Cryptocurrency businesses worldwide are continuing to integrate fiat onramps into their operations in an effort to make it easier for customers to jump into crypto. United Kingdom-based cryptocurrency lending startup Celsius Network has launched in-app crypto purchases via a new partnership with Simplex, according to a Feb. 18 announcement. Simplex, a popular fiat-to-crypto payments provider servicing major crypto exchanges like Binance, will now unlock direct crypto purchases for Celsius app users. Celsius clients will now be able to buy cryptocurrencies like Bitcoin (BTC) and Ether (ETH) via credit or debit cards. Similar to other Simplex-powered fiat onramps, the new feature …

Decentralized finance (DeFi) proponents are taking a hard hit after decentralized lending protocol bZx saw two successful hacks just days apart with losses totalling around $954,000. According to bZx’s report, the protocol was compromised for the first time on Feb. 14, when the team was at the ETHDenver industry event. The second attack, according to industry news outlet The Block, took place on Feb. 18. The first attack’s procedure The attacker used multiple DeFi protocols to lend and swap significant quantities of Ether and wrapped Bitcoin (WBTC) — a token on the Ethereum blockchain that tracks the price of Bitcoin …

Litecoin Foundation is partnering with Cred to offer interest on Litecoin (LTC) collateral, a Feb. 10 press release announced. Cred customers can lock their coins with the provider to earn up to 10% annual percentage rate. Thanks to the strategic partnership, LTC holders will be able to lend their cryptocurrency at lucrative rates, similar to the various decentralized finance (DeFi) solutions on Ethereum. To benefit from the interest, a commitment of six months is required, with monthly interest payments in either fiat or cryptocurrency. Other Cred partners such as Bitcoin.com, Uphold and BitBuy will also facilitate the credit process. Alan …

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California-based fintech company Figure Technologies has completed its $103 million funding round led by cryptocurrency asset manager Morgan Creek Digital. In conjunction with closing the Series C round, the blockchain-focused firm announced that Morgan Creek co-founder Anthony Pompliano had joined Figure’s board, according to a press release on Dec. 5. The news comes three days after Figure secured $58 million of the planned $103 million, according to its filing with the United States Securities and Exchange Commission. According to the new announcement, Figure Technologies’ total funding now exceeds $225 million, while its valuation amounts to $1.2 billion. MUFG’s VC arm …

Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph. Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin (BTC) prices, a 93% increase from the $2.2 billion reported on Aug. 1, 2019. A fast-growing lending network The company also claims $450 million in customer deposits and collateral from loans under management, which represents a 50% increase from $300 million on Aug. 1 this year. Furthermore, Celsius also reveals it paid its users …

United Kingdom-based cryptocurrency data and wallet provider Blockchain.com is reportedly on track to lend out more than $120 million this month. On Nov. 14, the Block reported that Blockchain.com has been quietly building its loan desk to be competitive with firms like Genesis Global Trading and BlockFi. CEO of Blockchain.com, Peter Smith, said that his lending business initially started out by making loans to other cryptocurrency lending firms on a “case-by-case basis.” While the company lent out around $10 million in new loans during the month of August, by the end of November the firm is expected to be on …

Global banking regulator the Basel Committee on Banking Supervision (BCBS) is working to establish how much capital lenders should hold to cover the risks generated by dealing with cryptocurrencies. Business Reporter published the news on Nov. 7 that the Basel Committee — which includes banking regulators from the United States, Europe and Japan — agreed to publish a paper on the prudential treatment of crypto assets. At the end of a two-day meeting in Madrid, the committee said that banks should take into consideration the riskiness of cryptocurrencies when considering crypto asset exposure: “The Committee reiterated its view that the …

The institutional digital asset lending firm Genesis Capital released its Q3 report, which shows a growing demand for cash and stablecoin lending. On Oct. 30, Genesis Capital, a spin-off of over-the-counter cryptocurrency broker Genesis Global Trading, reported that the crypto lending firm saw a sustained growth in the lending business in the third quarter of 2019, where they added $870 million in new originations, breaking the previous record of $746 million set in Q2 2019. Cash and stablecoin loans are in demand The official report noted that at the end of Q3 cash loans showed a significant increase in the …

Cryptocurrency exchange Binance has announced the launch of the eighth phase of its lending product on Oct. 7. In this phase, Binance will start offering 14-day fixed-term lending products. The subscribers will be accepted on a first-come, first-served basis. The subscription period begins on Oct. 10 and ends on Nov. 10, while interest will be paid immediately after the term matures. An annualized percentage yield of 10% The digital assets included in the program are Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), EOS, Ethereum Classic (ETC), Ether (ETH), Chainlink (LINK), Tether (USDT) and XRP. The annualized percentage yield on …

Blockchain company Spring Labs will be developing a national property lien registry for four financing providers in the United States. Combat fraud and enhance identity validation In an Oct. 1 press release, Spring Labs announced that it was selected by the Property Assessed Clean Energy (PACE) financing providers to create a registry to track property liens in the $5.6 billion energy-efficient loan market. The Spring Protocol, which is being developed by Spring Labs, will reportedly make it possible for financial institutions to exchange identity, fraud and risk information among themselves, without revealing additional consumer data in order to provide loans …

Binance exchange will feature three new coins within the fifth phase of its crypto lending product available for subscription starting from Sept. 20. Same interest rate for all 3 coins After initially launching its Binance Lending Service on Aug. 28, Binance will now allow users to lend assets and earn interest with three major altcoins, including privacy-focused coin Monero (XMR), Zcash (ZEC) and Dash (DASH). Fifth phase of Binance Lending Service. Source: Binance Similarly to the initial phase, lending products on the fifth phase on the platform will have a 14-day fixed-term lending period after subscription from Sept. 20 to …