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Vault CEO Austin Kimm Talks Crypto Banking and the New VLT Token

FinCrypt Staff

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Exclusive: Vault's CEO Austin Kimm on Crypto Banking and the New VLT Token

We spoke with Austin Kimm, CEO of Time, a company that offers white label digital and crypto banking products and APIs, making the launch of digital/crypto banking services and apps for various entities, including banks, fintechs and institutions, much faster and more cost-efficient. Kimm shared insights into the current climate in the B2B industry, delved into Vault’s business approach, the connection with Choise.com AND Choose.aias well as the soon-to-launch VLT token and their innovative marketplace concept.

Could you provide us with insights into how the B2B cryptocurrency industry is performing during the first quarter of 2024? Given the market volatility following Bitcoin’s new all-time high, subsequent declines, and its drop below $58,000, how has this affected interest from potential clients such as startups and banks, and in turn, impacted your activity?

In the B2B industry, especially in cryptocurrency B2B, there is almost no distinction between cryptocurrency seasons. While B2B staking protocols may experience fluctuations in activity during cryptocurrency winters and summers, Vault’s integration between traditional finance and cryptocurrencies ensures a stable customer base regardless of market conditions. Our business model is highly resistant to cryptocurrency market fluctuations.

Additionally, Vault is not a supplier to crypto-only companies. The future development of the cryptocurrency environment involves its integration with traditional financial services, known as TradFi, such as payment cards and bank accounts. We expect significant progress through the convergence of crypto payment cards and bank accounts into a unified ecosystem. This integration makes cryptocurrencies more accessible to non-crypto-native individuals, improving their usability for spending, downloading, and purchasing through conventional means.

In fact, during periods of increased crypto activity, more crypto companies emerge thanks to improving financial conditions. However, the general market trend, whether in winter or summer, does not have a significant impact on Vault’s operations. Despite launching in the midst of the latest crypto winter, Vault continues to onboard enterprise customers consistently, without being affected by market fluctuations.

In summary, Bitcoin price and market cycles are peripheral factors in Vault’s provision of B2B solutions that integrate cryptocurrencies into traditional finance.

Which of Vault’s product solutions are currently experiencing the highest demand?

The Vault solution comprises three interconnected products, referred to as the “Holy Trinity”: payment cards, IBANs and cryptocurrencies. These products complement each other perfectly, satisfying different customer needs and preferences. Whether customers are crypto enthusiasts intrigued by the integration of cryptocurrencies into traditional banking or traditional finance users looking to explore cryptocurrencies, the synergy between cryptocurrencies and cards remains the focus.

For many customers, the appeal lies in the ability to use cryptocurrencies and payment cards at the same time, facilitating convenient cryptocurrency spending on the go. Additionally, the geographic reach of our services sets us apart from the competition, as we offer global payment card services in over 200 countries. Unlike region-specific providers, our approach prioritizes global accessibility, allowing customers to think beyond local borders and tap into international markets.

Consider a company based in the Philippines, where remittances play a vital role due to the large number of foreign workers. While the company’s focus may be local, a significant portion of its user base resides outside of the Philippines. With Vault’s global card program, individuals can seamlessly transfer funds between countries, revolutionizing cross-border transactions. This use case exemplifies the unprecedented convenience our platform offers, overcoming geographic barriers and simplifying financial interactions around the world.

In essence, while cryptocurrencies serve as the foundation, the main attraction lies in the seamless integration between cryptocurrencies and payment cards on a global scale, transcending regional limitations.

Vault recently became part of an ecosystem, Choise.ai, along with Choise.com, both founded by the same team. Could you tell us more about it?

Time and Choise.comtogether with some other projects, they form an interconnected project Choose.ai ecosystem, where each project provides distinct services that complement each other seamlessly. Vault, essentially born out of Choise.com, leverages the platform’s foundations to offer a range of financial services tailored to the needs of businesses. As a result, Vault shares its revenue with Choise.com, recognizing its vital role in Vault’s existence and collaborating on various aspects such as customer support and vendor management.

Despite being separate entities, Vault and Choise.com operate in tandem, each with their own focus. Rather than simply funneling revenue into the Choise.com ecosystem, the goal is to improve integration between the two businesses by encouraging users to support both systems. This symbiotic relationship creates a virtuous cycle, where users of one platform are incentivized to interact with the other, fostering mutual benefit and growth.

Additionally, the Choise.ai ecosystem extends beyond Vault and Choise.com, incorporating entities like Charism.io, a DeFi earnings protocol. While Charism faced challenges during its launch, its technology remains relevant and will be integrated into Vault’s services for white label customers. This integration further strengthens the ecosystem, as users familiar with DeFi environments can introduce new customers to Vault’s offerings.

In summary, the collaboration between Vault, Choise.com and other entities exemplifies a harmonious partnership with Choise.ai aimed at mutual growth through lead generation and motivation programs, creating a dynamic and interconnected ecosystem.

CHO serves as the backbone of Choise.ai, and, we hear, Vault plans to share up to 20% of its revenue with CHO holders. Can you confirm whether the company has already signed numerous multi-million dollar contracts and acquired over 50 customers? Because if all this is true, the community must be full of anticipation.

Vault offers a complete ecosystem for white label customers, who then provide these services to their end users. Our income commission structure ensures mutual success for both the white label client and Vault. Creating a new customer involves a lot of preparatory work, although our streamlined system speeds up the process.

While other vendors may charge setup fees ranging from $50,000 to $250,000, Vault’s fee structure is closely aligned with industry standards. At a comparable price, Vault offers a full suite of solutions, including IBAN accounts, cryptocurrency custody and exchange functions, in addition to payment cards.

Each client agrees to enter into a minimum three-year contract to facilitate mutual growth. Additionally, customers must meet a minimum subscription fee of around $10,000 per month, ensuring their commitment to the platform.

With each customer on board, Vault expects to generate an additional $360,000 in revenue over a three-year period. However, the potential revenue exceeds this baseline, as evidenced by customers ordering tens of thousands of cards in advance.

Customers have the flexibility to add a margin to Vault’s fees, allowing them to generate additional revenue. Vault’s rapidly expanding customer base, currently standing at approximately 50 customers with an additional five or more joining monthly, presents significant revenue potential, with some customers expected to exceed $400,000 in monthly revenue.

Active user engagement generates revenue, with each active user generating an average of $20 per month. With a sizeable user base, the earning potential can reach millions per month.

Up to twenty percent of this revenue will go to Choise.ai for platform support, benefiting CHO token owners through rewards and loyalty programs. This revenue sharing model increases the attractiveness of the overall ecosystem.

Speaking of tokens, Vault is launching their own token, VLT, in less than 60 days, right? What will its use cases be?

The new token, VLT, differs from traditional tokens. It cannot be purchased, has no presale discounts, and is not available on decentralized exchanges for early acquisition. Instead, it is closely tied to a rewards program tied to CHO infrastructure and Choise.ai. CHO, conceived as an earnings token, still maintains its core value proposition, albeit in an evolving landscape where stability has been disrupted by market changes such as Luna and FTX.

While CHO remains primarily an earnings token, the focus now extends beyond just earnings. VLT aims to be an active token used by users. By engaging in various activities on the platform, users can earn rewards, not limited to staking but also transactions made with Visa cards, lending activities and other actions similar to traditional reward programs in the financial industry.

The VLT token is dynamic and adapts to evolving user behaviors and ecosystem needs. Usage of the token will be closely tied to the success of Vault and usage patterns within the Choise.ai ecosystem. We may also activate various rewards programs that may vary monthly, encouraging beneficial actions for users. Finally, although initially linked to the CHO, its scope extends to various actions, subject to continuous evolution and refinement.

Can you perhaps give us some indication of the things you are currently working on and which will be announced in the coming period? We heard about a market…

I mentioned the three main products, the “Holy Trinity” of Vault: cards, bank accounts and cryptocurrencies. However, there is more to offer. Our goal is to provide customers with a granular approach to the services they want. For example, within Choise.ai, users can save and stake cryptocurrencies to earn rewards. It makes sense to integrate these features into the Vault ecosystem. However, not everyone may want a savings account. So, let’s introduce a market. Here one or two providers offer various services such as rewards programs and trading platforms. Customers can opt in or out based on their needs. This ensures personalization without overwhelming users. Our goal is to replicate the full functionality of apps like WeChat or Alipay, but with customizable features. While maintaining the core functions, we offer additional features tailored to customer preferences.

to know more interviews here.

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We are the editorial team of FinCrypt, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypt, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News

FinCrypt Staff

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DeFi Lending Protocol Nexo Allocates $12 Million for Ecosystem Incentives — TradingView News

Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.

Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific CORZbut no financial details were disclosed.

JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.

“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.

The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.

Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.

In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.

“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.

Analysts say similar deals to follow could further validate Block’s reputation in the industry.

But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.

Block shares have lost nearly 17% this year.

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This Thursday’s US Consumer Price Index could be a game-changer for cryptocurrencies!

FinCrypt Staff

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This Thursday's US Consumer Price Index could be a game-changer for cryptocurrencies!

3:30 PM ▪ 4 minute read ▪ by Luc Jose A.

This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.

The Consumer Price Index: The Cornerstone of the American Economy

The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.

The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.

Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?

Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.

Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.

According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.

Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.

Enhance your Cointribune experience with our Read to Earn program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning rewards.

Click here to join “Read to Earn” and turn your passion for cryptocurrencies into rewards!

Avatar of Luc Jose A.Avatar of Luc Jose A.

Luke Jose A.

A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.



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Crowd Expects Bitcoin Bounce Suggests Further Losses, As RCO Finance Resists Crash

FinCrypt Staff

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Crowd Expects Bitcoin Bounce Suggests Further Losses, As RCO Finance Resists Crash

Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.

As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!

RCO Finance challenges the market crisis

RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.

As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.

The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.

Read on to learn more about this tool and other exciting features of RCO Finance!

Bitcoin Bounces Amid Impending Crash

Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.

On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.

In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”

Enjoy seamless investing on RCO Finance

RCO Finance is making investing easier and easier, democratizing access to high-level tools and cryptocurrency earnings that were once reserved for professional and institutional investors. It has also prioritized accessibility, allowing investors of all levels to easily navigate its features through its intuitive interface.

Additionally, they can also maintain anonymity and privacy as the platform has no KYC requirements. To build trust, the platform has instead emphasized regular smart contract audits by respected security firm SolidProof.

Performance data shows massive adoption, indicating that it is doing its job effectively. Investors can also capitalize on RCO Finance’s fast transaction speeds and incredibly low transaction fees, with leverage options up to 1000x to further optimize their portfolios and maximize returns.

Leverage RCO Finance’s pre-sale earnings

An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.

RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.

RCOF tokens are currently available at an altcoin price of $0.01275 in progress Pre-sale Phase 1. This is likely the lowest price these coins will ever trade at, as they are expected to increase exponentially with each new presale phase.

With RCOF expected to be $0.4 at launch, investors jumping in now can expect a Return 30x on their investment!

For more information on RCO Finance (RCOF) presale:

Visit RCO Finance Pre-sale

Join the RCO Financial Community

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.



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Bitget Ranks Third Among Cryptocurrency Exchanges by Capital Inflows in Q2

FinCrypt Staff

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bitget

Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.

In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.

The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.

This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.

According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.

Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.

The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.

Sports Sponsorships and New Products

Gracy Chen, Source: LinkedIn

Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”

In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.

The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.

The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.

In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).

Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.

In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.

The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.

This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.

According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.

Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.

The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.

Sports Sponsorships and New Products

Gracy Chen, Source: LinkedIn

Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”

In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.

The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.

The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.

In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).

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