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Wisly Wednesday Industry News

With the festive season in full swing, it’s been another fascinating week in the world of crypto, with some interesting developments that are sure to raise eyebrows amongst crypto enthusiasts. WhatsApp launches crypto payments in the US; Nuvei partners with VISA to release crypto-friendly debit cards; Shadow Myanmar government recognises Tether as official currency; and Switzerland’s biggest online bank launches crypto exchange.

WhatsApp launches crypto payments in the US

WhatsApp launches crypto payments in the US

December certainly has got better for WhatsApp users in the US as a selected few will be allowed to send and receive crypto within their WhatsApp chat. The new crypto payment feature will be powered by Novi, Meta’s latest digital wallet.

All crypto payments can be made using Pax Dollars (USDP) – a stablecoin pegged to the US Dollar – that is issued by the financial services company Paxos. USDP is regulated by the New York State Department of financial services.

Stephane Kasriel of Novi made the announcement via Twitter as he said, Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message.”

WhatsApp’s Will Cathcart followed up with a tweet of his own that said, “People use WA[Whatsapp] to coordinate sending money to loved ones, and now Novi will help them do that securely, instantly and with no fees.” He further explained that since Novi’s launch, they have been able to test and learn which features and functionalities are most important to users.

WhatsApp users can select the paper clip icon to access the feature and then choose the Payment option on the menu. Payments will be made instantly, and there will be no limits to the number of payments made.

Novi will not charge users any fees to maintain account balances or to transfer funds to a bank account. Moreover, this feature will not affect WhatsApp’s end-to-end encryption. While there has been no official news of who exactly qualifies to use this feature, it appears that those WhatsApp users in the US that are registered with Novi could be the lucky few.

Wisly will keep you up to date with the very latest on this.  

Nuvei partners with VISA to release crypto-friendly debit cards

Nuvei partners with VISA to release crypto-friendly debit cards

Global payment technology partner, Nuvei, has partnered with global payments giant, VISA, to release crypto-friendly debit cards. Through its subsidiary Simplex – a fintech company that offers fiat infrastructure to the crypto industry – Nuvei will allow partner firms to use crypto in places where VISA is accepted.

The crypto-friendly debit cards are planned to roll out to its partners in the UK as well as the European Economic Area, and Nuvei will use its EMI licence and VISA Principal Membership to make this possible.

CEO of Nuvei – Philip Fayer – was delighted at achieving such an important milestone as he said, “The branded VISA debit card is a huge asset to our partners and their users. Enabling the immediate and seamless spending of crypto earnings.” He explained that with this initiative, VISA plays a crucial role in growing the crypto industry – a move that has taken massive strides in closing the gap between crypto and traditional finance.

VISA’s Crypto Solutions Director for Europe – Nikola Plecas – was in an equally buoyant mood as he piped, “Awareness of cryptocurrencies has increased significantly amongst consumers across Europe, resulting in increased adoption as more people look to access crypto.” He expressed his delight in being part of such a historic project while also strengthening VISA’s partnership with Nuvei.

Thrilling news indeed, and Wisly will keep you posted on the very latest with this story.

Myanmar’s shadow government recognises Tether as official currency

Myanmar’s shadow government recognises Tether as official currency

In a fascinating development in the Far East, Myanmar’s shadow government, The National Unity Government (NUG) – led by former leader Aung San Suu Kyi – has officially recognised Tether as an official currency in the country.

In a surprise announcement on Monday by NUG’s finance minister – Tin Tun Naing – he said that Tether will now be available for domestic use to make it easy and speed up the current trade, services and payment systems. The NUG lost state power in February this year and fails to control any territory in the country – leading to a declaration of war on the current military government.

This latest move of embracing Tether as official currency is another clear rejection of the political authority claimed by Myanmar’s military government. While the Central Bank of Myanmar last year deemed all cryptocurrencies illegal in the country, the NUG appears to have made a u-turn in an effort to fund its operations – such drama!

Although not as structured as El Salvador’s crypto adoption earlier this year, the NUG hopes that the official introduction of Tether into their economy can revive their organisation’s efforts and attract more people to its cause. Watch this space for the very latest on this from Wisly. 

Switzerland’s biggest online bank launches crypto exchange

The biggest online bank in Switzerland, Swissquote, has announced exciting plans to launch its very own crypto exchange before the middle of 2022. The bank has shown a great willingness to facilitate trade in cryptocurrencies through its platform due to the crypto rush that has overwhelmed its customer service and compliance teams.

CEO of Swissquote – Marc Buerki – recently remarked that traditional banks have panicked in recent times, and those who are now warming to cryptocurrencies are a bit late to the party. However, all is not lost as the bank has great ambitions to be the leading provider of digital assets in the pristine European country.

In an effort to spearhead the crypto industry in Switzerland, Swissquote also wants to expand its crypto offering – including stablecoin and staking services. The demand for crypto in Switzerland has steadily risen, with the Swiss Stock Exchange recently launching a fully-licenced crypto exchange – SDX – to cater for crypto enthusiasts.

The sales manager of Swissquote – Jan de Schepper – was excited about the launch of the crypto platform in the first part of 2022 and said, “We want to enable more trading in various cryptocurrencies on the platform.” This is fantastic news for the region as the crypto wave continues to gather momentum. Wisly will keep you informed on the very latest with this.

2022-01-10T08:00:16+00:00December 16, 2021|Cryptocurrency Tracker|0 Comments

How do NFTs create value?

Non-fungible tokens, commonly referred to as NFTs, are digital tokens that are underpinned by blockchain technology and represent something unique or of a limited edition – the hottest thing on the crypto market. NFTs are primarily digital artworks whose origin and ownership can be easily verified through unique identifying codes.

NFTs are bought and sold online with cryptocurrency and allow people to tokenise things like art, collectibles, and real estate. They will only ever have one owner at a time, and that record of ownership can never be amended – making it a lucrative industry for those who want to sell unique digital assets online.

By creating NFTs, creators can verify its scarcity and authenticity to almost anything that is digital. Although there’s no guarantee that buying an NFT will bring you untold riches, they remain an extremely attractive investment option, especially for those investors who want to diversify their portfolios.

NFTs are a novel way to own possession in the virtual realm and can communicate social status and personal taste – sort of the digital equivalent to expensive physical items that one would normally buy. It, therefore, comes as no surprise that NFT’s recorded a transaction volume of over $3.4 billion in August this year – a clear indication of its growing popularity.

Different NFT Use Cases

nft use cases wisly

While NFTs are typically used as a certificate of authenticity for digital artworks, there has been a rapid evolution in the way that they are used – allowing access to VIP perks and exclusive content, rights to certain assets, and proving ownership. With that being said, let’s explore some exciting use cases of NFTs.

Location-Based

A new trend has emerged where visitors at famous locations have access to NFTs. Landmarks, museums, and galleries have started to realise how lucrative NFTs can be for both attendees and the location – pouncing on the opportunity to further their interests.

At the Bright Moments NFT Gallery, for instance, visitors were given access to mint a CryptoVenetian and subsequently received access to drops as well as exclusive benefits. This initiative proved to be productive as Venetians were made available on the secondary market with the largest sale amassing 20ETH – incredible!

Real Estate

Physical real estate opportunities leverage NFTs for greater efficiency and encourage new dawn for property ownership – trustless property titles. Property transfers are traditionally a time-consuming and labour-intensive affair that requires title management. By using blockchain technology and NFTs, real-world real estate companies can easily verify ownership history and check titles.

Things appear to be changing as NFTs are now connecting with physical properties to enable straightforward usage and easy collateral. Some real estate companies are now offering transaction platforms where each NFT comes with access to paperwork that is already ownership transferred – truly amazing!

In the virtual realm, digital real estate applications are increasing in popularity in games like Decentraland, where users create and buy virtual land – with the owners and original producers easily identifiable.

Virtual real estate NFTs can be exchanged on NFT marketplaces with transactions that are far more transparent and efficient than traditional real estate transactions. The details of virtual real estate owners are recorded on a decentralised ledger through an NFT as opposed to traditional title deeds.

Domain name ownership

By taking advantage of blockchain domain systems, owners have the ability to control their domains through the use of private keys. Blockchain domain NFTs allow for effortless trading and customisable domain names. In addition, blockchain domain names are recorded permanently on a public registry – meaning they cannot be altered or removed by third parties.

Supply chain and logistics

NFTs are particularly helpful in supply chain and logistics processes – especially when it comes to authenticating products, ensuring the quality of products, and verifying the origin of specific products. Therefore, it makes perfect sense to leverage NFTs for logistics applications when considering their transparency and immutability – a sure way to keep supply chain information reliable and authentic.

NFT technology drastically reduces counterfeiting, which helps trace the movement of goods throughout the supply chain lifecycle, assuring uniqueness. In addition, NFTs helps provide accurate information on materials and components for specific products for the automotive industry – a brilliant way to save on costs.

Music

Just as one can attach image or video files, musicians and artists can attach audio pieces to NFTs to create collectibles – akin to a first edition digital record. Through this, musicians and artists are able to profit from their content and won’t have to rely on third-party services to promote their work. Moreover, they can earn royalties whenever their work is resold to a new owner, while each owner will be able to trace that content back to its creator – unbelievable! 

Final Thoughts

When considering that the trading volume of NFTs surged in the third quarter of 2021 to $10.67 billion – a whopping 704% increase from the previous quarter – according to a recent report from analytics platform, DappRadar, there’s every reason to believe that NFTs will become more mainstream as blockchain technology evolves.

We haven’t even touched on the impact of NFTs on healthcare, sports, fashion, events and ticketing, to name a few – the possibilities are truly endless. With so much of our waking hours spent online, everybody will want to own their own unique digital assets to flaunt – perhaps for gaming, art, or simply to use in a metaverse somewhere – NFTs certainly appear to have a bright future and one that we all should be a part of.

You should approach NFT’s as you would with other cryptocurrency investments and proceed with an element of caution. Make sure to do your research and understand all the risks before committing to any NFT, and only commit funds that you are prepared to lose – in a worst-case scenario. Good Luck!

It is important to note that investing in NFT’s is a risky and highly speculative proposition. This article does not provide recommendations, advice or guidance regarding NFT investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions. We do, however, recommend established platforms like Wisly to monitor and analyse your NFT and cryptocurrency investments. 

2022-01-10T08:00:17+00:00December 10, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday Industry News

As the festive season kicks into gear, it’s been another fascinating week in the world of crypto with some food for thought that’s sure to spice up crypto conversations. Self-proclaimed Bitcoin creator prevails in court; Colombia’s largest bank offers crypto trading; Crypto exchange BitMart to compensate users after $150 million hack; and Croatian supermarket allows crypto payments.

Self-proclaimed Bitcoin creator prevails in court

bitcoin self proclaimed inventor

A Miami jury has cleared self-proclaimed Bitcoin creator and computer scientist Craig Wright on a recent dispute regarding 1.1 million Bitcoin in his possession. The dispute spilt over in a Florida trial where the estate of Wright’s former business partner, Dave Kleiman, claimed half of the Bitcoin cache – almost $54 billion – due to him being co-creator of Bitcoin.

In 2016, Wright claimed that he was Satoshi Nakamoto – a pseudonym for Bitcoin’s creator – who mined the 1.1 million Bitcoin and whose white paper “Bitcoin: Peer-to-Peer Electronic Cash System” described a framework of Bitcoin. However, that claim was disputed as Kleiman’s family argued that they both were business partners and that Wright stole the Bitcoin that stemmed from their relationship.

While the Miami jury cleared Wright of almost all issues in dispute, including half of the 1.1 million Bitcoin amassed, the jurors did award $100 million in intellectual rights to W&K Information Defense Research – a joint venture between Wright and Kleiman.

Wright was ecstatic with the verdict as he said, “This has been a remarkably good outcome, and I feel completely vindicated.” Andres Rivero – the lead lawyer representing Wright – was equally happy as he piped, “This was a tremendous victory for our side.”

The crypto community will be looking on with eagle eyes as they wait to see if Wright follows through on his promise to prove that he did, indeed, create Bitcoin. Keep an eye on Wisly for the very latest on this story.

Colombia’s largest bank offers crypto trading

Colombia’s largest bank offers crypto trading

Bancolombia, the largest bank in Colombia, will soon be offering cryptocurrency trading services to its clients. This initiative will be part of a pilot program run by the bank according to a regulatory framework created by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC).

In partnership with New York trust company and crypto exchange – Gemini – customers of Bancolombia will now be able to trade Bitcoin, Ether, Litecoin, and Bitcoin Cash from 14 December 2021. This collaboration is part of a strategic effort from Gemini to expand its operations in Latin America.

Gemini’s Principal of Strategy & Corporate Development – Cynthia Del Pozo Garcia – couldn’t contain her excitement as she announced, “Gemini and Bancolombia will launch a partnership to provide an initial cohort of customers of the Colombian bank a seamless on- and off-ramp to trade Bitcoin, Ether, Litecoin, and Bitcoin Cash through the Gemini exchange. Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto.”

This announcement comes following the SFC’s January promise for nine crypto initiatives to be allowed to test their products within the La Arenera regulatory sandbox in 2021. Keep an eye on Wisly’s blog for the very latest on this.

Crypto exchange Bitmart to compensate users after $150 million hack

Crypto exchange – BitMart – often billed as the most trusted crypto platform has promised to compensate users after a large-scale security breach, resulting in hackers getting their hands on cryptocurrency estimated to be between $150 – $200 million.

According to official reports, the breach was caused by a stolen private key, which then compromised two hot wallets. The disclosure of the hack came soon after crypto prices nose-dived over the weekend and were first revealed by the blockchain security company, PeckShield I. That information was confirmed soon after by BitMart themselves.

A BitMart statement said, “BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed. We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated.”

Wisly will keep you up to date on the very latest with this.

Croatian supermarket allows crypto payments

Croatia’s biggest supermarket chain – Konzum – has recently announced that all customers can now purchase from their online store with cryptocurrencies. This exciting initiative is a collaboration between Konzum and Croatian payment processor – Paycek – and came into effect on 1 December 2021, in time for the festive season.

Konzum customers are spoilt for choice with the option to use nine different cryptocurrencies on the store’s online platform. Holders of Bitcoin, Ether, Ripple, Stellar, DAI, EOS, Bitcoin Cash, Tether, and USD Coin can now splurge out. In order for customers to use their crypto, they need to scan a QR code after their items are added to their online cart.

In an effort to counter fluctuating crypto prices, Paycek guarantees the buyer a fixed exchange rate before the transaction takes place and provides customers with sufficient time for the successful execution of that payment. This crypto payment option is limited to online shopping purchases only, although plans are in place to introduce crypto payments at brick-and-mortar stores in the near future.

Uroš Kalinić from Konzum’s management team was delighted with the rollout as he said, “As the largest retail chain in Croatia, which in its almost 65-year history is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future.” Wisly will keep you on top of things with the latest developments. 

2022-01-10T08:00:17+00:00December 8, 2021|Cryptocurrency Tracker|0 Comments

The Best Cryptocurrency Wallets

With the number of crypto investors growing exponentially since the pandemic struck, there has been an increase in investment and trading, and a growing need for reliable cryptocurrency wallets so that investors can store their crypto securely. While investors may not have all the technical knowledge about cryptocurrency wallets, there are some fundamental elements that must be considered when choosing the right wallet.

When looking for a crypto wallet, it is important for investors to understand the type of storage on offer, the security protocols of that wallet, and how easy it is to use. In terms of safety, investors must know whether that specific wallet offers online (hot) or offline (cold) storage for your personal crypto key — the pin code that allows investors to access their funds. With that being said, we run through some of the finest crypto wallets on offer for 2021.

Best Crypto Wallets for 2021
Best for beginners: Exodus

Exodus is the most popular crypto wallet for new investors due to its ease of use and flexibility. It is a hot wallet that offers investors insight with live charts and a built-in exchange. Exodus users benefit from 24/7 customer support and have many options available with 145 supported cryptocurrencies on the platform.

Exodus is particularly suitable for desktop crypto traders who are attracted to its quick transaction speeds, ease of use, and wide range of functionality. While Exodus was initially available exclusively for desktop users, it has now expanded its offering for mobile users on Android and iOS. Moreover, users have the luxury of buying Bitcoin with Apple Pay.

Best for advanced Bitcoin users: Electrum

For those investors who invest and trade exclusively with Bitcoin, they need look no further than Electrum to store their bounty. Electrum is a hot wallet that has been the Bitcoin wallet of choice for many investors since 2011 — making it the most popular and oldest Bitcoin wallet in the industry.

Users are attracted to its rapid speed of transactions, ease of use and security protocols. This platform is created to provide unique, Bitcoin-specific security features that are head and shoulders above comparable crypto wallets. Users also have the ability to choose adjustable fees where they have the freedom to determine what their transaction fees will be — based on how long they are willing to wait for their transaction to be processed.

Best for mobile users: Mycelium

Mycelium is one of the most established crypto wallets and began as a mobile-only app. Due to its reputation, it remains an extremely popular option for mobile crypto storage on both iOS and Android. Users have the option of storing their crypto in either hot or cold storage — with offline storage not hindering a user’s ability to continue using the platform.

Mycelium users have the option to choose adjustable fees that are determined by how long they are willing to wait for the transaction to be processed. Mobile app users can benefit from an in-app exchange, trading and crypto learning resources. Although Mycelium primarily accommodates Bitcoin investors, the platform is also compatible with Ethereum and other ERC-20 tokens on the market.

Best for security: Trezor Model T

For those crypto investors who want the highest level of security from a crypto wallet, Trezor Model T is your solution. Trezor Model T is a cold storage platform that offers a user-friendly touchscreen that makes it easy and more intuitive to use while incorporating key enhancements from its predecessor, Trezor One wallet.

Trezor Model T can also boast of being the very first hardware wallet globally to implement Shamir Backup (SLIP39) that provides incredible levels of security in recovery seed — making it exceptionally easy for users to recover their wallet if they happen to lose their device. Cold storage is definitely the way to go for the ultimate protection of your funds, and Tezor Model T features on the top of the list in this category. Investors can expect to pay around $190 for the device.

Best bang for your buck: Ledger Nano S

Ledger Nano S is a fantastic cold storage wallet for those investors who are on a tighter budget. Investors are drawn to this storage platform due to its incredible range of compatibility options with over 1800 cryptocurrencies supported. This makes it perfect for those users who have highly-diverse portfolios and are looking to store a wide variety of altcoins in the same wallet.

Ledger Nano S wallet holders all have access to Ledger Live software, and the hardware includes a certified secure chip — CC EAL5+ — underscoring its commitment to secure storage for investors. Users can store up to three apps at a time and can expect to fork out around $60 for the device — perfect for those investors who are keeping a tight lid on their finances.

Final Thoughts

Whether you are a seasoned crypto investor or just starting out in the crypto game, it is vital that you choose reputable crypto wallets to safeguard your crypto portfolio. With cybercriminals becoming ever more brazen and creative, investors must not compromise when it comes to choosing a safe and secure crypto wallet.

While all the crypto wallets discussed above have excellent track records when it comes to safety and security, the choice is ultimately up to you when selecting your storage platform. Make sure to do your research before committing to a crypto wallet and always evaluate your personal circumstances to choose a crypto wallet that is most suitable. Good Luck!

It is important to note that investing in cryptocurrencies is a risky and highly speculative proposition. This article does not provide recommendations, advice or guidance regarding cryptocurrency investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions. We do, however, recommend established platforms like Wisly to monitor and analyse your crypto investments.

2022-01-10T08:00:17+00:00November 12, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday Industry News

The world of crypto never ceases to amaze us with another week filled with fascinating developments that are sure to keep crypto enthusiasts purring with delight.  Incoming New York mayor wants crypto to be taught at schools; Mastercard launches crypto payment cards in Asia-Pacific; Bank of England governor slams crypto assets; and Zimbabwe pushes ahead with Bitcoin adoption plans.

Incoming New York mayor wants crypto to be taught at schools

Incoming New York mayor wants crypto to be taught at schools

New York’s incoming mayor, Eric Adams, has ambitious plans to make New York City the epicenter of crypto and innovation – starting by opening up schools to teach cryptocurrency and blockchain technology. Adams is of the view that Bitcoin is the new way of paying for goods and services around the world, and he wants New York to be at the very heart of this. In light of this, he has encouraged schools to teach students about crypto and businesses in the city to accept Bitcoin and other cryptocurrencies.

An excited Adams said, “I want to send a signal. This city was the Empire State….This is the center of innovation, self-driving cars, drone development, cybersecurity, life sciences… And that is what we must do: open our schools to teach the technology and teach this new way of thinking when it comes down to paying for goods and services.”

Adams went one further by claiming on Twitter that he would take his first three paychecks as New York mayor in the form of Bitcoin. Responding to that, esteemed professor at Harvard University and former Chair of the Council of Economic Advisors – Jason Furman – stated, “Not only is this a bad economic strategy for New York City and a bad investment decision, but it also seems like a conflict of interest. Like a mayor announcing I’m buying Amazon stock and then going to put in place policies to benefit Amazon.”

As always, Wisly will keep you updated on the very latest with this story. 

Mastercard launches crypto payment cards in Asia-Pacific

Mastercard launches crypto payment cards in Asia-Pacific

Exciting times abound for Mastercard users in Asia-Pacific as the global payments giant has announced a new partnership with cryptocurrency service providers Amber, Bitkub and CoinJar to launch a historic first crypto-funded Mastercard payments card in the Asia-Pacific region.

Mastercard first announced its support for cryptocurrencies earlier this year in February, and this most recent development underscores its commitment to crypto users. With many merchants around the world already accepting Bitcoin and other cryptocurrencies, the decision to introduce a crypto-funded payments card became much easier for Mastercard.

Australian-based CoinJar and Thailand-based Amber Group, and Bitkub currently offer the crypto purchase and exchange services within their respective borders and are delighted to expand their offering by joining Mastercard’s global Crypto Card Program that allows cardholders to convert their crypto to fiat currency.

Mastercard’s Executive Vice President of Asia-Pacific – Rama Sridhar – beamed with delight as he said, Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative. Rather than directly transferring cryptocurrencies to a merchant, cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency which can be spent everywhere Mastercard is accepted around the world, both online and offline. Currency will always enter Mastercard’s network as traditional fiat currency.”

Sridhar added, “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money!” Wisly will keep you posted on the very latest.

Bank of England governor slams crypto assets

Bank of England governor slams crypto assets

Governor of the Bank of England – Andrew Bailey – has slammed crypto assets and raised concerns about how they potentially encourage illegal activities. He expressed his thoughts at a recent event where he claimed that the widespread acceptance of cryptocurrencies as a form of payment helped to aid the cause of scammers and cybercriminals.

Bailey was firm in his beliefs as he said, “I’m afraid that the advent of digital means of payment, and in particular crypto assets… is providing another means of payment for people who want to conduct criminal activity.” His comments echoed the sentiments of former deputy governor of the Bank of England – Jon Cunliffe – who was vocal in his push for tougher crypto regulations in the country. Cunliffe previously stated, “The crypto-world is beginning to connect to the traditional financial system and we are seeing the emergence of leveraged players. And, crucially, this is happening in largely unregulated space.”

Despite these comments, key players in the country’s financial industry were of the opinion that the Bank of England would buckle under pressure and succumb to the crypto wave by buying Bitcoin before it rises to $1 million per coin. Keep an eye on Wisly’s blog for the very latest on this.

Zimbabwe pushes ahead with Bitcoin adoption plans

Zimbabwe pushes ahead with Bitcoin adoption plans

Zimbabwe is pushing ahead with its plans to introduce Bitcoin as legal tender in the country in a move that mirrors El Salvador’s Bitcoin adoption earlier this year. With the global rate of crypto adoption sitting at all-time highs coupled with developing nations under pressure from high inflation, many countries with ailing economies are warming up to the idea of using Bitcoin as legal tender.

Zimbabwe is now amongst those countries that are assessing their crypto options and looking for new avenues to tap into its growth. A local publication in the Southern African country recently revealed that the government was exploring the option of Bitcoin adoption as legal tender in an effort to meet the growing demand and leverage the technology capabilities.

Zimbabwe’s Head of the Office of the President – Brigadier Colonel Charles Wekwete – let the cat out of the bag by indicating that the government had already held discussions with businesses in the region and was involving all core sectors to gain valuable insight before making changes to their financial system. Wekwete added that the government was looking at ways to regulate the crypto sector in order to protect investors and ensure that Zimbabwe’s financial future was secure.

Wisly will keep you posted on the latest developments with this story.

2022-01-10T08:00:17+00:00November 10, 2021|Cryptocurrency Tracker|0 Comments

How banks are embracing cryptocurrency

When cryptocurrencies were first introduced, banks and financial institutions across the globe were quick to dismiss them and sowed plenty of doubt to dissuade people from engaging with them. New York in 2014 was a classic example of this as financial regulators were looking at ways to control the growing wave of Bitcoin – a disruption to traditional financial institutions.

Initial skepticism from banks

Some executives at the biggest banks in Wall Street feared that regulating cryptocurrencies would indicate that these banks were legitimising them – something that could threaten the ecosystem of the finance industry and traditional banking systems.

Key figures in the banking industry were unequivocal in their disdain for cryptocurrencies, with JP Morgan’s CEO at the time – Jamie Dimon – describing Bitcoin as a terrible store of value that was intended to be used for illicit purposes. Moreover, the finance industry’s pre-eminent lawyer in the US – H Rodgin Cohen – warned New York’s regulators about the concern that the federal government expressed about Bitcoin and its use.

All this criticism was in vain, however, as New York’s Department of Financial Services viewed cryptocurrencies differently. In light of this, they started to issue licenses for Bitcoin businesses in 2015, marking a seismic shift from the traditional way of doing things. Such was the impact of that decision that today we now have more than 220 million cryptocurrency users globally, with that number rapidly growing each passing day. 

How banks embrace digital currencies today

While the initial resistance to Bitcoin from traditional financial institutions might have stemmed the tide, it certainly didn’t distract people from exploring digital assets and the plethora of opportunities on offer. The rise of Bitcoin attracted thousands of other cryptocurrencies to the market, together with fresh investments from investors all around the world – a nightmare manifesting for the world’s biggest banks.

With a stark realisation from the banks that cryptocurrencies were not going away anytime soon, banks and financial institutions suddenly found themselves swimming upstream in an effort to catch up with this new world filled with possibilities. Previous criticism was shelved as banks and financial institutions started to explore cryptocurrency offerings and implored regulators to create favourable crypto rules for them.

In a U-turn of epic proportions, bank representatives became critical of financial regulators who were not working quick enough to help banks regulate their crypto services and offering – inactions that were proving to be costly for banks across the globe as investors sought decentralised platforms.

Such an alternate financial world became a massive threat to the traditional financial model as crypto startups were offering loans and credit cards, facilitating cross-border payments, and enabling easy transactions without intermediaries. People appeared to be embracing digital currencies in their droves – in turn, hurting the pockets of banks and financial institutions globally.

With crypto regulations easing favourably in many countries, more and more banks and financial institutions are exploring the potential of blockchain technology and digital assets. Although it has taken time, banks and financial institutions around the world have started to extend their offering with crypto products and services that appeal to the needs of their customers – something they hope would help them to maintain their monopoly.

Many banks and financial institutions have even offered massive bonuses and incentives to attract crypto talent to their organisations – a move designed to better understand the crypto ecosystem and maximise their offering.

The future of banks and cryptocurrency

The crypto boom has become too large to stop with banks and financial institutions realising that they may get left in the cold if they ignore digital assets for much longer. El Salvador’s recent adoption of Bitcoin as legal tender in the country is evidence of how cryptocurrencies can integrate with traditional banking systems with the right support from government and financial regulators.

Zimbabwe is another country looking at introducing cryptocurrency services in the future, while many developing Central and South American countries are looking to emulate El Salvador’s crypto adoption. Countries like China and Nigeria have already introduced their own digital currencies to provide comparable products and services to cryptocurrencies, while many first world nations are looking to do the same.

JP Morgan’s digital currency, Onyx, is backed by the US Dollar and built on technology that mimics the structure of blockchain – further evidence that cryptocurrencies can successfully be integrated with traditional banking systems. Global giants like MasterCard and PayPal have also introduced cryptocurrency services as part of their offering – a move that has proven to be very successful with crypto investors. That’s without even mentioning the growing number of companies around the globe that are extending their offering to cryptocurrency users.

Final thoughts

It’s clear that cryptocurrencies are here for the long haul and while traditional financial institutions have taken time to warm up to these digital assets, they have seemingly swallowed their pride and embraced cryptocurrencies in an effort to appear more appealing to the rapidly growing number of crypto users globally.

The crypto industry and its underlying technology have become too big to ignore, something that traditional financial institutions are quickly adapting to. The future of cryptocurrencies integrating with traditional financial institutions certainly appears to be much brighter!

It’s important to note that investing in cryptocurrencies is a risky and highly speculative proposition. This article does not provide recommendations, advice, or guidance regarding cryptocurrency investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions. We do, however, recommend established platforms like Wisly to monitor and analyse your crypto investments. 

2022-01-10T08:00:17+00:00November 5, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday Industry News

It’s been another fascinating week in the world of crypto with some eye-catching news that’s sure to raise some eyebrows amongst crypto enthusiasts. Venezuelan authorities clamp down on illegal Bitcoin miners; Brazilian investment bank extends offering with crypto services; Australian Police seize $1.2 million in crypto from Sydney hacker; and Top American University accepts crypto for tuition fees. 

Venezuelan authorities clamp down on illegal Bitcoin miners

Officials in Venezuela have seized over a hundred Bitcoin mining machines from illegal crypto miners operating from a residential area in one of the country’s central states. The Bitcoin mining farm was in operation without the necessary permits required for such activities – in accordance with the country’s cryptocurrency watchdog, Sunacrip.

The seizure was led by authorities from Venezuela’s power company, national police, and officials from Sunacrip who raided the illegal operation in the suburb of Miranda situated in central Venezuela. According to reports, the crypto mining farm was easy to locate as it was draining the power distribution system in the area – prompting an investigation to check for unreported crypto mining activities.

While crypto mining is legal in Venezuela, miners must acquire specific permits that are issued by Sunacrip, which are designed to protect the electrical grid from collapsing. Upon the raid, authorities proceeded to dismantle the crypto farm and confiscate the mining equipment. The raid serves as a warning to those crypto miners that are performing their activities illegally in the country. Authorities hope that this would now encourage illegal crypto miners to apply for mining permits to continue with their activities.

Wisly will keep you in the loop with the very latest. 

Brazilian investment bank extends offering with crypto services

Popular Brazilian investment bank, BTC Pactual, has recently announced the rollout of a new crypto-trading app that allows users to trade in cryptocurrencies for direct crypto investments. The revolutionary app – Mynt – has elevated the bank’s status in Brazil as BTC Pactual is now the first investment bank to allow its customers to invest directly in cryptocurrencies.

Mynt enables users to trade in Bitcoin and Ethereum while measures are in place to add more cryptocurrencies to the list. Head of Virtual Assets of BTC Pactual – Andre Porthilo – was delighted with the new product offering, stating that the bank wanted to fulfil the needs of its customers amidst growing crypto interest in the country.

Since El Salvador’s recent Bitcoin adoption as legal tender, more countries in Central and South America are warming up to crypto adoption. In light of this, BTC Pactual wants to provide an educational platform that trains its customers on cryptocurrencies, their underlying technology, and how cryptocurrencies benefit users in everyday life.

BTC Pactual has assured its customers that their Mynt app is regulated by the Brazilian Central Bank and its SEC, making customers more comfortable with using the app knowing that top bodies are regulating it.

As always, Wisly will get you up to speed on the latest with this story.

Australian Police seize AU$1.2 million in crypto from Sydney hacker

Police in Australia have discovered around AU$1.2 million in cryptocurrency during an investigation on a hacker in Sydney. In a joint operation with the FBI, Australian police arrested a hacker who had supposedly stolen Netflix and Spotify subscriptions which he then sold at a much cheaper price to third parties online.

The 23-year-old hacker from Sydney was in cahoots with an American national and worked under the radar to steal the login details of streaming service customers. The Australian Federal Police was tipped off by the FBI, who advised that the hacker was using an account generator website – WickedGen.com – to sell stolen account details for online subscription services.

Upon being caught, the Supreme Court of New South Wales ordered that the convicted hacker should forfeit the proceeds of his devious crimes to the country – a large portion of which was AU$1.2 million worth of cryptocurrencies. The investigation also uncovered that the hacker operated three other similar websites.

The Criminal Assets Confiscation Taskforce (CACT) in the country was responsible for obtaining restraining orders over all of the hackers’ accounts – crypto, bank and PayPal – all of which bore false names that the hacker owned. The seizure of AU$1.2 million in crypto is the highest forfeiture of its kind in a Commonwealth country. 

Australian Home Affairs Minister – Karen Andrews – was ecstatic with efforts to apprehend the thief as she said, Good work by the AFP has seen a criminal stripped of their ill-gotten gains, and this money redirected to enhancing the safety and security of communities right around Australia.”

Keep an eye on Wisly for the very latest on this story.

Top American University accepts Bitcoin for tuition fees

One of the leading business schools in the US – The Wharton School of the University of Pennsylvania – has recently announced that it will be accepting Bitcoin as well as other cryptocurrencies from students who want to pay their tuition fees. This exciting development sent shockwaves across the region as excited students now have another option to clear off their student debt.

The crypto payment adoption at the University is limited, however, to a new course – Economics of Blockchain and Digital Assets – that is due to start on 3 January 2022 at the business school. It is expected to run over a period of six weeks where students will learn more about the potential use cases of cryptocurrencies, NFTs and CBDCs. Tuition fees for this course equates to $3,800, and students will be able to settle their fees with Ether, USDC or Bitcoin.

Academic Director for the program – Professor Kevin Werbach – beamed with delight as he said, “We designed this program for business professionals and executives from a range of backgrounds, including traditional finance, management, and tech. We hope to equip business leaders, consultants, and entrepreneurs to identify the value drivers of these innovative technologies and to give them the practical understanding to build solutions.”

Wisly will keep you up to speed with the latest development on this story.

2022-01-10T08:00:17+00:00November 3, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday Industry News

Another tantalising crypto week has bitten its way through October with some tasty tit-bits for crypto enthusiasts to digest. Mastercard partners with Bakkt to offer crypto; Tom Brady offers fan 1 Bitcoin for returning 600th TD ball; PayPal-owned Venmo expands crypto services; and momentum builds for a world-first crypto island. 

Mastercard partners with Bakkt to offer crypto

Crypto users in the US have been given a boost as Mastercard has announced a partnership with popular fintech company – Bakkt. The move will enable thousands of merchants and banks onto its extensive payments network in the US and will now offer cryptocurrency services and solutions.

Bakkt hopes to expand the company’s ecosystem of crypto partners that will allow for crypto-as-a-service and provide its customers with quick and easy access to digital asset capabilities. Customers, in turn, will have the ability to spend their cryptocurrency rewards at retailers on Mastercard’s network.

Moreover, customers will now be able to buy, sell and hold digital assets through custodial wallets that operate on Bakkt’s digital asset platform. Soon after the announcement, Mastercard’s stock gained 1% and sat on $361.2 per share, while Bakkt shares shot up by 40% to $12.80 per share.

Mastercard’s executive vice president – Sherri Haymond – was ecstatic as she said, MasterCard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day. Together with Bakkt and grounded by our principled approach to innovation, we will not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences.”

Wisly will keep you updated on the very latest. 

Tom Brady offers fan 1 Bitcoin for returning 600th TD ball

tom brady offer fan 1 bitcoin

Things couldn’t get any better for avid Tampa Bay Buccaneers fan – Byron Kennedy – when Tampa Bay receiver, Mike Evans, handed him the ball that was used for Tom Brady’s 600th career touchdown pass. While Kennedy was tempted to keep the ball that would have guaranteed him a six-figure fortune at an auction, he selflessly chose to return the ball to Brady.

In an act of gratitude for Kennedy’s gesture, the NFL superstar gifted him with a personalised package that included three signed jerseys and 2022 season tickets. If that wasn’t enough, Brady revealed Kennedy’s biggest reward live on ESPN as he said that the die-hard fan would be given 1 Bitcoin as well – valued at over $62,000 at the time.

Brady became the first player in NFL history to go over 600 passing touchdowns and will cherish his historic touchdown ball, while Kennedy will undoubtedly enjoy his handsome crypto reward together with all the adulation that comes his way from across the globe – incredible!

Wisly will keep you in the loop with up-to-the-minute action.

PayPal-owned Venmo expands crypto services

venmo expands crypto services

Venom wallet – owned by PayPal – has recently announced exciting plans to expand crypto services to its customers. Venmo’s app is commonly used to pay and request money from people without cash. Hot off the heels of PayPal’s crypto adoption, Venmo has now decided to broaden its horizon by offering cryptocurrency services.

One notable feature is the introduction of a cashback to crypto option that enables users to convert their cashback into crypto automatically and efficiently. The roll-out of these extended crypto services only supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash for now – although more options are being explored.

Customers typically earn cashback rewards when they purchase at selected Venmo merchants with their Venmo Mastercard Debit or Credit cards. Users must enable this feature on their app before qualifying to use the feature. Users must navigate to the Credit Card section of the app and select Rewards before choosing the crypto option of their choice. This is certainly a step in the right direction as more companies warm up to crypto adoption.

Keep an eye on Wisly’s blog for the latest on this story.

Momentum builds for world-first Crypto Island

crypto island

Crypto Island – a historic project to buy and decentralise a private island – has gathered momentum as its incorporation has finally become official. This blockchain-based project was initiated by its community and plans to offer crypto enthusiasts and investors an opportunity to co-own the world’s first decentralised private island – amazing!

Crypto Island will now form a legally independent entity that will fall under the name of Crypto Island Group Incorporated. Essentially, the incorporation will operate as the token user in a highly complex company structure that is created to make tokenising the ownership of the island a reality.

CEO of Crypto Island – Dan Bouwer – couldn’t contain his excitement as he said, Extremely proud to announce we’ve succeeded in finding a way of making decentralized living possible! With this, we will be globally recognized as an official company and the first ever to make tokenizing ownership of land and properties legally possible.”

Wisly will keep you informed every step of the way.

2022-01-10T08:00:17+00:00October 27, 2021|Cryptocurrency Tracker|0 Comments

Wisly Spotlight Series: Polkadot

As we head into November, we continue with the next edition of Wisly’s Spotlight Series where we explore one of the most electrifying altcoins on the market – Polkadot.  With such fantastic growth and incredible potential to improve, it’s clear why so many investors are choosing Polkadot to diversify their investment portfolios. Read on as we discover what makes Polkadot so attractive.

What is Polkadot?

what is polkadot wisly blog

Polkadot is an open-source sharding multi-chain platform that allows interoperability amongst many different blockchains. This is possible through the innovative use of cross-chain transfers of data or asset types. The aim of this interoperability is to create an entirely decentralised and private web where its users have complete control. Moreover, it aims to simplify the development of new applications, services and institutions.

Its native token is DOT and is considered a large-cap cryptocurrency with a market cap of more than $43 billion. It has a circulating supply of over 987 million DOT and a unit price of $44 flush at the time of writing. Polkadot was founded by the Web3 Foundation in Switzerland by Dr Gavin Wood, Robert Habermeier and Peter Czaban.

Polkadot has the ability to process multiple transactions across many different chains in parallel – thus improving its scalability. Its network is extremely flexible and highly adaptable and allows for information to be easily shared amongst users. Polkadot can be automatically upgraded without using a fork to remove bugs or implement new features. It operates on a nominated proof-of-stake mechanism for enhanced security.

Upcoming Polkadot projects

polkadot projects

The exciting thing about Polkadot is that there is continuous development on the network, with some fantastic projects underway.

STP Network (STPT)

With this project, the STP network introduces support for cross-chain asset tokenisation as well as new financial products across multiple blockchains – all without high bridging fees and substantial over collateralisation.

Shadows (DOWS)

Shadows acts as a financial hub that enables users to trade, lend and borrow derivative assets. Its native token – DOWS – serves as a rewards and utility asset, thus opening a plethora of opportunities.

Ternoa (CAPS)

Polkadot’s innovative technology powers Ternoa – an NFT –based decentralised data transmission blockchain that offers decentralised storage and extended owner privileges for NFTs, amongst others.

Celer Network (CELR)

Celer is a layer-2 scaling platform application that is looking at maximising opportunities on Polkadot and other blockchains. Its developers continue to set the standard when it comes to Celer’s layer-2 scaling and development.

Upcoming Parachain launch

parachain polkadot launch

The Polkadot ecosystem is buzzing as the 12th auction on Kusama commences this Saturday, 23 October 2021. Polkadot will certainly have a massive part to play in proceedings with its parachains. These parachains are advanced next-gen blockchains that form a diverse ecosystem of independent platforms that aim to improve the limitations of legacy networks.

With parachain auctions, Polkadot leases a slot on the relay chain for up to 96 weeks at a time. These parachain slots are assigned by an on-chain auction, and the winner of the auction locks up a bond in DOT for the duration of the lease.

Of the $80 million that flowed into cryptocurrency funds in the past week, $3.6 million was dedicated to Polkadot products. Moreover, CEO Gavin Wood recently announced that $774 million would be made available for a DeFi development fund – making Polkadot a top choice amongst institutions at the event.

Final thoughts

Polkadot is a highly reputable altcoin that has enjoyed incredible growth in 2021. Considering the many exciting projects on the horizon, there is plenty of potential and amazing opportunities to explore with Polkadot – making it a very attractive option for investors.

Considering the turbulence experienced by the crypto market throughout the year, Polkadot’s resilience in navigating such choppy waters indicates that it plans to be here for the long haul. With that being said, Polkadot is certainly an eye-catching option to explore when looking to diversify your crypto portfolio.

It is important to note that investing in Polkadot is a risky and highly speculative proposition. This article does not provide recommendations, advice or guidance regarding Polkadot investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions. We do, however, recommend established platforms like Wisly to monitor and analyse your Polkadot and cryptocurrency investments. 

2022-01-10T08:00:17+00:00October 22, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday Industry News

It’s been another whirlwind week in the world of crypto, with some fascinating developments that are sure to raise a few eyebrows. Canadian city plans to generate heat using Bitcoin; Zimbabwe considers crypto adoption; Arizona real-estate now available for crypto purchase; and Crypto romance scam targets iPhone users.

Canadian city plans to generate heat using Bitcoin

The city of North Vancouver plans to be the first city in the world to be heated by Bitcoin – courtesy of a unique partnership from two big hitters in the industry. The city is exploring the idea of using Bitcoin mining to heat buildings – an innovative way to redirect excess heat created by computational efforts of Bitcoin mining operations. Considering the negative environmental impact caused by Bitcoin mining, authorities in the city have been exploring ways to make crypto mining more sustainable by recovering and repurposing waste heat generated from mining activities.

MintGreen – a Canadian cleantech crypto mining company – will partner with the Lonsdale Energy Corporation (LEC) to supply this excess Bitcoin heat to North Vancouver residents from 2022. The partnership was recently announced by MintGreen’s CEO, Colin Sullivan, and aims to address the issue of climate change and ways to mitigate it.

MintGreen’s digital boilers recover more than 96% of the electricity that it uses for Bitcoin mining in the form of heat energy – the very energy that it plans to redirect to sustainably heat communities and service industrial processes. It is anticipated that the recovered energy will heat 100 residential and commercial buildings that service over 150,000 people.

Through this initiative, an estimated 20,000 metric tons of greenhouse gases per megawatt will be prevented from entering the atmosphere – incredible! CEO of Lonsdale Energy Corporation – Karsten Veng – was ecstatic as he said, “Being partners with MintGreen on this project is very exciting for LEC, in that it’s an innovative and cost-competitive project, and it reinforces the journey LEC is on to support the city’s ambitious greenhouse gas reduction targets.”

Wisly will keep you up to date on the very latest on this story.

Zimbabwe considers crypto adoption

Hot on the heels of El Salvador’s Bitcoin adoption earlier this year, another developing nation is hoping to follow suit with something similar. Zimbabwe is looking into crypto adoption in the country amidst a crumbling economy. In a move that would see Bitcoin introduced legally, Zimbabwe’s finance minister – Mthuli Ncube – recently stated that it is impossible to ignore cryptocurrencies, with an estimated 30% of the country’s younger population said to be active crypto investors and traders.

According to recent reports, the finance minister has hinted that specific concessions may be offered to cryptocurrencies in an effort to promote their use amongst Zimbabweans. Authorities view cryptocurrencies as an investment asset as opposed to a currency, so the crypto adoption may operate differently in the Southern African country.

Ncube appeared optimistic as he said, “Our view is that we do not want it to be a currency. I want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone.”

He added that the government has already started the process to regulate crypto and was excited to reveal, “We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe, where the idea and everything is being tested in a safe, regulated environment where it will then migrate to this safe Victoria Falls environment.”

Keep an eye on Wisly’s blog for the latest developments on this. 

Arizona real-estate now available for crypto

Two Arizona real-estate companies have recently announced that some of their properties are now available for purchase with cryptocurrencies. Both the Hudye Group and Russ Lyon Sotheby’s have made public their intention to sell four luxury condominiums in Scottsdale, Arizona – with cryptocurrencies as an option for purchase.

The four condos range in price from $1.6 million to $2 million and have been gathering a fair amount of interest since the announcement. Chairman of the Hudye Group – Ben Hudye – appeared in a buoyant mood as he said, “I think we’re breaking new ground. It’s extremely exciting and I can understand why people have been involved in it for as many years as they have.”

Johnathon De Young of Russ Lyon Sotheby’s backed Hudye Group’s chairman as he said, “Hudye realises Bitcoin, Ethereum and digital assets, in general, are becoming mainstream asset class.” There has been a growing interest in the property market from investors who want to purchase digital assets.

One such resident from Arizona, Ryan Nichols, recently bought a home in the region using Bitcoin. He admits that one of the reasons for buying his $2 million home with Bitcoin was to prove that cryptocurrency is a viable option. In Nichols’ opinion, he recommends more people start looking into purchasing property with their crypto.

Wisly will keep you posted on the very latest with this story.

Crypto romance scam targets iPhone users

A new crypto romance scam that targets iPhone users is said to have raked in millions of dollars, according to new research by cybersecurity firm Sophos. Cyber-criminals appear to be operating an international crypto-trading scam that targets lonely hearts with active profiles on popular dating apps, Bumble and Tinder.

While hackers initially targeted Asian iPhone users, their network of victims has expanded to iPhone users in the US and Europe. The scam – dubbed CryptoRom by Sophos researchers – is heavily reliant on social engineering at almost every stage. Sophos uncovered one Bitcoin wallet controlled by hackers that contained almost $1.4 million in cryptocurrencies – allegedly collected from the victims.

Senior threat researcher at Sophos – Jagadeesh Chandraiah – expressed concern as he explained, “First, the attackers post convincing fake profiles on legitimate dating sites. Once they’ve made contact with a target, the attackers suggest continuing the conversation on a messaging platform. They then try to persuade the target to install and invest in a fake cryptocurrency trading app. At first, the returns look very good but if the victim asks for their money back or tries to access the funds, they are refused and the money is lost.”

Besides stealing money, cyber-criminals could also gain access to the victims’ iPhones – leaving users in a very precarious position – giving hackers access to their personal information. Sophos recommends that iPhone users should only install apps from the Apple App Store. Furthermore, they caution users of being too trusting to strangers on online dating apps – especially in instances where there are financial offers that are too good to be true.

Wisly will keep you updated on the very latest with this story.

2022-01-10T08:00:18+00:00October 20, 2021|Cryptocurrency Tracker|0 Comments
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