The leading P2P cryptocurrency trading platform, CryptoLocally, announced the launch of version 2 (V2) of its Finance Wallet. The latest upgraded version of their wallet came in addition to the strategic partnership with Idle.
Both platforms have reportedly joined forces with the common vision of a product aimed at paving the way for financial inclusion, by enabling its users to earn more passive income on their crypto holdings than ever before. This major development came after the release of their first decentralized finance [DeFi] feature and Finance wallet V1 back in September of this year.
Finance Wallet V2 Brings Higher Rewards
Taking the first leap to the world of DeFi, CryptoLocally initially released its Finance Wallet in the month of September. Finance Wallet’s first version, powered by Compound, was essentially designed to enable the users on the platform to earn stake rewards on digital assets such as ETH, DAI, USDT, USDC, and its native utility token GIV.
Shortly after which, CryptoLocally added Uniswap’s native UNI token to the Finance Wallet.
The second version of the Finance Wallet was not only powered by Compound but also included names of well-known DeFi protocols such as Aave, Maker, and dY/dX through Idle. With the integration of these DeFi platforms, Finance Wallet V2 makes the popular yield farming easier than ever. Its pros further include not only simplicity but also a higher yield than the first version. The current APY rates can be seen in the pictures attached below:
CryptoLocally being a non-custodial and uses a smart contract escrow aims to offer additional security for its users. With regards to security and transparency on V2, no specific changes have been executed and the users will be able to maintain full control of their crypto assets just like in the previous version.
So what opportunity does the V2 wallet brings to the users?
Finance Wallet V2 is heralded as the best way to earn staking rewards. This is primarily due to the fact that it automatically switches to the best APY of the selected cryptocurrency without any cost. The users just need to register which takes less than two minutes.
While Version 1 of the Finance Wallet gave the users the opportunity to earn staking rewards on those tokens at respectable rates, it was Version 2 that aims to provide better rates than its contemporaries along with additional capabilities.
Another new feature to the Finance Wallet V2 is that users will now be able to see the total value [TVL], in USD, of all assets that are staked on the wallet. It is important to note that if an individual is an existing user of V1 and has staked their crypto on this version, the user will need to unstake on V1 and then retake on V2 in order to use the newer version.
CryptoLocally in Brief:
The main focus of CryptoLocally is to create the easiest and most accessible fiat gateway to DeFi and its tools for the community members. The primary goal is to “empower all people” in a bid to aid them to take control of their financial future.
CryptoLocally also renders the need for a third party useless thus helping the market participants circumvent restriction posed by traditional financial institutions with respect to fees, interest rates among other things.