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VegaWallet to Bring Comprehensive Crypto Platform to Expand Banking Services


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Cryptocurrency offers great promise to expand banking services, but exchanges typically are plagued by extensive wait time for transactions, lengthy wait times to activate new members, high fees and numerous security issues.

Another important issue is the restrictions customers face in spending crypto assets in real-world scenarios. Cryptocurrency assets often sit idle in exchanges for extended time periods, waiting to convert back to fiat. The wait in itself often results in additional fees.

Because of all these issues, the average person has not been able to take advantage of cryptocurrency’s opportunities. Some exchanges have had to halt account creation in order to upgrade their security precautions on an ongoing basis. Others have been forced to close on account of thefts, costing customers millions of dollars.

Security updates oftentimes cause slow transaction speeds and issues with trade and account verifications. Compounding the problem is the fact that many users keep funds in accounts separate from the exchange in the interest of protecting them, causing additional vulnerabilities.

Meanwhile, the process of buying cryptocurrency using fiat funds via bank transfers and credit cards often requires extended wait times and excessive fees.

VegaWallet Brings Comprehensive Solution

VegaWallet is changing this scenario with a comprehensive solution that will end the need to have five different companies involved in deciding what to do with their crypto.

The VegaWallet platform will provide a complete solution through a series of phases, consisting of a wallet, an exchange, and payment gateway to provide a complete and secure solution. It also utilizes the latest security technology and a clean user interface.

The first stage will introduce the wallet and the exchange while stage two will bring the point-of-sale (POS) and crypto-to-fiat mobile pay capabilities. Where other companies have focused on credit card payments and ATMs, VegaWallet processes all transactions via mobile applications.

The VegaPay and POS will provide a payment gateway that allows users to pay with cryptocurrency anywhere and anytime, including venues that do not currently accept it. The POS system will allow businesses of all sizes to accept cryptocurrency without excessive fees. Customers will be able to purchase cryptocurrency at check-out using traditional payment methods.

VGW Token To Bring Mass Adoption

The VGW Token will enable lower fees and faster transfer times and will support VegaWallet’s loyalty and rewards program and POS system. The token will help with mass adoption of crypto payments and real-world applications from Silicon Valley to the unbanked territories in other parts of the world.

The combination of the cryptocurrency and mobile payment markets have created a multi-billion-dollar opportunity for the unique, comprehensive VegaWallet platform.

Advanced Security Features

The platform also uses advanced security features and complete encryptions to protect funds. VegaWallet has adopted ISO 27002 Information Security Standards and offers different types of transaction and account verification. The platform has also teamed with BitGo to utilize its multi-signature technology for all applications.

Security is further enhanced by a deep cold storage mechanism to ensure fund security using private keys generated offline. along with Google Authenticator 2FA, a software token that uses two-step verification that authenticates mobile app users.

Multi-signature implementation removes individual points of failure by making sure all keys are stored in separate devices. An attacker would need to gain access to all the keys in order to gain access to an account.

New Opportunities Coming

VegaWallet will provide opportunities for other cryptocurrency and blockchain companies to list tokens on the exchange, thereby supporting the platform’s growth.

Companies will be able to use the VegaWallet dashboard to accept cryptocurrency in real time for retail and service purposes. Customers of companies using the dashboard will be able to buy cryptocurrency through their own POS system using traditional payment methods like cash or credit cards. Customers will need to have a KYC verified VegaWallet account, allowing them to instantly pay bills or make purchases with their stored funds.

Retailers will be able to provide the loyalty rewards program that will be built into the POS system. With each purchase made through the system, retailers will be able to send VGW tokens rather than a traditional rewards platform. They will also have the benefit of 24/7 customer support.

The technology will bring banking services to places not served by traditional institutions.

There will be a 200 million VGW token supply, of which 120 million will be sold to the public. The introductory price will be 1 ETH for every 1,800 VGWs. The price will increase to 1 ETH for 1,600 VGW tokens and 1 ETH for 1,400 VGW tokens in the second and third stages, respectively.

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Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter. Barclays Puts Crypto Trading Project on Hold U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation” claimed. The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. The quartet had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle. No specific reason was given for the decision, only that the project was put “on ice.” In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded. However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.” Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August. Competition in Crypto Space Begins to Heat Up Barclays’ potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk. Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman’s chief financial officer Marty Chavez called the report “fake news.” Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors. Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures via its Bakkt platform this coming November. Featured image from Shutterstock. The post Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up appeared first on NewsBTC.

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