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Bitrue, OKEx to offer both DeFi and CeFi options

Hybrid offerings to suit different needs.

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Two exchanges will offer both decentralized and centralized financial options.

Both Bitrue and OKEx separately announced plans to provide hybrid services that cater both to the DeFi market and more mainstream centralized finance products.

OKEx CEO Jay Hao tweeted on August 30 that the exchange launched its hybrid lending aggregator. The DeFi and CeFi aggregator integrates Compound (COMP). Hao said OKEx is “here to redefine crypto lending experience.”

The OKEx DeFi Lending Marketplace gathers major DeFi lending products and allows users to check and compare all DeFi and CeFi lending rates. The exchange will also come out with a One-Stop DeFi Trading Shop promising a one-stop DeFi experience and eliminates the need to transfer funds between wallets.

Bitrue, on the other hand, plans to launch its own hybrid service in the first quarter of 2021, the exchange said in a statement.  Its DeFi offering will be backed by a new token called the Bitrue Finance Token or BFT. Bitrue said it will start out by enabling lenders to add coins to the liquidity pool with the lenders receiving interest. BFT will be listed in mid-September.

“By providing both CeFi and DeFi products at the same time, we will be able to satisfy the needs of different types of users. Regardless of your preferred time horizon, the yield you want to receive, how long you’re prepared to lock up your coins for, and how much you want to invest, there will be an opportunity for you to invest in a way that you’re most comfortable with.”

Bitrue added it would be “implementing upgrades to their existing loan service, starting with a move to make publicly viewable the wallets that contain collateralized funds.”

Interest in DeFi remains high, especially as DeFi reached a milestone recently, hitting $9 billionin locked-in value. OKEx also listed eight new DeFi tokens and said it’s been encouraging to see many excellent DeFi projects coming up.

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CRYPTOCURRENCY

Cardano running on hot steam, bounces above $1 mark

Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.

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Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.

At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.

Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.

Cardano had traded in a range of $0.899630 to $1.047324 for the day.

Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.

It has traded in a range of $0.8115 to $1.1971 in the past 7 days.

Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.

In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:

“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”

  • Cardano (ADA) lately has been tipped to outperform, on the bias that it is headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano in 2021.
  • This means that more developers will see it as an attractive medium for building their desired apps.
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Cryptocurrency News

Nigerian first cryptocurrency payment processor “FinRik” and it’s native stablecoin “Wavycoin” set to launch

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CEO and founder of Wavyvibrations Inc and Roadkit Awoniyi Segun Gbenga has unveiled plans to launch FinRik, a cryptocurrency payment processor, with the aim of making automated crypto payment easy in Nigeria.

Awoniyi Segun, the founder and CEO said “What we are here to do is very simple, we want to maximize the potentials of virtual currency and bridge the gap between it and the Nigerian economy, because Nigerians trade crypto’s daily but sadly  it has little or no effect on our struggling economy, so we are building a structure that will enable people transact swiftly with there virtual currency” in a tweet addressing potential users he stated further “FinRik at its best is a community with payment processing function, business development section, Roboadvisor, e-commerce, secure crypto wallet, real estate, e-ticketing, we are listing BTC, XRP, Eth, Usdt, Litecoin immediately we launch even though we want to give you a way to use your crypto to make easy and automated transactions we still recognize the fact they crypto’s can be very volatile, that’s why we are working on creating our own stablecoin (Wavycoin, WVY) which will be built on Ethereum and Binance blockchain”

FinRik is expected to go live in Q2 of this year, while the platform’s digital currency Wavycoin is expected to be listed by next year, according to what we gathered from the firm, FinRik users account will come with Multifaceted and highly secured wallet to safely secure there securities and the firm will be listing BTC, Eth, XRP, Litecoin, USDT as they launch, furthermore users will be able to access business development tools, as a unit of the company will be dedicated to developing and managing of businesses using business intelligence and data science, the firm also possess an e-commerce wing that enables users to create online store within three minutes with access to high tech tools that will aid their business growth and presence online and most especially they will be able to get paid by there customers using crypto.


The platform’s cryptocurrency project Wavycoin is expected to be built on Ethereum ERC-20 blockchain and Binance smart chain contract the crypto development project is under the company’s subsidiary FinRik financial institute, a section for financial advise that is also working on developing its own Roboadvisor soon, likewise the tech company’s proptech section.

Join FinRik’s waiting list on FinRik.com to be notified when they go live

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CRYPTOCURRENCY

Panic in crypto market as over $140 billion got wiped off

Over $140 billion in value evaporated into thin air, as Bitcoin also lost as much as $7,000, according to data retrieved from Coin360.

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The crypto market recently lost much of its weekend’s stellar gains, as significant selling pressure pushed the value of crypto assets lower across the market spectrum, amid record sell-offs and sudden panic among retail and institutional traders.

At press time, over $140 billion in value evaporated into thin air, taking into consideration the world’s most popular crypto, Bitcoin, the dominant player in the crypto market, lost as much as $7,000, according to data retrieved from Coin360.

The global crypto market value is $1.57 trillion, an 8.98% decrease over the last day.

The total crypto market volume over the last 24 hours is $232.12 billion, which makes a 63.54% increase.

  • The total volume in DeFi is currently $21.16 billion, 9.12% of the total crypto market daily volume.
  • The volume of all stable coins is now $185.65 billion, which is 79.98% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $52,260.20.
  • Bitcoin’s dominance is currently 61.56%, a decrease of 0.03% over the day.
  • For the day, 426,586 trades were liquidated.
  • The largest single liquidation order happened on Huobi-BTC valued at $20.66 million.

Other leading crypto assets that include Ethereum, Litcoin, Chainlink, Binance coin and Stellar lost more than 8% in value.

Despite the expected market correction ongoing in the crypto community, some crypto traders remain upbeat that cryptocurrencies are fast emerging as a hedge for risks such as faster fiat inflation, and set to win more attention from the corporate world.

However, crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.

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