitions
  • Binance marketplace for non-fungible tokens

All of these functions are available and customizable directly from the mobile wallet app and also from the desktop app.

best cryptocurrrency app
An example of the different features Binance wallet offers – staking, loans, pooling, earn, and trading spot, margin and futures makets

Binance Wallet provides constant security upgrades helping to keep its users’ details secure. Binance offers password and multiple-factor identification. It adds a custom whitelisting feature to this suite of protections. You can whitelist wallet addresses to prevent crypto withdrawals from your wallet by hackers.

Binance trumps its peers in terms of performance. The app is swift while trading spot, margin and futures markets. It also allows you to customize the home page to your taste.  

Beginners can get used to cryptocurrency trading using Binance Lite. Binance Lite is trader-friendly and comes with simple instructions for the beginner. Binance Pro was also released to help professionals conduct fast trades. 

To get a 5% discount on your Binance spot market trades, set up your account with our link.

The Binance wallet is not available in the US. It’s offshoot BolsaDX is available for US citizens however. BoslaDX advertises as a Latin American platform but it is cloud based. US citizens can trade with it without needing a VPN. The app is forthcoming and we imagine will give you everything we enjoy from the original Binance wallet.

No. 2 – Celsius Wallet

The Celsius wallet is one of the best out there for earning interest. Celsius allows you to borrow and lend cryptocurrency to earn more coins and tokens. Apart from earning interest, the Celsius wallet can also be used to buy and sell cryptocurrencies.

The security features include the standard pin code, 2-factor identification, “know your customer” details, and setting Hodl mode. Hodl mode prevents any withdrawals from your account without entering a second passphrase. It’s an extra layer of protection from hackers.

Celsius is easy to use because you’re not making complex transactions, so if you’re new to crypto you don’t have to be worried about losing your money from human error.

All you have to do is send your crypto to their given wallet address and you can start earning interest. The rates on stablecoins (which don’t fluctuate with crypto volatility) are what draws many customers into Celsius. At the moment you can earn 8.8% on your USD stablecoins through their lower risk lending vehicle. This is an industry leading rate for the risk profile.

Celsius provides an incentive to get paid in their native token CEL by offering higher interest rates. CEL is traded on crypto markets like other coins. You can also opt to be paid in the coin you are lending, but the rates can be around 2% lower.

If you want $50 worth of BTC free, set up your Celsius account with our link. It helps support our research!

No. 3 – Metamask Crypto Wallet

Metamask is one of the original crypto wallet apps and one of the best.

Their platform works on Android, Desktop, and iOS. While it works well on mobile, we love it’s browser extension for making DeFi from your desktop super easy.

Metamask allows you to move your crypto seamless between DeFi protocols once you know how to list different Blockchain networks in the wallet. If you want more information about how to set up Metamask for DeFi, have a read of this post. While the DeFi capabilities Metamask supports are diverse, using the wallet takes some getting used to. It’s also worth noting the DeFi dApps are not native to the wallet themselves. Instead, you can connect your Metamask wallet to different dApps that you find in your browser or on your browser app for mobile phone.

Although it supports 2-factor authentication, password and seed phrase recovery, Metamask wallet is not suited for long-term storage of private keys. Like any crypto wallet app, the fact that it is online also increases the security risks due to online hackers. However, Metamask now seamlessly integrates with Ledger and Trezor hardware wallets. This means you have the security of a hardware wallet while you transact your crypto with Metamask! That’s about as secure as it comes for a mobile wallet in crypto.

Best ‘up and coming’ cryptocurrency app

Coin 98 Wallet

Coin98 is a new crypto up and comer project from South East Asia building up a portfolio of DeFi products that you can use to make money in crypto. You can access many of these products on the Coin 98 mobile wallet app.

What differentiates Coin 98 Wallet is its multi-chain and cross chain capabilities. The wallet makes it seamless for new users to move crypto across different blockchains, without having to know which blockchain to choose for which transaction.

This is a game changer for crypto if it works because it leapfrogs the steep learning curve needed when you first enter the crypto space. If you’re new to crypto, Coin 98 Wallet may just be the best thing since sliced bread.

The best features of this cryptocurrency app that make it a contender for our list are:

  • Exchange connect – connect directly to 9 different crypto exchanges from the wallet, including the popular ones such as Binance and FTX.
  • Native dApps – the inbuilt dApp browser is where you’ll make money with Coin98 wallet. You can connect directly to major DeFi protocols.
  • Cross Chain bridge – convert tokens between 4 blockchains – Ethereum, BSC, Tron, Solana – directly in the wallet. Extremely convenient and only available in Coin 98 wallet
  • Cross chain staking, swaps, earning and yield farming – the best feature of Coin98 to invest and earn crypto. If you want read more about this check out our full featured Coin 98 write up here.

Verdict

Binance is the best cryptocurrency app going. Its versatility, performance, and functions are exemplary compared to other similar apps.

Celsius wallet is the best cryptocurrency app for new crypto users who don’t know how to transact on the blockchain. It is also a great starter app for risk averse investors interested in earning passive income.

MetaMask is the most ubiquitous crypto app. It doesn’t have the native features that other apps have but its browser extension will help you move coins and tokens between decentralised apps. You need to be able to do this to invest your crypto and manage those investments.

Binance is the most popular and widely used cryptocurrency app because of its unique ‘all in one’ features and value add. Whether you’re a beginner who needs to learn the ropes or a professional who needs advanced features in his trading app, Binance has got you covered. It is no surprise that Binance emerged as the best cryptocurrency app available. We predict Coin 98 wallet might just give Binance wallet a run for its money in the next 12 months or so. It’s definitely one to put on your watch list and check out!

How to make money with Coin98 mobile wallet

make money with coin 98 mobile wallet

In this post we’re going to answer the critical questions you need to know about how to make money with the new and much lauded Coin98 Mobile Wallet.

Coin98 is a new crypto project from South East Asia building up a suite of DeFi products many of which you can access on the Coin 98 mobile wallet app.

Coin 98 mobile wallet – the ultimate DeFI gateway

The wallet is unique for its multi-chain capabilities as we explain below. These capabilities are designed to make it easier, faster and more simple than ever to transact crypto and interact with DeFi protocols. You can earn crypto from the one wallet regardless of what chain the DeFi protocol is built on. For this reason, its a great starter crypto wallet for anyone new to crypto because the in wallet capabilities save you from making mistakes that might otherwise mean your crypto is lost for good.

Like most crypto projects, Coin98 has its own token C98. You can buy C98 directly on Binance, which is the highest volume crypto exchange and the one we recommend. To get 5% off all spot trading fees on Binance in perpetuity (and this can add up!), set up an account using our link.

C98 token is transacted on three blockchains – Ethereum, Binance Smart Chain and Solana. C98 is a governance token and you can also stake C98 and earn rewards and Airdrops by holding the token. C98 token took off when recently listed on Binance but unlike other new tokens has held its value well, which is a promising sign for the project.

How to download Coin98 mobile wallet

The mobile wallet app is available for iOS and Android phones. Here is a link to the project page and from here you can link to the App. We do this because there are so many fake mobile wallet apps out there trying to part you from your money. We link to the source developer so you have the legitimate developer link to the App.

The first thing to know is that when you go into Google Play or Apple’s App store you’ll see two Apps from the same developer – Coin98 Finance. You need to download the Coin98 Wallet. The other App – Coin 98 insights – is an information and research hub only.

Once you’ve downloaded the Wallet you’ll be prompted to set a pin code to get access. You have the option of enabling face ID after your Pin is set.

Coin98 mobile wallet features we love

When you open the wallet you will be taken to the default landing page. From here, you can open the four menu items – Markets, Swap, Browser and Settings. You can also swipe left or right to access some of the other great features we list out below and that we really like about Coin98 mobile wallet:

  • User interface – the best User Interface we’ve experienced in any crypto mobile wallet app.
  • Set up – you can chose the currency you want to operate in and from 12 languages
  • Exchange connect – You can connect to 9 different cryptocurrency exchanges directly from the wallet, including many of the popular ones such as Binance, Kucoin, and FTX.
  • Native dApps – there is an inbuilt dApp browser in the App which is where you’ll make money with Coin98 wallet. We go into some of the best offers we’ve found using the Native dApps below.
  • Cross Chain bridge – you can convert tokens between 4 blockchains – Ethereum, BSC, Tron, Solana – directly in the wallet. Anyone that uses DeFi knows how valuable this is.
  • Cross chain staking, swaps, earning and yield farming – this is the biggest and best feature of Coin98 and what sets it apart from other fully featured mobile wallet apps. We’ll go into this in more detail below to explain what you get when you download and set up the Coin98 mobile wallet.
Connect directly to some of the biggest exchanges in crypto

The cross chain features that set Coin98 wallet apart

22 Blockchains supported

Coin 98 wallet supports 22 Blockchains as we write this post. That’s more than any other mobile wallet app we’ve come across. Here are the long list of Chains supported within the one wallet:

  1. Supported chains
  2. Bitcoin
  3. Ethereum
  4. Binance Smart Chain
  5. Solana
  6. HECO chain
  7. Near
  8. Avalanche C Chain & Avalanche X Chain
  9. Tron
  10. Polygon
  11. Fantom
  12. Polkadot
  13. Kusama
  14. Cosmos
  15. THORChain
  16. Terra
  17. BandChain
  18. Kava
  19. Persistance
  20. Binance Chain
  21. TomoChain
  22. Celo

This is such a great feature when it comes to trying to get the best returns from your crypto assets. You can easily switch between DeFi protocols with the best APY and APR rates. The wallet makes it easy to be an active crypto investor with very little experience.

Tips on using the cross chain functions

Before you start accessing DeFi protocols and transacting your coins you will need to activate your wallet/s. This is where the real convenience and simplicity of Coin98 mobile wallet app shines. You can create a single multi-chain wallet to store assets for all supported blockchains. The great thing is the wallet and all its assets can be accessed with a single passphrase. This saves you tonnes of time each time you want to transaction on different Chains, but it also means you have to keep the multi chain wallet password extremely secure.

The benefits of Coin 98’s multi-chain wallet features compared to Single chain wallets

If you don’t want to use the multichain wallet convenience, you can set up a wallet for each chain you want to use, for example – an Ethereum wallet, a Binance Smart Chain wallet etc. This means taking a note of your passphrase and private key for each wallet. Once you have set up a wallet for each Chain you want to transact on, you can skip seamlessly between Defi Protocols and the wallet will automatically swap to the right Chain for that Protocol.

This may seem like a small thing, but to new DeFi users, it takes away the fear of losing your coins because you’ve selected the wrong Blockchain Network for your transaction. This is priceless.

We love this feature because it helps to bring non tech savvy users to crypto.

How to make money with Coin98 mobile wallet

The best thing about the Coin98 mobile wallet is that it has an inbuilt dApp browser. Now this is an inbuilt browser the likes of which we haven’t seen in other mobile wallets because of its cross chain functionality. You can choose to view and use dApps on different networks with the click of a button, making it super easy to transact in the DeFi world

The dApp Browser is also how you make money staking and farming with with Coin98 wallet all from the one place.

Native dApps across multiple chains is why you want to download and start using Coin 98 mobile wallet

dAPP coverage

Coin 98 wallet has native integrations with many of the larger DeFi protocols – SushiSwap, UniSwap, PancakeSwap, Aave, Compound, Yearn Finance. This means you can stake, farm, lend, borrow, earn – all from the one wallet. There are also native Gaming dApps like CyrptoKitties and GodsUnchained.

We did notice that of the dApps supported by Coin 98 wallet most built on Ethereum and Binance Smart Chain. There’s very few yet that are built on Polygon. We think this is one area that the Coin98 team could expand. Polygon is a popular network because of the low fees and bridging capabilities with Ethereum. It would be great to see integration with some Polygon dApps. If you’re a Polygon user, then at present we’d recommend sticking to your current wallet. we have heard that QuickSwap on Polygon and JulSwap on Tron will soon be integrated following the Coin98 Wallet version X. Good news.

Best money making opportunities with Coin98 wallet

Here are three of the best opportunities for high returns that we found at the time of writing, using the Coin98 mobile wallet dApp integrations:

  1. Staking – earn 77% APY by staking CAKE on PancakeSwap and get paid in C98
  2. Earning – up to 23% APY lending stablecoins like USDT, DAI and USDC on DeFi Yield Protocol.
  3. Lending – 15.15% APR lending USDC and Chainlink on SushSwap.

Another cool feature is the native dApp Zapper, which lets you see your entire net worth staked across multiple different Chain-native DeFi protocols, all in the one screen.

Will the dApp Browser last?

The dApp Browser looks a lot like the in built Browser from the Trust Wallet, which we have reviewed here. You’ll see in our Trust Wallet review there is a 9 June 2021 update reporting that the App Store had required the removal of the dApp Browser in Trust Wallet. Android users were unaffected by this. We covered the issue in detail in this article.

The question is, if the App Store required the removal of integrated dApp browser in Trust Wallet, how long will it be until Apple users face the same with Coin98 Wallet? It will be a real shame if this happens as the cross chain capability plus dApp browser integration make Coin98 mobile wallet stand out amongst it’s peers and we’ve loved what we have seen so far from the Coin98 Finance team.

The verdict

A great new mobile wallet with loads of in-built convenience. The wallet solves the problem of complexity for new crypto users by automatically and seamlessly switching between chains and by offering up the very convenient multi-chain wallet. It also provides new functionality for seasoned crypto investors through the in-wallet bridge. Provided the browser is here to stay we will write a full review of Coin98 mobile wallet app in coming months. We hope it sticks around and cements a place at the top of the crypto wallet field.

BlockFI told to cease and desist – three US Regulators now targeting popular crypto wallet app

crypto wallet app

If you are holding any of your crypto assets in a lending and borrowing crypto wallet app like Celsius, Nexo, or BlockFi, you may have heard the news in recent days. Three US state securities regulators have filed ‘cease and desist’ or ‘show cause’ notices against a popular crypto wallet app.

If you’re using or thinking about using these types of apps, should you be worried?

Let’s take a look at what has happened with state securities regulators and what it means for your crypto.

Who are US State regulators targeting now?

In one word – BlockFi.

Three US states – New Jersey, Texas and Alabama – have filed cease and desist orders, or at least provided notice of their filing, in the last week. All filings have been against BlockFi.

You can take a look at the latest action by the Texas State Securities Bureau here.

The main gripe of regulators is their concern that BlockFi’s Interest Account (BIA) product is a security under state rules but is not registered as such.

If the filings are successful BlockFi will be banned from offering interest bearing crypto accounts in each of those states until their interest account is properly registered. That in turn raises the question of how likely it is that BlockFi would meet the requirements of securities registration. Would they be approved?

The allegations will need to be heard by a judge in coming weeks.

BlockFi’s official response to the fillings has been to asset the legality of their interest accounts in those states:

BlockFi’s response to recent US state regulator allegations

What is BlockFi?

BlockFi is a lending and borrowing platform for cryptocurrency assets. It offers one of the most popular interest accounts for cryptocurrency assets. BlockFi pools the assets that customers lend to it and pays interest on those assets. It generates interest by lending those assets on to trusted institutional and corporate borrowers.

BlockFi’s interest account (the product under scrutiny) is their flagship offering. They also provide customers with a trading account product and crypto-backed loans.

How does this impact BlockFi crypto wallet app customers?

State regulators have expressed that these regulatory actions are meant to protect retail investors, although in reality they are likely to be causing some concern. The Texas regulator has said BlockFi has at 25,000 clients in Texas with $691 million in total assets. That’s no small deal and it’s just one of the states in question.

If they are successful, the filings will only directly impact new BlockFi customers who are residents of Alabama, Texas and New Jersey. In fact, BlockFi has already been required to stop taking new customers for this product in these states until the matter is resolved.

That said, if the filings are successful they may set precedents for other states. At a minimum we can expect other state securities regulators to take a closer look at BlockFi.

What is the impact on other crypto wallets like Celsius and Nexo?

We’re sure the Celsius and Nexo teams will be watching with keen interest what is going on. But there’s no need to panic. These platforms should have their lawyers advising on any implications and will have a head start on BlockFi in terms of formulating a response and getting a head start on preparing for registration applications. That’s assuming registration is required. In short, there’s still a long way to go before state regulators move on to other platforms.

Should you be withdrawing your crypto from BlockFi?

If you’re a resident of one of these three states it might be safest to withdraw your assets and wait it out until the judge has ruled. If you’re worried out losing out on interest earnings then take a look at our review of Celsius Wallet here. Celsius is a competitor to BlockFi and offers the same sorts of products and interest rates.

If you’re not a resident of Texas, Alabama or New Jersey you should keep an eye on how these cases play out. Pay attention to whether other state regulators make similar moves in a domino effect. If this begins to happen, perhaps consider getting your crypto out.

If you’re not a resident of the US, then you’re not impacted so there’s no need to worry.

What can you do to manage regulatory risk to your crypto assets?

Regulatory risk is material in crypto because its such a new asset class and operates differently to any other financial products in the market. Law makers are still trying to classify different crypto product offerings. Until they do, we can’t really expect crypto platforms to comply with laws that may or may not apply to their products.

So how should you protect yourself?

Diversify your assets across crypto wallet apps. If you want to earn interest on your crypto don’t put all your eggs in one basket (or one crypto wallet app!). There are three or four large providers in this space all offering similar interest rates on Stablecoins and major cryptocurrency. We’ve listed these below. Our recommendation if you are worried about regulatory risk would be to split your assets across them. This can also help protect your coins from cyber attack and hackers attacking your wallet.

  • Celsius (get $40BTC free if you sign up with our link or referral code 1910143eb7)
  • Nexo
  • Orion

Hopefully, as regulators take an interest in this space and laws begin to be applied, existing customers will be grandfathered and providers will remain committed to their customer’s assets.

But in crypto its always best to protect your assets yourself.

Why digital wallets now make it easier than ever to invest in cryptocurrency

digital wallets

If I were to ask you whether you use any digital wallets in your day to day life, would you know the answer? What if I were to ask you what you use digital wallets for?

The fact is digital wallets have stealthily crept in to most peoples daily lives without them really know it.

If you have used Apple Pay, Alipay, Samsung Pay, PayPal app or Venmo, then the answer to that question is ‘yes’. But did you know that digital wallets are also becoming ubiquitous in the cryptocurrency space and making it super easy to invest in, access and transact cryptocurrency? Digital wallets for both fiat and crypto are the future of money, making it easier, faster and cheaper to move money and value around the globe. This also means it’s becoming easier to make money from your money!

If you want to know how all of this has come about and will impact you and your money, read on!

What is a digital wallet?

If you search Google for ‘digital wallet’ a whole bunch of sites will come up with definitions that say digital wallets are software payment systems. They store your credit card and debit card information….. They’re a convenient way to pay by phone… Blah, blah, blah. But…we think this is just a small part of the story about digital wallets and how they will impact our money future.

Digital wallets are much bigger than just payment systems. They are financial ecosystems on your phone that allow you to access different financial services and to transfer value via the internet – without the friction of current banking services. Cathie Wood of Ark invest cleverly calls digital wallets ‘money over IP’. The reference is a nod back to when Voice over IP technology revolutionised once expensive phone communications.

Digital wallets are expected to do the same for banking and financial services – which is exactly why you need to know about them!

What can you do with digital wallets?

Payments with digital wallets

Today, you can use digital wallets to directly purchase and pay for items – like with Apple Pay or Samsung Pay. You can also use them to send money seamlessly and instantly to friends and peers, like with Venmo. In fact, recent research from the US found that 42% of millennials have a Venmo account. Millennials seem to prefer mobile payments and will drive a lot of the upcoming growth in digital wallets. China’s mobile payments jumped from $1 trillion in 2014 to $26 trillion in 2018 – driven largely by the coming of age of millennials. Here’s some recent data from Australia’s biggest bank about mobile payments with digital wallets:

CBA contactless payments data

Peer to peer transactions & other financial services

While people are mostly using digital wallets for payment services, digital wallets are more than just transferring fiat currency around.

You can use them to split payments over dinner, earn rewards on purchases, order ahead at your favourite coffee shop or buy and send gift cards.

They are also used widely now in the cryptocurrency space to access, transact, store and invest cryptocurrency. You can access, store, buy, sell, transfer and invest your cryptocurrency right now, with a few taps of your mobile phone screen, using a range of digital wallets.They’re also used to integrate with cryptocurrency exchanges and trade crypto, as well as to enter into smart contracts to lend and borrow cryptocurrency and earn interest.

We expect digital wallets to expand rapidly in coming years to these additional areas:

  • storing value
  • earning interest – Goldman Sachs is already offering higher interest on digital wallet accounts because their cost to serve the customer is lower with these products
  • integrating with and accessing personal financial planning and money management providers
  • accessing tailored insurance
  • accessing stock exchanges and trading platforms
  • tax planning.

Who are the main digital wallet providers in cryptocurrency?

We’ve already talked about Apple Pay, Samsung Pay, PayPal, Venmo. Along with these providers is Google Pay and V.me by Visa. If you’re dealing in fiat currency, these are the most popular digital wallets that you’re likely to come across.

But the cryptocurrency space is where digital apps are exploding because the entire ecosystem is already online – crypto doesn’t suffer from the legacy infrastructure issues of traditional finance when it comes to going digital.

Cryptocurrency digital wallets

Some of the most popular digital wallets for cryptocurrency include

You can read about each of these apps – what they do, how secure they are and what you can use them for – here.

How digital wallets are making it easier than ever to invest in crypto

The intersection between fiat and crypto digital wallets is where it gets really interesting if you’re looking at investing in cryptocurrency and making your money make money. Who doesn’t want more money!

There are already some cutting edge digital wallet providers that provide fiat currency on-ramps to invest easily and directly in cryptocurrency.

You can now buy, sell and store large cap cryptocurrencies in the PayPal app.

If you’re in the US, Coinbase wallet now has a direct integration with PayPal to buy crypto directly from your PayPal account.

eToro combines both crypto trading and fiat trading, along with on ramps between the two, in their eToro app. (On-ramps are just a way to exchange fiat into crypto – the more convenient this is, the more crypto is expected to become a mainstream part of the global money system).

Here are some other fiat on-ramps to crypto that you can use to buy crypto directly in to your digital wallet (some in mobile and some in web browser form):

  1. MoonPay
  2. Sendwyre
  3. Transak
  4. Ramp

The thing to know about these digital wallet on-ramps between fiat and crypto is that their service fees are different. You need to do your own research to find the best fees for your transaction. If you want to see a comparison of some of these services to transfer fiat into crypto in your digital wallet, check out this page.

How does this all impact your finances?

Digital wallets will become a big part of your financial future so its probably time we all get used to interacting with them!

If you invest your money, send money to family and friends, use your mobile to make purchases at the store, do mobile banking, like to earn rewards with your purchases, want to manage your budget, or even your entire personal financial portfolio – chances are in the next few years you’ll be doing it all through digital wallets kept right on your phone.

You’ll also have multiple wallets on your phone that allow you to cheaply and seamlessly exchange fiat currency for crypto in seconds, and then add that crypto into a smart contract allowing you to earn money on your money by lending it out to others.

Your money won’t all be stored in the one bank app in the future. It’ll be moved about to where the best value is. Using digital wallets! And that’s why digital wallets – if you get your head around them now – can help you make money on your money in the future.

Many of these things you can do today if you know your way around the cryptocurrency and decentralised finance space. If you don’t, perhaps look into it. You might be surprised about the financial benefits that digital wallets for cryptocurrency can bring.

If you want to read more about which digital wallets to use with your crypto it’s all laid out for you here.

Trust crypto wallet cuts dApp browser in a big loss for iOS users

Trust crypto wallet

On 9 June 2021 Trust crypto wallet announced to its community that it had no option but to remove their very popular dApp browser integration for iOS Trust Wallet users. In this post we’ll go over why, what this means for how you use Trust Wallet, and what to do if you have assets in the dApps that currently feature in the Trust crypto wallet dApp library.

What is Trust crypto wallet?

Trust Wallet is a crypto wallet app owned by the Binance group. It’s popular for offering plenty of functionality across the crypto and DeFi ecosystems that benefit its users. It has also found popularity in it’s integration with Binance Smart Chain, which allows users to access DeFi products and transact their crypto far more cheaply than transacting on the Ethereum Mainnet.

If you’d like a run down on what it is and all of the benefits, check out out Trust crypto wallet review here.

Trust Wallet iOS users will be disappointed to learn that the the next iOS update will come minus the convenience of their dApp browser integration.

Fortunate Android users will be unaffected by this downgrade in the Trust crypto wallet services.

Trust Wallet explains that dApps by nature constitute “code not embedded in the [app] binary,” and that they need to meet several criteria to be allowed in an iOS app. It seems the Trust Wallet development team have been in discussions with Apples App team, but have been unable to meet the criteria required for the App Store.

What does this mean for Trust Wallet iOS users?

Trust crypto wallet

In short it means fewer reasons to use the Trust crypto wallet. The dApp browser was a one of the main reasons we started using the Trust Wallet in the beginning as we found ‘on the go’ access into DeFi protocols like PancakeSwapp and Aave, and NFT market dApps just really convenient.

The Trust Wallet announcement says that for the time being you can still access dApps manually by typing the URL into a web browser but you . Last we checked this dApp menu was still available but the library of dApps is gone. Instead you’re presented with a search bar that allows you to type the web URL directly within the Trust Wallet to locate your coins.

In the future, if you have crypto sitting inside any of the DeFI protocols that you once used to access through your Trust Wallet, you’ll need connect to the protocol using WalletConnect, which provides an interface into Trust Wallet.

Is is still worth using Trust Wallet without the dApps function?

So what is the difference in using Trust Wallet now versus another crypto wallet app that has really good dApp integrations, especially integrations into DeFi protocols where you can lend, stake and farm crypto?

Well if you take a look at something like Metamask, which is probably the most integrated crypto wallet app and web browser, Trust Wallet still offers some additional market features within the wallet that you don’t get inside the Metamask wallet, namely

  • an exchange function
  • limited staking options
  • a place to store collectibles like NFTs

The question is though, with all of the Metamask integrations and ease of use, is this enough to keep driving users to use the Trust Wallet? Our sense is that Trust Wallet will need to come out with more features to attract back the iOS users it will drop with these cut backs.

The even bigger question is, will Apple continue to stand in the way of crypto innovations like dApp integrations or will they recruit in some crypto and DeFI experts and find a way to work with the true innovation (and combat the scammy fake wallet apps that keep popping up in the App Store at the same time?