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Tag: easier

  • There’s now a cheaper, easier way for your friends and family in Mexico to cash out the crypto you send them | by Coinbase | Feb, 2022

    There’s now a cheaper, easier way for your friends and family in Mexico to cash out the crypto you send them | by Coinbase | Feb, 2022

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    Coinbase

    By Shilpa Dhar, VP of Product, and Moheeth Alvi, Lead Product Manager, Payments

    • Introducing an instant, convenient way for your friends and family in Mexico to cash out the crypto you send them.
    • Initially, recipients in Mexico will be able to cash out crypto in local currency at over 37,000 locations across the country, or save the crypto they’ve received in their Coinbase account.

    In 2020, immigrants and expats from around the world sent approximately $700 billion from the US to their family and friends back in their home countries, according to the World Bank. But many challenges exist with today’s traditional cross border payment offerings: sender fees can reach up to 6–7%, and recipients can only receive funds as cash in their local currency so they don’t have an option to save, grow, or protect their funds from losing purchasing power due to currency depreciation.

    Coinbase has long presented a way to instantly send crypto (including stablecoins such as USDC) to family and friends anywhere in the world for free, and to allow recipients to invest in any of the 100+ cryptocurrencies that we support. Today, we’re introducing the ability for recipients in Mexico to cash out their crypto holdings in their local currency. The lower price of sending and cashing out crypto and flexibility in how to store funds will allow recipients to keep even more of their money.

    Instantly Send Funds And Cash Out

    Here’s how it works: customers today can already instantly send crypto to recipients in Mexico directly from their Coinbase app. Once sent, the recipient will receive a notification and can immediately view the crypto balance in their Coinbase account. From there, the recipient can choose to cash out or save the funds in their Coinbase account. If they choose to cash out any part of their balance, they can generate a redemption code from their Coinbase app that can be used to receive cash at 37,000 physical retail outlets and convenience stores located across Mexico. If they choose to keep their funds on Coinbase, they can simply hold the crypto asset they received or convert and invest their balance in any of the 100+ cryptocurrencies that Coinbase supports. That includes USDC, a stablecoin pegged to the US Dollar, which will help the recipient hedge against any devaluation of their local currency.

    Free through March 31st

    Coinbase customers in Mexico will be able to cash out their crypto using this new service free of charge through March 31, 2022. After that date, customers will be charged a nominal fee that’s still 25–50% cheaper than traditional cross border payment solutions.

    We recognize this is a global issue. And while we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges.

    Coinbase’s mission is to increase economic freedom around the world, and this new product is core to enabling that mission. We want to make it fast and easy for users to send crypto to anyone in the world, and allow recipients to participate in the cryptoeconomy. We’re just getting started.

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  • 40,000 member players guild raises $6M to make P2E gaming easier

    40,000 member players guild raises $6M to make P2E gaming easier

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    Play It Forward DAO (PIF DAO) has kicked off 2022 by announcing it has raised $6 million from private investors, only six months after launching.

    The DAO includes a guild of over 40,000 players and 3,000 scholars across the Philippines and Indonesia, all of which are managed via a play-to-earn (P2E) scholar management program.

    Currently, the DAO has players across several notable Metaverse P2E games, including Axie Infinity, Thetan Arena, Pegaxy, and Dragonary.

    Co-founder Cholo Maputol told Cointelegraph that the funds will be used to scale the DAO’s scholarship programs, scale up its P2E board platform, and finance some early-stage investments in P2E games and infrastructure projects.

    “PIF DAO’s objective is not to take a larger piece of the pie, but to grow the pie and increase rewards for players.”

    In a Jan. 2 announcement, the DAO stated that the fundraising round represents its next phase of “building a platform that will transform Play-to-Earn into a Plug-and-Play experience for more guilds and players globally.”

    Maputol explained to Cointelegraph that P2E gaming can be inaccessible to many players because it requires a lot of technical know-how to get started such as setting up a wallet and purchasing tokens.

    “We want to build an ecosystem that abstracts all that away so any manager or player can get started in play-to-earn seamlessly (plug-and-play).”

    Major investors who signed up to the table included Signum Capital, which has also backed other notable projects including Polkadot and Ren.

    Other partners who signed up included Kyber Ventures, UOB Venture Management, Jump Capital, GBV, LD Capital, Great South Gate, Octava, 975 Capital, Arcane Group, Tokocrypto, AU21, Double Peak Group, Faculty Group, NxGen, DWeb3 Capital, GSR, SL2 Capital, and Mintable.

    Related: Play-to-earn games are ushering in the next generation of platforms

    Kyber founder Loi Luu stated that they had “confidently invested in PIF because of their unique guild gaming system, which can drive value to the Play-to-Earn economy as a whole,” before adding:

    “We believe the P2E movement will continue strong, and onboard tens of millions of new users to the Metaverse.”

    PIF DAO was previously known as Railings University, before changing its name in December 2021.

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  • Hackers keep getting smarter, but protecting your crypto is easier than you think

    Hackers keep getting smarter, but protecting your crypto is easier than you think

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    Cybersecurity awareness month is coming to a close, but good security hygiene is a smart investment all year round. As crypto becomes more mainstream, cybercriminals who target crypto holders are also getting more creative and persistent. That’s why Coinbase’s security team has put together a simple guide for protecting your crypto and all the other valuable data you store online. Here are the takeaways.

    1. Use a password manager. Humans are really bad at remembering passwords, which is why too many of us choose simple phrases and repeat them across multiple websites. Password managers (like 1password and Dashlane) generate strong, secure passwords and store them for you — no memorization required. Use one. (Want to see if your passwords have been exposed by a known data breach? Check out haveibeenpwned.com.)
    2. Enable 2-factor authentication (2FA). 2FA can protect an account even if a hacker steals your password. There are several types of 2FA, ranging from less secure (SMS-based, where a verification code is sent via text message) to more secure (an app that generates verification codes like Google Authenticator) to most secure (a hardware security key like a Yubikey). We strongly recommend choosing a stronger method than SMS, because hackers can steal texts with a common method called “SIM-swapping” — in which your phone number is transferred to another device. If no other option is available, enable SMS 2FA — but if that’s not possible, consider using a different service.
    3. Protect your seed phrase. A seed phrase is a string of 12 to 24 words that is literally the key to a non-custodial crypto wallet like Coinbase Wallet or MetaMask. Anyone with access to your seed phrase has access to the crypto in that wallet. If you lose or delete your wallet, you can restore it with your seed phrase — but if you lose your seed phrase, you lose your crypto. (For many users, keeping crypto in the “hosted wallet” that comes with every Coinbase account is a more convenient option. You can add another layer of security without having to manage seed phrases by moving some crypto into a Coinbase Vault.)
    4. Don’t click that link! One of the most commonly used tactics by cybercriminals is SMS phishing. Phishing is a type of online attack in which a cybercriminal impersonates a legitimate entity or authority and attempts to deceive their target into clicking on a malicious link or attachment.
    5. Be wary of “airdrops.” If you’re a fan of NFTs or DeFi, you’ve probably encountered airdrops — in which a project rewards early adopters by sending tokens to their wallets. But in recent weeks, our security team has been tracking an ongoing phishing campaign involving airdrops. In the scam, randomly airdropped tokens appear in your wallet. If you try to interact with them, you’re prompted to connect your wallet to a website that looks like a DeFi app — but actually gives hackers permission to drain your holdings. To protect yourself, don’t interact with airdropped tokens from unknown sources, don’t connect your wallet to websites advertised by airdropped tokens, and don’t keep too much crypto in a wallet you regularly use to interact with crypto apps.
    6. Don’t make yourself a target. Don’t brag about your cryptocurrency holdings online, just like you wouldn’t advertise inheriting $50 million. Review your online presence and see how much personal information someone could learn about you to steal your identity. (The good folks at Consumer Reports put together this self assessment.)

    https://medium.com/media/536cf7437f3640ff2a150f1ed3c0afdd/href

    Security incidents aren’t unique to crypto, but when they happen, Coinbase works with industry partners to mitigate negative exposure. By following these few simple guidelines on protecting your crypto, you can also play an important role in not only protecting yourself but also the entire crypto community.

    Hackers keep getting smarter, but protecting your crypto is easier than you think was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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