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How to choose a secure DeFi wallet, explained

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How to choose a secure DeFi wallet, explained
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What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.n”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:676,”description”:”DeFi wallets provide users with a gateway into the world of decentralized finance; the only caveat is finding the one that best supports a user’s financial goals”,”author”:{“id”:1347,”title”:”Sarah Jansen”,”url”:”sarah-jansen”,”twitter”:””,”google_plus”:””,”photo”:”https://s3.cointelegraph.com/storage/uploads/view/87b0b4c392f9abc8f9ad3be57cacdbfd.jpg”,”gender”:”female”,”description”:”Sarah Jansen is a seasoned marketing professional and cryptocurrency enthusiast. After graduating with a Bachelors Degree in Marketing from the University of Calgary, she began writing for a number of cryptocurrency news sites and exchanges. She continues to share her passion for writing through her work in the DeFi, FinTech and IoT space.”,”facebook”:””,”email”:””,”linkedin”:””,”created_at”:”2021-08-16 14:46:18″,”updated_at”:”2021-10-20 16:04:34″,”deleted_at”:null,”avatar”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy84N2IwYjRjMzkyZjlhYmM4ZjlhZDNiZTU3Y2FjZGJmZC5qcGc=.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL3NhcmFoLWphbnNlbg==”,”relativeUrl”:”https://cointelegraph.com/authors/sarah-jansen”,”user_id”:1347,”language_id”:1,”name”:”Sarah Jansen”,”desc”:”Sarah Jansen is a seasoned marketing professional and cryptocurrency enthusiast. After graduating with a Bachelors Degree in Marketing from the University of Calgary, she began writing for a number of cryptocurrency news sites and exchanges. She continues to share her passion for writing through her work in the DeFi, FinTech and IoT space.”,”seo_title”:””,”seo_description”:””,”enabled”:1,”show_in_authors”:0,”show_in_experts”:0},”category_id”:65,”audio”:”https://s3.cointelegraph.com/audio/77334.5fb1ed29-7007-4531-9982-33b3ee013efa.mp3″,”tags”:[{“name”:”Cryptocurrencies”,”uri”:”/tags/cryptocurrencies”,”super”:0,”page_title”:”Cryptocurrencies News”},{“name”:”Wallet”,”uri”:”/tags/wallet”,”super”:0,”page_title”:”Wallet News”},{“name”:”DeFi”,”uri”:”/tags/defi”,”super”:1,”page_title”:”DeFi News”}],”tag_title”:”DeFi”,”date”:”4 HOURS AGO”,”badge”:{“title”:”Sponsored”,”label”:”default”},”qty”:56,”stats_pixel”:”“,”stats_pixel_url”:”https://zoa.cointelegraph.com/pixel?postId=77334&regionId=1″,”shares”:4,”infographic”:false,”sponsored”:false,”explained”:true,”press_release”:false,”show_referral”:false,”social_description”:””,”social_translators”:{“clipboard_popup_label”:”Link copied”,”socialWechatFooterError”:”WeChat error”,”socialWechatFooterText”:”WeChat share”,”socialWechatHeaderText”:”WeChat share”},”social_shares”:{“post_id”:77334,”post_url”:”https://cointelegraph.com/explained/how-to-choose-a-secure-defi-wallet-explained”,”post_titles”:{“normal”:”How to choose a secure DeFi wallet, explained”,”twitter”:”How to choose a secure DeFi wallet, explained”},”post_text”:{“normal”:”How to choose a secure DeFi wallet, explained”,”twitter”:”How to choose a secure DeFi wallet, explained https://cointelegraph.com/explained/how-to-choose-a-secure-defi-wallet-explained via @cointelegraph”},”accounts”:{“twitter”:”@cointelegraph”}},”socials”:{“facebook”:{“url”:”https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained”,”count”:null,”short”:”fb”,”fa”:”facebook”},”twitter”:{“url”:”https://twitter.com/intent/tweet?text=How+to+choose+a+secure+DeFi+wallet%2C+explained https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained via @cointelegraph”,”count”:null,”short”:”tw”,”fa”:”twitter”},”telegram”:{“url”:”https://telegram.me/share/url?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained &text=How+to+choose+a+secure+DeFi+wallet%2C+explained”,”count”:null,”short”:”tg”,”fa”:”paper-plane”},”whatsapp”:{“url”:”https://api.whatsapp.com/send?text=How+to+choose+a+secure+DeFi+wallet%2C+explained&href=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained”,”count”:null,”short”:”wu”,”fa”:”whatsapp”},”gplus”:{“url”:”https://plus.google.com/share?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained”,”count”:null,”short”:”gplus”,”fa”:”google-plus”},”reddit”:{“url”:”https://www.reddit.com/submit?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained&title=How+to+choose+a+secure+DeFi+wallet%2C+explained”,”count”:null,”short”:”reddit”,”fa”:”reddit-alien”},”linkedin”:{“url”:”https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fhow-to-choose-a-secure-defi-wallet-explained&title=How+to+choose+a+secure+DeFi+wallet%2C+explained”,”count”:null,”short”:”li”,”fa”:”linkedin”}},”hide_disclaimer”:false,”elink”:”https://safepal.io/”,”etitle”:”Partnership Material”,”elogo_x2″:”https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy85MmVmMTYyM2UxNTI4YjQ2NGMxNDVlNDNiZWQ0ZmNmOS5wbmc=.png”,”elogo_x1″:”https://images.cointelegraph.com/images/260_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy85MmVmMTYyM2UxNTI4YjQ2NGMxNDVlNDNiZWQ0ZmNmOS5wbmc=.png”,”elogo_svg”:false,”content”:[{“id”:2907,”post_id”:77334,”title”:”What is DeFi?”,”content”:”

DeFi refers to decentralized finance, which covers the overarching concept of eliminating financial intermediaries and provides value in the provision of more extensive use cases for blockchain technology.nn

DeFi is the short form of “decentralized finance,” an overarching term for the variety of products and simplified services that disrupt the financial industry by removing all intermediaries. The blockchain inspires the concept to ensure that all transactions are held in a copy of the distributed ledger, guaranteeing that there is no single source in control of the information. nn

Perhaps the key reason for the rapid growth in the DeFi concept is its use for payment transfers to extend to more complex scenarios. Some of the most known use cases include stablecoins, open lending platforms, yield farming, staking and decentralized exchanges. For users, these applications allow for higher interest rates than are offered in traditional banks and fewer barriers requirements for taking out a loan.nnn”,”created_at”:”2021-12-06 12:16:40″,”updated_at”:”2021-12-06 12:25:41″,”sort”:1,”translations”:{“id”:2900,”explained_post_id”:2907,”title_en”:”What is DeFi?”,”content_en”:”

DeFi refers to decentralized finance, which covers the overarching concept of eliminating financial intermediaries and provides value in the provision of more extensive use cases for blockchain technology.nn

DeFi is the short form of “decentralized finance,” an overarching term for the variety of products and simplified services that disrupt the financial industry by removing all intermediaries. The blockchain inspires the concept to ensure that all transactions are held in a copy of the distributed ledger, guaranteeing that there is no single source in control of the information. nn

Perhaps the key reason for the rapid growth in the DeFi concept is its use for payment transfers to extend to more complex scenarios. Some of the most known use cases include stablecoins, open lending platforms, yield farming, staking and decentralized exchanges. For users, these applications allow for higher interest rates than are offered in traditional banks and fewer barriers requirements for taking out a loan.nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2021-12-06 12:16:40″,”updated_at”:”2021-12-06 12:25:41″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:2908,”post_id”:77334,”title”:”How can users get started in the DeFi world?”,”content”:”

Accessing decentralized finance products and services starts with a gateway, more commonly known as a DeFi wallet.nn

To help users get access to some of these features, DeFi wallets become key. While traditionally, these wallets were complex to use and slow to operate, they are now becoming more streamlined and easier for new users to navigate than ever before. As the core to DeFi, wallets allow users to access new financial products as a cryptocurrency gateway to Web 3.0, thereby providing freedom, transparency and ownership of a user’s assets.nnn”,”created_at”:”2021-12-06 12:17:13″,”updated_at”:”2021-12-06 12:25:41″,”sort”:2,”translations”:{“id”:2901,”explained_post_id”:2908,”title_en”:”How can users get started in the DeFi world?”,”content_en”:”

Accessing decentralized finance products and services starts with a gateway, more commonly known as a DeFi wallet.nn

To help users get access to some of these features, DeFi wallets become key. While traditionally, these wallets were complex to use and slow to operate, they are now becoming more streamlined and easier for new users to navigate than ever before. As the core to DeFi, wallets allow users to access new financial products as a cryptocurrency gateway to Web 3.0, thereby providing freedom, transparency and ownership of a user’s assets.nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2021-12-06 12:17:13″,”updated_at”:”2021-12-06 12:25:41″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:2909,”post_id”:77334,”title”:”What is a DeFi wallet?”,”content”:”

A DeFi wallet is a solution that provides users with complete ownership over their assets and is positioned as one of the safest storage methods available today.nn

As an access point, a DeFi wallet provides users with a solution that leaves the power completely in the hands of their owner. This contrasts greatly with a traditional bank, which retains control of all of the user’s assets in its holdings and requires user verification and other related information to do so.nn

DeFi wallets eliminate the need for a third party, a concept that further revolutionizes the financial industry. Looking at DeFi wallets generally, most operate as Web 3.0 wallets with compatibility on the Ethereum (ETH) blockchain (although this may vary).nn

Other similarities across these wallets include their compatibility with DeFi applications and their position as a key-based solution requiring users to retain responsibility for the safekeeping of their private key. DeFi wallets also operate with a non-custodial background, ensuring only the wallet owner has access to the funds.nn

For these reasons, DeFi wallets are among the safest solutions on the market. However, their security becomes a product of the user, who then may find themselves out of luck if they lose their login information.nnn”,”created_at”:”2021-12-06 12:17:47″,”updated_at”:”2021-12-06 12:25:41″,”sort”:3,”translations”:{“id”:2902,”explained_post_id”:2909,”title_en”:”What is a DeFi wallet?”,”content_en”:”

A DeFi wallet is a solution that provides users with complete ownership over their assets and is positioned as one of the safest storage methods available today.nn

As an access point, a DeFi wallet provides users with a solution that leaves the power completely in the hands of their owner. This contrasts greatly with a traditional bank, which retains control of all of the user’s assets in its holdings and requires user verification and other related information to do so.nn

DeFi wallets eliminate the need for a third party, a concept that further revolutionizes the financial industry. Looking at DeFi wallets generally, most operate as Web 3.0 wallets with compatibility on the Ethereum (ETH) blockchain (although this may vary).nn

Other similarities across these wallets include their compatibility with DeFi applications and their position as a key-based solution requiring users to retain responsibility for the safekeeping of their private key. DeFi wallets also operate with a non-custodial background, ensuring only the wallet owner has access to the funds.nn

For these reasons, DeFi wallets are among the safest solutions on the market. However, their security becomes a product of the user, who then may find themselves out of luck if they lose their login information.nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2021-12-06 12:17:47″,”updated_at”:”2021-12-06 12:25:41″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:2910,”post_id”:77334,”title”:”What should users consider in their DeFi wallet?”,”content”:”

Picking the right DeFi wallet comes down to selecting a solution that supports the right assets and products while offering user’s a minimum level of security, simplicity, guidance and convenience.nn

The number of DeFi wallets continues to increase, making it more difficult for users to determine which one is the best for them. Therefore, it becomes crucial for users to carefully weigh their options before making a selection. Among the most important considerations is the assets that the wallet supports, as naturally, not every wallet will support the asset a user is looking to hold.nn

The secondary consideration comes down to a reputation for security. Does the provider take the necessary steps to ensure the safety of its user? Furthermore, users will want to consider the types of products they would like access to; as mentioned earlier, while some solutions provide accessibility to staking and yield farming, others may not. After answering some of these preliminary concerns, questions of usability must be considered.nn

The way the market for DeFi stands, users are still met with a lack of knowledge on the industry, how to get started, and more intricate details, including how to use a multi-asset LP token, manage transactions on a decentralized exchange (DEX) or navigate new solutions and techniques. nn

For this reason, new users will especially want to consider the question of simplicity, namely, if the process set up by the wallet provider is streamlined to help users with concerns about the time, energy and cost to use these solutions. Finally, the question comes down to convenience and the ease at which users can access the necessary tools they need to be successful.nnn”,”created_at”:”2021-12-06 12:18:31″,”updated_at”:”2021-12-06 12:25:41″,”sort”:4,”translations”:{“id”:2903,”explained_post_id”:2910,”title_en”:”What should users consider in their DeFi wallet?”,”content_en”:”

Picking the right DeFi wallet comes down to selecting a solution that supports the right assets and products while offering user’s a minimum level of security, simplicity, guidance and convenience.nn

The number of DeFi wallets continues to increase, making it more difficult for users to determine which one is the best for them. Therefore, it becomes crucial for users to carefully weigh their options before making a selection. Among the most important considerations is the assets that the wallet supports, as naturally, not every wallet will support the asset a user is looking to hold.nn

The secondary consideration comes down to a reputation for security. Does the provider take the necessary steps to ensure the safety of its user? Furthermore, users will want to consider the types of products they would like access to; as mentioned earlier, while some solutions provide accessibility to staking and yield farming, others may not. After answering some of these preliminary concerns, questions of usability must be considered.nn

The way the market for DeFi stands, users are still met with a lack of knowledge on the industry, how to get started, and more intricate details, including how to use a multi-asset LP token, manage transactions on a decentralized exchange (DEX) or navigate new solutions and techniques. nn

For this reason, new users will especially want to consider the question of simplicity, namely, if the process set up by the wallet provider is streamlined to help users with concerns about the time, energy and cost to use these solutions. Finally, the question comes down to convenience and the ease at which users can access the necessary tools they need to be successful.nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2021-12-06 12:18:31″,”updated_at”:”2021-12-06 12:25:41″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:2911,”post_id”:77334,”title”:”Which wallets are worth considering?”,”content”:”

The SafePal wallet is designed to address simplicity with a consolidated dashboard and cross-chain swapping features to support users with staking, amongst other earning opportunities.nn

SafePal is providing users with a solution that operates as a completely non-custodial decentralized crypto asset management platform. The solution comprises a software and hardware wallet for users both simply and conveniently, targeting users who are still reluctant to participate in DeFi.nn

The SafePal wallet is designed with a simplified dashboard that guides users to a series of DeFi pools without having to navigate through an overwhelming amount of DApps, prior to staking. Alongside staking are the platform’s features for auto-compounding in SafePal Earn, which will give users an additional opportunity to save money and earn passive income on all their cryptocurrency assets.nn

With the SafePal wallet, users will no longer use centralized exchange solutions or go through the standard centralized account registration process. Instead, users can take advantage of the SafePal cross-chain Swap feature to ensure necessary assets can be easily swapped for staking. Furthermore, an LP maker is natively built on the SafePal wallet and will create the necessary tokens for staking pools.nn

Currently, the team has noted several achievements over the past year, including the launch of a token on Binance Launchpad and the solution reaching the position as the number one tokenized hardware wallet, with over 2 million monthly active users.nn

Learn more about Safepalnn

n

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice. nnnn”,”created_at”:”2021-12-06 12:20:00″,”updated_at”:”2021-12-06 12:25:41″,”sort”:5,”translations”:{“id”:2904,”explained_post_id”:2911,”title_en”:”Which wallets are worth considering?”,”content_en”:”

The SafePal wallet is designed to address simplicity with a consolidated dashboard and cross-chain swapping features to support users with staking, amongst other earning opportunities.nn

SafePal is providing users with a solution that operates as a completely non-custodial decentralized crypto asset management platform. The solution comprises a software and hardware wallet for users both simply and conveniently, targeting users who are still reluctant to participate in DeFi.nn

The SafePal wallet is designed with a simplified dashboard that guides users to a series of DeFi pools without having to navigate through an overwhelming amount of DApps, prior to staking. Alongside staking are the platform’s features for auto-compounding in SafePal Earn, which will give users an additional opportunity to save money and earn passive income on all their cryptocurrency assets.nn

With the SafePal wallet, users will no longer use centralized exchange solutions or go through the standard centralized account registration process. Instead, users can take advantage of the SafePal cross-chain Swap feature to ensure necessary assets can be easily swapped for staking. Furthermore, an LP maker is natively built on the SafePal wallet and will create the necessary tokens for staking pools.nn

Currently, the team has noted several achievements over the past year, including the launch of a token on Binance Launchpad and the solution reaching the position as the number one tokenized hardware wallet, with over 2 million monthly active users.nn

Learn more about Safepalnn

n

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice. nnnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2021-12-06 12:20:00″,”updated_at”:”2021-12-06 12:25:41″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}}],”is_partner_material”:true,”commentsSection”:{“schemaEntityUrl”:”//cointelegraph.com/explained/how-to-choose-a-secure-defi-wallet-explained”,”list”:[],”amount”:0,”i18n”:{“addComment”:”Add a comment…”,”amountOnePostfix”:”Comment”,”amountPostfix”:”Comments”,”cancel”:”Cancel”,”delete”:”Delete”,”edit”:”Edit”,”errorBig”:”Comment text cannot be longer than 2000 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Here are 3 software wallets for storage, staking and swapping”,”lead”:”“Not your keys, not your coins” is short for “Don’t leave your crypto on exchanges.” Here are three soft wallets that are trusted by millions of investors.”,”leadfull”:””,”category_id”:89,”category_url”:”https://cointelegraph.com/category/market-analysis”,”category_title”:”Market Analysis”,”author_url”:”https://cointelegraph.com/authors/jordan-finneseth”,”author_hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL2pvcmRhbi1maW5uZXNldGg=”,”author_title”:”Jordan Finneseth”,”author_img”:”https://images.cointelegraph.com/images/32_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xYjUxM2M1ZTc0Y2NlNTFmMWMxOGM1OTYzNWVjNDExMS5qcGc=.jpg”,”date”:”DEC 03, 2021″,”flash_date”:”DEC 03, 2021″,”sponsored”:false,”press_release”:false,”sponsored_label”:”Sponsored”,”explained”:false,”badge”:{“title”:”Market Analysis”,”label”:”info”},”published”:{“date”:”2021-12-03 23:05:00.000000″,”timezone_type”:3,”timezone”:”Europe/London”},”stat_uniqs”:21348,”rss_date”:”Fri, 03 Dec 2021 23:05:00 +0000″,”publishedW3″:”2021-12-03T23:05:00+00:00″,”show_referral”:true,”isMagazine”:false}]}” :shares=”{“facebook”:{“url”:”https://www.facebook.com/sharer/sharer.php?u=%URL%”,”icon”:”facebook”,”title”:”Facebook”,”sizesAllowed”:[{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”xs”,”label”:”Smartphones”,”breakpoint”:”> 480px”},{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}]},”telegram”:{“url”:”https://t.me/share/url?url=%URL%&text=%TEXT%”,”icon”:”telegram”,”title”:”Telegram”,”position”:3,”status”:true,”sizesAllowed”:[{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}]},”linkedin”:{“url”:”https://www.linkedin.com/shareArticle?mini=true&url=%URL%&title=%TITLE%”,”icon”:”linked-in”,”title”:”LinkedIn”,”position”:5,”status”:true,”sizesAllowed”:[{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}]},”copy”:{“url”:”%URL%”,”icon”:”copy”,”position”:7,”title”:”Copy Link”,”sizesAllowed”:[{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}],”status”:true},”whatsapp”:{“url”:”https://wa.me/?text=%TITLE% %URL%”,”icon”:”whats-app”,”title”:”Whatsapp”,”sizesAllowed”:[{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}],”position”:6,”status”:true},”reddit”:{“url”:”https://www.reddit.com/submit?url=%URL%&title=%TITLE%”,”icon”:”reddit”,”title”:”Reddit”,”sizesAllowed”:[{“size”:”xxs”,”label”:”Extra small devices”,”breakpoint”:” 480px”},{“size”:”sm”,”label”:”Small tablets”,”breakpoint”:”> 768px”},{“size”:”md”,”label”:”Medium devices”,”breakpoint”:”> 992px”},{“size”:”lg”,”label”:”Large devices”,”breakpoint”:”> 1200px”}],”position”:4,”status”:true}}” is=”ExplainedPostPage”>

DeFi refers to decentralized finance, which covers the overarching concept of eliminating financial intermediaries and provides value in the provision of more extensive use cases for blockchain technology.

DeFi is the short form of “decentralized finance,” an overarching term for the variety of products and simplified services that disrupt the financial industry by removing all intermediaries. The blockchain inspires the concept to ensure that all transactions are held in a copy of the distributed ledger, guaranteeing that there is no single source in control of the information. 

Perhaps the key reason for the rapid growth in the DeFi concept is its use for payment transfers to extend to more complex scenarios. Some of the most known use cases include stablecoins, open lending platforms, yield farming, staking and decentralized exchanges. For users, these applications allow for higher interest rates than are offered in traditional banks and fewer barriers requirements for taking out a loan.

Accessing decentralized finance products and services starts with a gateway, more commonly known as a DeFi wallet.

To help users get access to some of these features, DeFi wallets become key. While traditionally, these wallets were complex to use and slow to operate, they are now becoming more streamlined and easier for new users to navigate than ever before. As the core to DeFi, wallets allow users to access new financial products as a cryptocurrency gateway to Web 3.0, thereby providing freedom, transparency and ownership of a user’s assets.

A DeFi wallet is a solution that provides users with complete ownership over their assets and is positioned as one of the safest storage methods available today.

As an access point, a DeFi wallet provides users with a solution that leaves the power completely in the hands of their owner. This contrasts greatly with a traditional bank, which retains control of all of the user’s assets in its holdings and requires user verification and other related information to do so.

DeFi wallets eliminate the need for a third party, a concept that further revolutionizes the financial industry. Looking at DeFi wallets generally, most operate as Web 3.0 wallets with compatibility on the Ethereum (ETH) blockchain (although this may vary).

Other similarities across these wallets include their compatibility with DeFi applications and their position as a key-based solution requiring users to retain responsibility for the safekeeping of their private key. DeFi wallets also operate with a non-custodial background, ensuring only the wallet owner has access to the funds.

For these reasons, DeFi wallets are among the safest solutions on the market. However, their security becomes a product of the user, who then may find themselves out of luck if they lose their login information.

Picking the right DeFi wallet comes down to selecting a solution that supports the right assets and products while offering user’s a minimum level of security, simplicity, guidance and convenience.

The number of DeFi wallets continues to increase, making it more difficult for users to determine which one is the best for them. Therefore, it becomes crucial for users to carefully weigh their options before making a selection. Among the most important considerations is the assets that the wallet supports, as naturally, not every wallet will support the asset a user is looking to hold.

The secondary consideration comes down to a reputation for security. Does the provider take the necessary steps to ensure the safety of its user? Furthermore, users will want to consider the types of products they would like access to; as mentioned earlier, while some solutions provide accessibility to staking and yield farming, others may not. After answering some of these preliminary concerns, questions of usability must be considered.

The way the market for DeFi stands, users are still met with a lack of knowledge on the industry, how to get started, and more intricate details, including how to use a multi-asset LP token, manage transactions on a decentralized exchange (DEX) or navigate new solutions and techniques. 

For this reason, new users will especially want to consider the question of simplicity, namely, if the process set up by the wallet provider is streamlined to help users with concerns about the time, energy and cost to use these solutions. Finally, the question comes down to convenience and the ease at which users can access the necessary tools they need to be successful.

The SafePal wallet is designed to address simplicity with a consolidated dashboard and cross-chain swapping features to support users with staking, amongst other earning opportunities.

SafePal is providing users with a solution that operates as a completely non-custodial decentralized crypto asset management platform. The solution comprises a software and hardware wallet for users both simply and conveniently, targeting users who are still reluctant to participate in DeFi.

The SafePal wallet is designed with a simplified dashboard that guides users to a series of DeFi pools without having to navigate through an overwhelming amount of DApps, prior to staking. Alongside staking are the platform’s features for auto-compounding in SafePal Earn, which will give users an additional opportunity to save money and earn passive income on all their cryptocurrency assets.

With the SafePal wallet, users will no longer use centralized exchange solutions or go through the standard centralized account registration process. Instead, users can take advantage of the SafePal cross-chain Swap feature to ensure necessary assets can be easily swapped for staking. Furthermore, an LP maker is natively built on the SafePal wallet and will create the necessary tokens for staking pools.

Currently, the team has noted several achievements over the past year, including the launch of a token on Binance Launchpad and the solution reaching the position as the number one tokenized hardware wallet, with over 2 million monthly active users.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

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Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

Bitcoin (BTC) indicators are showing several short-term bullish signals above a strong support level, making a breakout above resistance a likely scenario.

Since Jan 8, BTC has been trading slightly above the $41,500 mark. Despite slipping to a local low of $39,650 on Jan 10, it bounced immediately and created a very long lower wick. This shows a great deal of buying pressure at this level.

More importantly, both the RSI and MACD have generated significant bullish divergences (green lines). These divergences normally present before significant upward movements. 

If an upward move transpires, it’s likely to be met by resistance around $50,930. This target is both the 0.382 Fib retracement resistance level and part of a horizontal resistance area.

Short-term BTC movement

The six-hour chart shows that BTC has broken out from a descending resistance line and validated it as support after (green icon). 

After a brief rebound, BTC created a slightly lower low on Jan 19. This served to validate the $41,200 area as minor support. 

BTC is also following another descending resistance line (dashed) in the shorter term. A breakout above it would likely take the price to $45,850. This target is the minor 0.5 Fib retracement resistance level and a horizontal resistance area.

Finally, the two-hour chart shows that BTC is potentially trading inside a descending wedge, which is considered a bullish pattern. Currently, it’s approaching the end of this pattern which has been in place since Jan 13. 

Similar to the daily time frame, the RSI has generated a considerable bullish divergence, supporting the possibility of a breakout.

So, when taking into account the ample support just below the price and numerous bullish divergences, an eventual breakout seems like the most likely scenario. 

This is also in line with the short-term wave count.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Singapore crypto ATMs shut down after central bank crackdown

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Singapore crypto ATMs shut down after central bank crackdown

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

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Singapore crypto ATMs shut down after central bank crackdown

The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.

According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.

The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK advertiser ASA continues crypto ad banning spree

Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.

The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Turkey’s governing political party has discussed the upcoming crypto regulation in its first metaverse meeting.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. 

The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.

Physically, Elitaş attended the meeting from the parliament building, while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.

Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.

Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.

As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Öİleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future.

Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR

— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022

The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.

Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms

İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.

While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying, “We have absolutely no intention of embracing cryptocurrencies.”

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