CoinLoin, an EU-licensed crypto lending platform, announced it has integrated security protocols from Elliptic, a blockchain analytics provider.

This integration benefits all CoinLoan users as it protects them from a spectrum of cyber threats.

Currently, 66% of the crypto volume runs through exchanges using Elliptic. It covers over 98% of global trading volume, providing actionable insights on 500+ crypto-assets and 100 billion+ data points. Cryptocurrency service providers, institutions, and regulators depend on it to monitor risk and fight fraud.

Choosing Elliptic

“Elliptic offers an optimal combination of recognition, trustworthiness, and coverage of blockchains and digital assets. CoinLoan’s emphasis on compliance is an important competitive strength. Playing by the rules from day one has allowed us to offer convenient fiat gateways and give users peace of mind. With Elliptic, CoinLoan enhances its proactive approach to risk management. Thanks to Elliptic, CoinLoan has already averted a number of withdrawals to scammy addresses. If these transactions had been successful, the senders would have had no opportunity to recover their funds.”
– Max Sapelov, Co-Founder & CTO of CoinLoan

Benefits for CoinLoaners

For users, Elliptic ensures safe withdrawals and seamless transfers.

First, it signals to other platforms that CoinLoan is a trustworthy source, a fully compliant business with high AML and KYC standards. Users can be sure their withdrawals to legit addresses will not get blocked.

Second, the system halts transfers to flagged wallets like the ones pasted by clipboard hijacking malware.

CoinLoan users do not have to double-check every recipient’s address. If it raises suspicion, Elliptic alerts the CoinLoan team, and it launches an investigation to protect the user.

How it Works

All CoinLoan users will enjoy advanced protection regardless of the services utilized.

Whether managing an interest-bearing account, taking out loans, or exchanging funds, all transfers from the platform are protected by Elliptic.

When CoinLoan receives a request for an outbound transaction, it then sends a query to the Elliptic API. Elliptic checks addresses against its blacklist to protect users from a wide range of attacks and scams. Suspicious transactions are halted automatically and escalated to a manual review when necessary.

Future Fund, a Polish-based fintech start-up, today announced the conclusion of its private sale round. Investors who joined the project during this round provided $3.8 million for its development.

The team of Future Fund is building a blockchain-based micro-investment platform fueled by cashback rewards – credit or debit card bonuses that refund cardholders small percentages of the amounts spent on purchases. They range from a few to even a dozen percent of the purchase value.

Funds gathered by customers through cashback rewards will be collected in individual accounts on the Future Fund platform and then invested by a specialized investment fund. The investment fund is located in Switzerland, a country with modern regulations for fintech companies using blockchain technology.

“Future Fund, the project we are building, is a revolutionary undertaking where blockchain and a community of enthusiastic consumers are going to change how cashback works – i.e. the amounts that sellers return to customers for shopping at various stores, both online and offline. They seem small only at first glance. Pooling them all together over the course of a year, the result is an amount that can generate a stream of additional, noticeable income over time and – in the long run – become a personal retirement “fund.” Today, it’s mostly marketing and tech platforms that benefit from cashback rewards. We are going to make this money work for Future Fund’s community.”
– Grzegorz Grzegorski, Co-Founder & CMO of Future Fund

MVP and More Rounds

Currently, the team is focused on developing an MVP app, building its community, and creating a network of partnerships required to create a fully operational Future Fund ecosystem.

Further funding rounds are also planned for the second half of 2022.

To check out more information on Future Fund, see the Whitepaper.

Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback. 

On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’ representatives commented:

“The senators seek comments from industry stakeholders, consumers and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while also adding confidence, trust and stability for consumers.”

By the press time, there are six commentaries available on the act page, with some of them being more of a solitary battle-cry (“Taxation is theft”), while others suggesting debatable edits to the document.

A user called Stduey explains why Bitcoin is different and should not be included with risky “assets” due to its “absolute scarcity” feature. In his opinion, that makes a case for an absolutely separate bill for Bitcoin:

“If you buy 5,000 satoshis for $1, you will have 5,000/2.1 quadrillion satoshis, forever, and no one can change that. People cannot understand the magnitude of this yet but this subtle difference is what separates Bitcoin from every other crypto, fiat, precious metal, and commodity.”

Another commentator, savage1r, elaborates on the inconsistency of the current framework in regard to airdrops — it ties the taxable value of coins to its entry price, which might be significantly higher than at the cash-out phase:

“Airdrop receivers should only have to pay short or long term taxes on the coins they cash out assuming the initial value is $0 because they do not realize the gains until they trade or sell.”

Related: Lummis-Gillibrand crypto bill comprehensive but still creates division

The highly awaited RFIA was introduced in the U.S. Senate on June 7. There is a broad consensus among the community that the bill is favorable to crypto.