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  • SwissBorg vs eToro Comparison Review: Which Crypto Exchange is Better?

    SwissBorg vs eToro Comparison Review: Which Crypto Exchange is Better?

    Recently, the news has been flooded with talks about crypto regulation and exchange investigations by the SEC. This has raised a lot of problems among investors as particular crypto exchanges they use might one day become restricted by international regulators. Therefore, one of the safest long-term solutions is to find yourself a fully regulated crypto exchange.

    In this article, we will be comparing two of the top regulated crypto exchanges in the world: SwissBorg and eToro.

    See also: Top Best Cryptocurrency Exchanges of 2023

    What is Swissborg?

    SwissBorg

    Company Overview

    After having raised USD $53 million, SwissBorg was launched in 2017 by Anthony Lesoismier (CSO) and Cyrus Fazel (CEO). SwissBorg is based in Switzerland and is fully compliant with Swiss Law, making it a popular European crypto exchange. It is the first blockchain-based secure wealth management platform, aimed at simplifying the process of crypto investments. It integrates with major crypto exchanges, DeFi protocols, and features a community-based ownership model.

    SwissBorg is available in over 115 countries, and they have plans to include many more in the future. However, as of now, SwissBorg is not supported in the U.S. If you want to see if your country is included, you can visit their Supported Countries page.

    SwissBorg Team

    Prior to founding the exchange, Lesoismier was Head of Financial Market Digital-Advisory at JFD Brokers, and Fazel was a multicultural FinTech professional with decades of experience in asset management and algorithmic trading.

    The SwissBorg team spans 20 different countries, consisting of 300 highly experienced professionals in portfolio management, financial advisory services, and blockchain development. The combined power of their diversified expertise has led them to achieve numerous impressive milestones, including receiving the Mass Adoption Project of the Year award and the Top Swiss Fintech Startups award.

    Key Features of SwissBorg

    Wealth App Smart Engine

    The Wealth App is the smart command-and-control centre of SwissBorg. It lets users build, manage, and monitor their crypto portfolios, enabling easy and secure wealth management. Users can fund their accounts with 16 different fiat currencies, including USD, EUR, GBP, and CHZ. Additionally, similar to Coinbase, a limited number of high-cap digital assets are supported to ensure quality.

    The biggest advantage that SwissBorg has is their Smart Engine. It ensures zero spreads and no inflated exchange rates or hidden fees, allowing users to trade at the best rates and lowest slippage. Moreover, the Smart Engine analyzes hundreds of live trading pairs in seconds by connecting to major crypto exchanges such as Binance or Kraken. As a result, SwissBorg finds the best route to execute customer orders in milliseconds, saving investors time to find the best exchange rates.

    Smart Yield Account

    SwissBorg’s Smart Yield is a feature on its app which allows users to potentially earn passive income through Decentralized Finance (DeFi) protocols and Centralized Finance (CeFi) platforms. Smart Yield’s user-friendly interface allows easy access to the benefits of DeFi and CeFi, even average crypto users without much pre-requisite knowledge can stand to gain from it.

    The Smart Yield feature works with top platforms such as Compound, Curve Finance, Binance, Aave, and Uniswap, with its rates ranging from 0.1% to the highest 25% APY for over 20 assets. Since APY rewards change invariably due to supply and demand, you can check the current rates on the SwissBorg Smart Yield Rates page.

    Thematics (Crypto Portfolio Bundles)

    There are a lot crypto themes, and within each theme there are hundreds of different tokens to choose from. Decision fatigue really sets in when you are opting to diversify your crypto portfolio. SwissBorg’s answer to this is their “Thematics”, expert-designed bundles of different crypto themes.

    They provide exposure and diversification that is important for every crypto investor. SwissBorg’s Thematics lets you choose a category you have long-term belief in. For example, if you believe in layer-one protocols, you can choose a layer-one protocol bundle containing Ethereum, Cardano, Solana, Avalanche and so on.

    If you are interested in upcoming layer one protocols, you can check out our comprehensive article on Aptos or Sui.

    What is eToro?

    eToro

    Company Overview

    Based in Tel-Aviv, eToro was established in 2007 by co-founders Ronen Assia (Executive Director), Yoni Assia (CEO), and David Ring (Former CTO). The company was originally a social trading exchange offering commodities, indices, and stocks before diving headfirst into the crypto industry in 2018 with the launch of eToroX and a crypto wallet. It has since grown to one of the largest crypto exchanges, with a user base of 25 million active users worldwide.

    eToro offers a secure, regulated platform for crypto trading with a track record of storing investor funds for well over a decade. The company is regulated by the Cyprus Securities and Exchance Commission (CySEC), Financial Conduct Authority (FCA), and the Australian Securities & Investments Commission (ASIC). As such, eToro has a cross border license to operate in member states of the European Economic Area and other permitted countries.

    eToro Team

    Before eToro was established, Yoni Assia had held managerial roles in the FinTech industry and is an expert in computer science and finance. On the other hand, his brother Ronen Assia is a specialist in product design and engineering, having created products across various platforms such as medical devices, household applications, and web applications.

    eToro has one of the largest teams in the crypto exchange scene, with roughly 1,700 employees across 16 different countries in the EMEA, APAC and North America. They have seasoned veterans coming from various disciplines, such as IT and business solutions, data analytics, and blockchain innovations.

    Key Features of eToro

    CopyTrader

    The biggest innovative feature of eToro is their CopyTrader, which allows you to automatically copy top-performing traders, what they invest in and when. This is great for average crypto users and beginners as they can easily leverage other crypto traders’ expertise, instead of going through the hassle of constantly monitoring the market, unsure of whether to enter or exit. As a result, you can simply replicate their trading in your own portfolio. In a way, it is similar to KuCoin’s trading bot, where trading activities are already figured out for you.

    Moreover, CopyTrader is also a social trading platform, where traders are part of a collaborative community. They can with chat with other traders, discuss strategies and benefit from each other. This is a great place to start for beginners and learn from the best on how the market moves, but keep in mind that their quality is not assured. Crypto investments are always volatile.

    Smart Portfolios

    Similar to SwissBorg’s Thematics, eToro’s Smart Portfolios are essential a grouping of several assets bundled together based on the theme. In addition to crypto, eToro also has portfolios of stocks, ETFs, commodities and even people, as per their business model in the early 2010s before crypto became mainstream.

    Smart Portfolios leverages machine learning algorithms and data science to group the best performing bundles, taking into account factors such as balance, exposure, potential yield, risk, and more. Moreover, there are no management fees or commission, other than those applied with assets comprising each portfolio.

    eToroX

    eToroX is the company’s product specifically designed for professional crypto traders and institutional investors. It is not available to retail investors. It offers a suite of advanced trading tools, 30+ crypto assets including 17 unique stablecoins and 80+ tokenized asset pairs. eToroX has a highly competitive fee structure and is renowned for having deep liquidity for stabilizing large-volume trades.

    SwissBorg vs eToro Overview

    Cryptocurrencies and Products

    Both SwissBorg and eToro only offer a limited number of cryptocurrencies, around 30-40. Most of these assets have large market cap like Bitcoin, Ethereum, XRP (Ripple), BNB, and Polkadot. This is done to ensure quality, reducing exposure to high risk/high reward assets or degen projects that could incur a lot of loss. Both exchanges strictly adhere to standards set by financial regulatory agencies to protect the securities of investors.

    In terms of trading, both exchanges offer a wide array of trading tools for all crypto users as well as deep liquidity to support large volume trades with zero spreads. However, trading on eToro only benefits whales and institutional investors as eToroX unlocks them the full benefit and is inaccessible to retail investors. In contrast, SwissBorg’s Wealth App, optimized with Smart Engine, performs just as well as eToroX and is accessible to everyone.

    Furthermore, SwissBorg offers much more than crypto trading. Their Smart Yield feature works with numerous DeFi protocols and CeFi platforms, simplifying the process of earning and allowing users to stake and receive passive income. On the other hand, eToro also has their own staking reward programs, but is only limited to Cardano, Tron, and Ethereum. Although their monthly staking yield is high, only UK and US users have access to it.

    Fees

    Thanks to their Smart Engine, SwissBorg users do not have to worry about inflated exchange rates, floating spreads, and hidden fees. In other words, you will never end up with less crypto than what you paid for. There are no deposit fees, but crypto withdrawals are subject to an execution fee of at least 0.10%, which is relatively low compared to other exchanges. In terms of exchange fees, SwissBorg fees are among the lowest in the crypto industry, but vary greatly depending on loyalty tier and which fiat or crypto asset is being used. Moreover, 20% of their profits generated from the fees are reinvested back into the SwissBorg ecosystem.

    On the other hand, eToro charges a 1% fee on crypto transactions plus a spread. Although this is still considered lower compared to other exchanges, it is not as competitive as SwissBorg. If you are planning to trade a lot of cryptocurrencies, paying more than 1% can eat into your profits. Unlike SwissBorg, eToro charges foreign transaction (FX) fees for non-USD deposits, and USD $5 for withdrawals. Furthermore, if you are planning to HODL assets long-term, it is important to note that eToro charges an inactivity fee for accounts that have not been online for a year. You can simply log in each day to negate that.

    Overall, SwissBorg is the clear winner in terms of lower and transparent fees.

    Security

    As leading trading platforms, both SwissBorg and eToro have successfully ensured compliance with top regulatory authorities, placing the security of their platform and the safety of their clients’ funds as a top priority.

    Both exchanges adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, protecting traders from fraudulent and criminal activities. Much like all other major crypto exchanges, SwissBorg and eToro uses two-factor authentication (2FA), data encryption, network monitoring and other standard security protocols.

    Both companies also store account funds in cold storage so that they cannot be hacked online. However, their methodology of cold storage security is different but impenetrable nevertheless.

    eToro deploys a cold storage Custody as a Service (CaaS) solution in partnership with leading cybersecurity firm GK8. It is essentially the application of secure institutional model of custody and cryptographic security in crypto. The funds are also insured by Aon PLC against theft, loss, damage or destruction of assets.

    On the other hand, instead of custody mechanism, SwissBorg addresses and enhances cold wallet security by implementing multi-party computation (MPC) keyless technology. It does not require a private key to be created, eliminating a single point of failure. MPC works by multiple parties jointly performing mathematical computations, without one party revealing its information to the others. SwissBorg achieves this in collaboration with Fireblocks as their security partner. Fireblocks is renowned for being the most secure and adaptable platform that leverages MPC technology to secure digital assets.

    Crediting to their advanced security protocols and regulation compliances, there have been no known successful hacks on both SwissBorg and eToro to date.

    Key Takeaways

    Both SwissBorg and eToro are great crypto exchanges for investors to manage and expand their portfolio. While eToro’s CopyTrader feature is great for beginners to learn how expert traders maneuver the market, it is important to note that their quality is not assured. Crypto investments are always volatile, and no one can predict the market.

    Overall, SwissBorg is relatively better than eToro in terms of trading efficiency, fees, and product variety. SwissBorg’s Smart Engine allows users of all levels to trade without inflated exchange rates, spread and hidden fees. Their exchange fees are also much lower than eToro’s, and have no deposit fees. Moreover, the company also brings DeFi benefits to its users, letting them earn high APY rewards in a simple process.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Binance vs Coinbase Exchange Comparison Review: Features, Fees, Services and More

    Binance vs Coinbase Exchange Comparison Review: Features, Fees, Services and More

    Which Cryptocurrency Exchange is the “Best?”

    Cryptocurrency exchanges have been the central trading platform in the crypto space. Traders worldwide have made substantial returns on their investment just from pressing a couple of buttons. This has attracted many others to join in hopes of profiting from trading crypto.

    However, one of the key factors in successful trading is finding the right crypto exchange. With hundreds of crypto exchanges available, everyone is constantly asking “which crypto exchange is the best?” Traders want to make the most of their investments, whether it be low trading fees or lucrative services. In this article, we will be comparing two of the top crypto exchanges in the world: Binance and Coinbase.

    See also: Top Best Cryptocurrency Exchanges of 2023

    What is Binance?

    Binance is the world’s most popular crypto exchange by a large margin. It is rank one in organic trading volume per day ($14 billion at the time of writing) and in website and app user session (87 million visits).

    Sign up and get 20% off Binance fees!

    Key Features of Binance

    This is because Binance is largely focused on the spot market, supporting a wide range of cryptocurrencies for users to trade. On top of that, users can earn passive income on their holdings via Binance Earn. There is also no shortage of trading features for experienced investors such as leveraged trading, options trading, and lending platform.

    Since Binance is not accessible in the U.S., Binance started Binance.US in compliance with U.S. regulations for citizens to trade freely.

    See also: Binance Exchange Review (2022) Best Crypto Exchange?

    Who Founded Binance?

    Binance was founded in 2017 by Chengpeng Zhao (CZ), former Chief Technology Officer of OKCoin who had years of experience developing high-frequency trading softwares.

    Binance’s Milestones

    For the longest time, the cryptocurrency industry is dominated by Binance. The exchange is held in high regard for being proactive and astute in their planning and actions, not only for themselves but also for advancing the crypto space as a whole.

    Binance has been very active in collaborating with global regulators such as the Financial Action Task Force to support the development of crypto regulatory framework and policies. In 2022, Binance has received regulatory approval to set up locations in Dubai and Bahrain, which is an important step as the granted license allows them to operate in compliance with global standards.

    What is Coinbase?

    Founded in 2012, Coinbase is one of the earliest crypto exchanges in the world. Unlike other exchanges, Coinbase is based in the U.S. and subject to its regulations. As such, it is the largest cryptocurrency exchange in the U.S. by trading volume.

    Key Features of Coinbase

    Coinbase is split into several categories catering for different types of users. Coinbase itself is for retail investors, and only offers spot trading, unlike other exchanges which offer other products such as derivatives or futures trading.

    Coinbase Pro is for individual professional traders, and Coinbase Prime is for larger institutional clients. Both platforms provide charting tools, real-time order books, among other tools to help advanced traders make the most of the exchange. Moreover, they also have cheaper transaction fees and more supported cryptocurrencies compared to Coinbase.

    Coinbase’s Milestone

    Moreover, Coinbase was the first crypto exchange to go public on the Nasdaq in 2021, establishing itself as one of the front-runners of the crypto industry. With its market value on the stock market worth $100 billion in 2021, this is an impressive achievement that would further advance the crypto industry as a whole.

    Coinbase Controversies

    However, Coinbase has also had its fair share of controversies, from experiencing outages in the 2020 bull run to insider trading and Securities and Exchange Commission (SEC) investigations this year.

    Nevertheless, Coinbase remains one of the top crypto exchanges in the world and will continue to be in the future. In fact, like Binance, Coinbase is also proactive, and has demonstrated time and time again the ability to turn unfavorable situations around.

    The exchange immediately discovered the root cause of the outage in 2020 and remediated traffic spikes through autoscaling procedures. Additionally, Coinbase has called on the SEC to develop a viable regulatory framework for digital asset securities following the insider-trading incident in July.

    Binance vs Coinbase Exchange Overview

    In this section, we will take a closer look at what Binance and Coinbase have to offer and compare them based on these features:

    Cryptocurrency and Products

    Binance is the winner in terms of the number of cryptocurrencies supported. It has more than 600 coins and tokens compared to Coinbase which has over 100. This is because Binance’s spot market includes many different crypto categories such as GameFi, DeFi protocols, and even meme coins. On the other hand, Coinbase largely focuses on low-risk cryptos with a high market cap such as Bitcoin and Ethereum.

    Both exchanges offer crypto earning products which allow investors to earn passive income on their investments. However, Binance offers more earning products such as liquidity farming, dual investment and DeFi staking, whereas Coinbase is only limited to savings and single token staking. Moreover, Binance also has the edge in maximizing return on investment (ROI). Though most of their products are estimated at APR, they outweigh Coinbase’s APY products.

    See also: APY vs APR in DeFi: What They Actually Mean for Your Rewards

    Moreover, Binance offers a wide array of trading tools such as leveraged trading, options trading and lending platform, whereas those features are only available on Coinbase Pro and Coinbase Prime.

    Fees

    The difference in fees between Binance and Coinbase is quite significant. Overall, Binance charges much less for trading crypto as well as funding your account. At the lowest-tiered account, Binance only charges 0.1% for their maker and taker fee. Its rate go as low as 0.02% at the highest-tiered account, which saves a lot of money for active traders.

    On the other hand, Coinbase charges users an average flat fee of 0.5% per transaction. Additionally, extra fees are also incurred based on the account used in the transaction, i.e. 1.49% for US Bank Account, 2.49% for Coinbase USD Wallet, and 2% for credit/debit card.

    Fortunately, we have a comprehensive guide that would allow you to avoid withdrawal fees. Click here to learn more.

    On another note, since Coinbase is subject to U.S. regulations, users in the U.S. have to pay capital gains tax on profits made and staking rewards. Users are responsible for reporting all profits made as income on tax forms, even if it is just $1. According to Coinbase, if users earn $600 or more through the exchange, Coinbase is required to report those payments to the Internal Revenue Service (IRS).

    Depending on the users’ location, Binance users do not have to pay taxes on their crypto gains. However, Binance.US also complies with U.S. tax laws, which means U.S. users also have to pay capital gains tax. Click here if you want to learn more about crypto tax-free countries.

    Security

    Both Binance and Coinbase have the highest cybersecurity score (AAA) audited by CER, the leading cybersecurity ranking and certification platform.

    Both exchanges require Know Your Customer checks (KYC) in order to open an account, and provide two-factor authentication via SMS or the Google Authenticator app. They also store account funds in cold storage and crypto vaults off the Internet so that they cannot be hacked.

    Though both have similar security protocols, Binance focuses more on access restriction, whereas Coinbase implements biometric access (i.e. fingerprints) for logins. Binance offers address whitelisting and device management to review and secure address books and devices, blocking other entries that users do not recognize. On the other hand, Coinbase has biometric fingerprint logins as well as AES-256 encryption and multi-signature security for digital wallets. This is because Coinbase has its own digital wallet, whereas Binance does not. But Binance partners with Trust Wallet, one of the most secure digital wallets with over 25 million users.

    The main difference between both exchanges is that Coinbase is one of the only exchanges that offers FDIC insurance on USD deposits, insuring up to $250,000 of deposited USD funds which is similar to traditional banks. This also applies to Binance.US but not Binance. User funds on Binance are protected by reserves they have in their treasuries.

    Conclusion

    Although Binance and Coinbase are two of the top crypto exchanges in the world, they offer very different user experiences. With new features being added on a regular basis, Binance offers more than almost any exchange on the market as well lower fees.

    On the other hand, Coinbase is a more reputable exchange on an institutional level. It was the first crypto exchange to be listed on the NASDAQ stock market with its market value reaching more than $100 million. This is an impressive milestone in propelling the crypto industry as whole as it signifies the recognition of cryptocurrency as tradeable securities in the global market.

    Although its fees are high and offer less products compared to Binance and other exchanges, Coinbase has a slight edge in security compared to other exchanges as it is subject to U.S. regulations. It is also one of the few crypto exchanges that has its own self-custody crypto wallet.

    But the bottom line is if you are looking for a wide variety of crypto products, Binance is the pick. Coinbase is better suited for beginners due to its spot market offering more secure long-term investments.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. (https://wbctx.com) As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Moongate Features Innovative NFT Solutions in Taipei Blockchain Week

    Moongate Features Innovative NFT Solutions in Taipei Blockchain Week

    Taipei Blockchain Week

    Taipei Blockchain Week, the largest Web3 event in Taiwan, was held last week from December 12-17, 2022. Similar to TOKEN2049 Singapore, the event features a series of keynotes, panel discussions, workshops, and meetups with some of the leading developers and entrepreneurs in the Web3 industry. Speakers of the event included core team members from Avalanche, Solana, Filecoin, Moongate and many more, where they talked about the real-world applications of blockchain technology and the future landscape of crypto.

    Moongate, in particular, has introduced an end-to-end solution for brands and businesses to create customized NFTs for ticketing and memberships. In fact, Moongate is the official ticketing partner of Taipei Blockchain Week, having issued 4000 tickets for the event’s attendees. Despite the NFT industry getting a bad rap, Moongate helps bring meaningful and productive application of Web3 into the Web2 world with real utility NFTs that can greatly benefit everyday retail consumers. Let’s take a look at what they have to offer.

    What is Moongate?

    Moongate provides an end-to-end, no-code solution for brands and businesses looking to transform their user engagement experience via Web3. Its user application covers (1) membership and loyalty programs, (2) events and conferences, and (3) NFT projects. All customers will be able to own their membership as NFTs which unlock token-gated rewards and access.

    CEO of Moongate Jonathan Mui told Boxmining that they have helped brands, businesses, conferences, and sports leagues with NFT-empowered memberships and tickets. So far, Moongate has 30+ live programs, 50+ ecosystem partners, and 5000+ end customers. Notable partners include Polygon, SimpleHash (backed by Y Combinator), DTTD (backed by Animoca Brands), Limewire and many more.

    How Does Moongate’s App Work?

    Moongate’s User App is very easy to use, catering to both Web3 and Web2 users. You can create an account, which is also your crypto wallet, with your email, phone number or social media account. For experienced Web3 users, you can instead use your self-custodial wallet such as MetaMask to sign up.

    Private Key Security Features

    To onboard Web2 users more easily, there won’t be any traditional Web3 private key management such as seed phrases. Moongate understands that with traditional private keys, users can never get their NFTs back if they lose their key. This can be a problem for most Web2 users who are not used to Web3 interfaces.

    Instead, Moongate is collaborating with some of the top endpoint security solutions to implement a next-gen key management architecture. Its security infrastructure involves two independently-created mathematical secret shares, eliminating the single point of failure for traditional private keys. The wallet is still non-custodial as users have full control over their NFTs but it also allows them to restore their account safely if they delete the App or lose their phones.

    User App Interface

    In the App, users can enroll in membership programs via one-click join/redemption. Users can view and claim exclusive benefits tied to their NFT memberships. Tiered rewards can be earned, and benefits will increase overtime with increased spending/usage. Moreover, users can earn token rewards by completing promotions, and use tokens to claim extra rewards across partnered brands.

    Moongate App

    Mui said that it is important for Moongate to integrate blockchain technology with legacy systems so that it would require less steps and create less friction for Web2 users to get onboard while reaping the benefits of Web3. Since most retail customers are accustomed to Point of Sale (POS) systems, Mui said that adopting some of the Web2 approaches can help make their product scalable and viable.

    Merchant Setup for Moongate’s App

    Apart from retail customers, brands and businesses with no Web3 knowledge can also easily manage their Moongate account. NFT projects can keep track of the holders engagement for future rewards and airdrops, without requiring holders to reveal personal information.

    NFT Design and Minting

    Users can create, deploy, and mint their own NFTs without any coding knowledge. Moongate’s smart contract builder is a simple drag-and-drop deployment. It supports dynamic NFT integration and can be issued on multiple chains. Moongate’s mint site builder provides customized storefront design with personalized information. Users can checkout with fiat or crypto via Web2 social logins or crypto wallets.

    Moongate App

    Utility Management Dashboard

    No-code dashboards are available for merchants and projects to set the parameters of online or offline token-gated content, access, and discounts across different tiers of membership. There are also key applications on offline discounts, exclusive events, and online e-commerce stores. Additionally, off-chain data can be captured to support corresponding changes to dynamic NFTs.

    Moongate App

    NFT Ownership Verification

    Moongate has a one-scan solution to complete real-time, on-chain NFT ownership verification across multiple blockchains including Ethereum, Polygon, and Solana. Users will have their own ephemeral QR code for merchants to scan and verify as it supports whitelabel integration with other apps or third-party scanners. Moreover, it is also compatible with near-field communication (NFC) “phygital” gateways, which are essentially physical cards that hold the QR code verification.

    Moongate App

    NFT Usage Management and Analytics Portal

    Moongate provides data analytics for merchants and projects to monitor membership usage in real-time and post-attendance. It can integrate with traditional technology stack such as POS and CRM (Customer Relationship Management) marketing software. The portal also displays API for data integration with other sites, supporting tracking of spending credits.

    Moongate App

    Key Takeaway

    Moongate introduces a new paradigm in customer loyalty while maintaining positive business impact. It changes how businesses can build better branding and how customers approach purchasing goods and services.

    Since customers can truly own their NFT membership, they can also choose to sell the NFT along with all the rewards stored in it, as the NFT is a transferrable token. That way instead of “spending”, customers are actually investing because they are creating value for their NFT. This also helps businesses better connect with the next generation of customers, lowering their Customer Acquisition Cost (CAC). After all, that is what Web3 is all about — ownership by users.

  • Binance Steps Up Regulatory Efforts in the U.S.

    Binance Steps Up Regulatory Efforts in the U.S.

    Binance, the world’s largest cryptocurrency exchange by trading volume, has joined the Chamber of Digital Commerce, an American lobbying group, to help establish crypto regulation in the United States. The Chamber of Digital Commerce is a leading blockchain and crypto trade association with members such as Citi, Visa, MasterCard, Dapper Labs, Ripple, and Circle.

    This move comes as U.S. lawmakers are moving aggressively towards regulating the crypto space as result of FTX’s collapse in November as well as the Terra Luna collapse in May. Billions of dollars’ worth of crypto assets were stolen and lost, prompting politicians and regulators in the U.S. to take strict action.

    It is without a doubt that Binance also played a key part in the collapse of FTX. After Binance CEO Changpeng Zhao (CZ) learned of the unethical flywheel scheme that Alameda Research and FTX were taking part in, he announced on Twitter that he would liquidate all of Binance’s FTT holdings, FTX’s native token.

    Shortly afterwards, as investors got hold of the news, they quickly rushed to withdraw their assets, leading to a liquidity crunch in FTX. CZ then announced that Binance had signed a non-binding letter of intent to acquire FTX to help and protect customers, but pulled out the next day after realizing the massive hole in FTX’s balance sheets.

    Despite CZ’s efforts to protect the crypto industry, some believed that Binance is to blame. Former FTX spokesman Kevin O’Leary testified at the Senate Banking Committee hearing, saying that Binance “intentionally put FTX out of business”, even though FTX was already engaging in illegal activities. Regardless, lawmakers and regulators began diverting their attention to Binance.

    According to Reuters, U.S. authorities are currently considering filing criminal charges against top executives of Binance including CZ, relating to money laundering allegations in 2018. However, Binance defended against Reuters, saying that they are attacking Binance’s law enforcement team who have strictly complied with anti-money laundering policies.

    As of now, the U.S. Department of Justice is still divided over whether to prosecute Binance. It is unclear whether they will pursue this four-year long case. Given the circumstances, Binance’s decision to join the Chamber of Digital Commerce is an effort to help establish policies that benefit and protect users, and to provide education and advocacy on the use of digital assets and blockchain-based technologies.

    Binance’s Vice President of Public Affairs Joanne Kubba said that “working hand in glove with policymakers, regulatory bodies, and industry groups like the Chamber is imperative for Binance.”

  • Nigeria Plans to Phase Out Cash in Favor of CBDC – Good or Bad?

    Nigeria Plans to Phase Out Cash in Favor of CBDC – Good or Bad?

    Central Bank of Nigeria Limits Cash Withdrawals

    On December 6, 2021, the Central Bank of Nigeria (CBN) announced a cap on cash withdrawals, either over the counter or via ATMs, in an effort to encourage the adoption of digital currency and move towards a cashless society. The new policy affects more than 200 million people and will take effect from January 9, 2023. It includes a limit of ₦100,000 ($225) per week for individuals and ₦500,000 ($1,123) for businesses, as well as a daily ATM withdrawal cap of ₦20,000 ($45).

    The CBN launched the eNaira in October 2021, a Central Bank Digital Currency (CBDC) that uses blockchain technology and is accessible on all bank apps and Unstructured Supplementary Service Data (USSD). The eNaira is intended to help shrink the country’s large pool of the unbanked and boost the economy, as well as to help tax authorities track income and net worth more easily. However, the policy has seen backlashes and slow adoption due to its economy being largely powered by cash transactions.

    The new policy has been met with resistance from POS (point of sale) cash point operators, who fear it will compromise their business and affect their livelihood. Moreover, most business sectors in Nigeria are largely cash-driven and do not have digital payment alternatives.

    CBN Governor Godwin Emefiele said the policy is reversible and will be reviewed from time to time how they can best implement it. Despite their reassurance, several Nigerian businesses believe that the cashless policy will never work given the country’s financial circumstances. Rise, a digital investment platform based in Nigeria, stated in a subscribers-only blog that the many charges attached to the country’s cashless policy are burdensome, and that the informal economy is not primed for cashless transactions.

    Quick Summary

    • Nigeria’s Central Bank announced a cap on cash withdrawals, with individuals limited to ₦100,000 ($225) per week and businesses limited to ₦500,000 ($1,123).
    • The eNaira, Nigeria’s central bank digital currency, was launched in October 2021 and uses blockchain technology.
    • The policy will take effect from January 9, 2023, and will encourage the use of alternative channels such as internet banking, mobile banking apps, USSD, cards/POS, and eNaira.
    • The policy has been met with some resistance due to its impact on the informal economy and the additional charges attached to the cashless policy.
    • The policy is intended to promote financial inclusion and increase tax revenue, but trust in government institutions is necessary for its success.
    What is the cashless policy announced by the Central Bank of Nigeria?

    The new policy announced by the Central Bank of Nigeria is a cap on cash withdrawals, with individuals limited to ₦100,000 ($225) per week and businesses limited to ₦500,000 ($1,123). ATM withdrawals will be capped at ₦20,000 ($45) per day.

    What is the eNaira?

    The eNaira is Nigeria’s central bank digital currency, launched in October 2021. It uses blockchain technology and is accessible on all bank apps and USSD.

    When will Nigeria’s cashless policy take effect?

    The new policy will take effect from January 9, 2023.

    What is the purpose of Nigeria’s cashless policy?

    The policy is intended to promote financial inclusion and help tax authorities track income and net worth more easily, but trust in government institutions is necessary for its success.

    What are the potential impacts of the new policy?

    The new policy has been met with some resistance due to the fact that most business sectors in Nigeria are largely cash-driven and do not have digital payment alternatives.

     

  • MetaMask Integrates PayPal Payment in the U.S. for Easier ETH Purchases

    MetaMask Integrates PayPal Payment in the U.S. for Easier ETH Purchases

    MetaMask Enables U.S. Users to Purchase ETH via PayPal

    MetaMask developer ConsenSys has announced the integration of a PayPal payment option to its software wallet. Users will be able to buy and transfer Ethereum (ETH) by logging into the mobile MetaMask app, tapping on the “Buy” button, and selecting “PayPal.” This will redirect users to PayPal, where they can complete their transaction OR send ETH from their PayPal account to their MetaMask wallet.

    This feature will be rolled out to all U.S. users first in the coming weeks, as they are one of MetaMask’s largest markets in terms of users. For MetaMask’s desktop browser extension, MetaMask Product Manager Lorenzo Santos told Decrypt via email that it will be available in the next quarter.

    As of now, it is unclear whether the feature will be deployed in other countries or if other cryptos will also be available for purchase. Since ConsenSys is run by Ethereum co-founder Joe Lubin and MetaMask is an EVM-only wallet, it makes sense that ETH purchases are focused first.

    Unlocking the Web3 Ecosystem with MetaMask and PayPal

    As one of the top crypto wallet providers, MetaMask is often a starting point for users interacting with DeFi applications, GameFi, and metaverse platforms. And because PayPal is one of the largest online payment systems with 432 million active accounts worldwide, adding PayPal to MetaMask could broaden the customer base, making it easier for newcomers to enter the Web3 ecosystem.

    Santos stated in the press release, “this integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.” 

    Traditional Payment Companies Expanding to Web3

    Over the past year, more and more traditional payment companies have been integrating crypto into their services. In fact, PayPal first began offering customers the ability to buy, sell, and hold crypto on its platform in 2020, and allowed customers to checkout with Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in 2021. In June 2022, PayPal also enables customers to transfer crypto from PayPal to other wallets or exchanges. And now with the new integration into MetaMask, we can expect PayPal to release more new features gradually.

    Other traditional payment companies have also followed suit. Cash App, the number one finance app in the App Store, has also added support for transactions via the Bitcoin Lightning Network, the layer-2 protocol for Bitcoin’s blockchain. Stripe, an Irish-American financial services company, has also launched its own tool to help Web3 companies, allowing their customers to buy crypto with fiat.

    Other global financial services have also hinted at the possibility of dabbling into crypto. In October, Western Union filed trademark applications for managing wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance service, according to trademark attorney Mike Kondoudis.

  • Are Crypto Trading Bots Safe to Use?

    Are Crypto Trading Bots Safe to Use?

    While crypto trading bots can be profitable for users, like with any form of automated trading, there are always risks involved. Therefore, it is important to consider whether or not using a trading bot is the right decision for you. In this article, we will explain how crypto trading bots work, the advantages they offer, and the risks involved.

    What are Crypto Trading Bots?

    Crypto trading bots are software programs that use algorithms to analyze market data and automate trading tasks. Users can enter specific parameters for the bots to buy and sell crypto, depending on the users’ trading strategies and goals. Spot trading is the most common way to use trading bots. More experienced traders can also use bots in leveraged trading, arbitrage trading, options, and futures.

    It is important to remember that trading bots are NOT money-making machines. They only execute trading orders automatically based on the commands you give them. It is essentially an extension of your trading skills. Before operating one, you should have some understanding of technical analysis (identifying bullish or bearish trends) and risk management.

    How do Crypto Trading Bots Work?

    Crypto trading bots typically access a user’s crypto exchange account by using the exchange’s application programming interface (API). An API is a set of protocols and tools that allow one piece of software to interact with another. The user will first need to create an API key for the exchange. This key will grant the trading bot access to the user’s account and allow it to execute trades on the user’s behalf.

    It is important to note that users must specify which specific permissions the API key should have before connecting the bot to the exchange account. Users should ONLY allow bots to execute trades, and disable other personal options such as withdrawing funds and viewing account information.

    There are many reputable platforms that provide trading bot services such as 3Commas, Pionex, Cryptohopper, TradeSanta, and KuCoin Trading Bot. However, this does not mean they are risk-free. Users should carefully do their research and select the one they trust to hand over their API keys. We will cover more about the entailed risks below.

    Advantages of Using Crypto Trading Bots

    Crypto trading bots are generally considered to be more effective than manual trading for several reasons.

    Execute orders faster and more accurately

    Based on predefined rules and algorithms, trading bots can track market data for hundreds of trading pairs on several markets simultaneously and execute large trades in a matter of a few milliseconds. On the other hand, a human trader would have to spend a lot more time analyzing market conditions one by one and make decisions based on their own judgment.

    Operate 24/7 without human emotion

    Additionally, trading bots only follow logic, removing the emotional and psychological biases that are the bane of human traders. Trading bots can also operate 24/7 and trade on multiple crypto exchanges, taking advantage of market opportunities that may be difficult for a human trader to spot. Therefore, trading bots help automate and streamline the trading process, which saves a lot of time and reduces human error.

    Efficient in building wealth over time

    The efficiency of trading bots allows them to execute hundreds of trades within an hour if there is enough trading volume and volatility for the asset being traded by the bot. This is also achieved by setting the take-profit percentage low for the bot to consistently enter and exit trades. This is essentially dollar-cost averaging (DCA) on a much smaller time frame — profits are compounded over time, leading to continuous growth of the crypto portfolio.

    Risks of Using Crypto Trading Bots

    Though crypto trading bots are useful tools, the risk they pose is twofold: security and market conditions.

    API Key Leak/Hack

    One major risk is the potential for the API key to be hacked or otherwise compromised, potentially allowing an attacker to gain access to the user’s account and steal their funds or sensitive information. Additionally, if the API key is not properly secured, it may be possible for unauthorized users to access the user’s account and make trades without the user’s knowledge or consent.

    Following the collapse of FTX, there have been numerous reports of unauthorized trades initiated via API keys, suggesting a database leak in trading bot platforms such as 3Commas. Though shortly after the attack, 3Commas provided evidence that the attacks were not a result of a leak from their database. They believed that victims’ API keys were phished or compromised from an outside source.

    Extremely Volatile Market Movements

    Sudden market movements can have a significant impact on the performance of crypto trading bots. Because these bots are designed to buy and sell cryptocurrencies based on pre-programmed rules, they cannot adapt quickly to sudden changes in the market. This could lead to bots triggering unfavorable buy orders, in which their take-profit order will never close as the market continually declines. Bots are only profitable if there is enough volatility for them to get in and out quickly and regularly.

    For human traders, this is when they perform better than bots. They can take breaks and step away from the market when necessary. For these reasons, it is important for users to monitor the market and be prepared to adjust their trading strategies as needed in response to sudden changes.

    Key Takeaway

    While crypto trading bots can help traders take advantage of market opportunities, their risks are arguably greater than their benefits, especially given the shortcomings of many centralized platforms today. By sharing your API keys, you are practically giving a third party access to your crypto exchange accounts. Should they get hacked or become fraudulent, you run the risk of losing all your funds.

    However, that is not to say that crypto trading bots are bad, especially in the longer scheme of things. After all, 90% of the stock market’s total turnover are done by algorithmic trading (trading bots), according to JPMorgan research. But with repeated cases of centralized failure in the crypto industry, it is best to approach these platforms with caution for now.

  • Is Binance SAFE? Funds Fully Audited by Mazars

    Is Binance SAFE? Funds Fully Audited by Mazars

    Binance is tackling to issue of proving where user funds are by using the third-party auditor Mazars, a leading Hong Kong-based auditing firm, to prove independently that user funds held by the exchange are safe and “untouched”. This is particularly important as users are demanding to know that funds are safe (or “SAFU”) and that they can trust the exchange to keep holding their funds. Auditing centralized exchanges help to ensure that they are compliant with applicable laws and regulations, as well as industry best practices. This helps to protect users from fraud, manipulation, and other malicious activities.

    Binance BTC Reserves are Fully Backed

    Mazars, an international audit, tax, and advisory firm, has confirmed that Binance has more than enough Bitcoin (BTC) to cover all customer deposits. The report verified a 101% collateralization ratio on 575,742 BTC in net customer deposits as first published on their proof-of-reserves system on November 25. All assets included customers’ spot, options, margin, futures, funding, loan and earn accounts for BTC and wrapped BTC circulating on the Bitcoin, Ethereum, BNB Chain, and BSC blockchains.

    Learn more about Binance- Binance Exchange Review (2023) Best Crypto Exchange?

    To ensure customers’ assets are not being lent out or stolen without permission, Binance implemented a Merkle Tree proof-of-reserves system that allows customers to independently verify the safety of their assets.

    Binance Merkle Tree Proof-of-Reserves (Source: Binance)

    Binance Securely Controls Custodial Wallets

    Mazars has also asked Binance to perform transactions at specific times to prove that the wallets were actually under Binance’s control. This clarifies the situation in late November when Binance moved 127,351 BTC to an unknown wallet. According to the report, Mazars used Etherscan and BSCscan to check that the wallets indeed belong to Binance.

    Moreover, Mazars reviewed the scripts that Binance uses to extract the total net deposits, making sure there was no duplicated or rigged user IDs. This confirms that Binance’s Merkle tree is built with open source script developed by Silver Sixpence.

    What This Means for Investors

    Binance is the world’s largest crypto exchange by trading volume, and is arguably the most used platform for all crypto users. After the collapse of FTX, Binance CEO Changpeng Zhao (CZ) was jokingly hailed as the “savior” of crypto, doing everything he can to repair the industry. However, Binance itself is no exception to scrutiny as a result of FTX’s collapse. People need to know what centralized exchanges are doing with their money.

    Binance’s audit has cleared up a lot of doubt, restoring confidence in the exchange. However, there are still two issues raised by the crypto community:

    A Step in the right direction

    Overall, auditing centralized exchanges are essential for protecting users and ensuring that exchanges are operating in a safe and secure manner. By conducting regular audits, exchanges can help to ensure that their customers are protected and that they are getting the best possible service. Binance has also provided on-chain proof of funds using “Merkle” Proofs in November of 2022. This means that Binance has taken efforts to prove that both Fiat and Crypto deposits in their custody are safe.

    FAQ

    Is Mazars a reliable auditing firm?

    While most of the community praises Binance’s initiative, several Crypto Twitter users expressed concerns that Mazars is not one of the “Big Four” accounting firms: Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG. For the longest time, audits made by any one of the Big Four is the gold standard, and any other firms are deemed not “credible” enough.
    This is reasonable enough seeing as FTX was in fact audited by smaller accounting firms. But that might not be the case for Mazars. Founded in 1945, Mazars is one of Europe’s largest audit and accounting firms with global presence. In fact, Mazars was a longtime accountacy firm for former president Donald Trump. But after finding out Trump’s business filings were not adding up, Mazars cut ties with his business. Given their track record, it is safe to say that Mazars is reliable as they conduct due diligence on any business.

    Binance audit only accounts for BTC reserves

    The audit only focuses on BTC assets for now. As of now, Binance does not have a proof-of-reserves system for other cryptocurrencies. But at the end of the day, this is a big step towards a more transparent ecosystem. Let’s hope there will be more developments in the coming weeks.

    References

    Recently some users are reporting USD withdraw issues, CoinMagazine

  • Ledger Stax: Next-Gen Crypto Wallet Designed by iPhone Co-Creator Tony Fadell

    Ledger Stax: Next-Gen Crypto Wallet Designed by iPhone Co-Creator Tony Fadell

    Ledger and Tony Fadell Unveil Stax Wallet

    Ledger, one of the top hardware wallet providers, has announced the launch of its new Ledger Stax wallet in partnership with Tony Fadell, co-creator of the iPod and iPhone. This is a significant initiative as Fadell being one of the world’s foremost tech engineer is stepping in to bring clarity and confidence to owning digital assets following the collapse of FTX.

    Pre-order your Ledger Stax Wallet here!

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    Key Features of Ledger Stax Wallet

    Fadell realized that existing hardware wallets are difficult to use for mass consumers. Therefore, he drew inspiration from his iPod design to bring a more user-friendly experience for wallet users.

    Ledger Stax resembles a small smartphone and has a monochromatic E ink display which covers the front and curves around the spine. That way users can easily view complete transaction details as well as their NFT collections even when the wallet is off. This works in conjunction with integrated magnets, allowing multiple Stax devices to stack, hence its name. This is particularly useful for Ledger owners who have different portfolios since they can look at the labels displayed on the spine, like books on a shelf.

    Stackable Ledger Stax wallets with displayable screen on the spine (Source: Ledger)

    Users can store more than 500 cryptocurrencies or NFTs on Ledger Stax. Developers are also planning to allow users to explore Web3 applications through the Ledger Live app. Users can connect the Ledger Live app on (1) laptops via secure USB-C or (2) smartphones via bluetooth. This new user interface will enable clear and intuitive interaction for all mainstream users.

    Ledger Stax also has good energy efficiency and supports wireless Qi charging. Its battery can last as long as few months with a single charge.

    How to Get Ledger Stax Wallet?

    Ledger Stax is now available for preorder at $279 and will begin shipping by the end of March 2023. It will also be available from select retailers such as Best Buy in the U.S. Those who purchase the wallet will also receive an Infinity Pass, which provides users with a free utility NFT.

    Additionally, a Ledger Stax NFT Bundle is available to mint on [Ledger] Market for 0.22 ETH to redeem a free Ledger Stax device. It also unlocks access to exclusive NFT artwork from Ledger’s network of hand-picked artists. However, Genesis Pass holders and PREMINT Collabs have special mint-priority, and there are only 10,000 bundles available.

    Key Takeaway

    “Not your keys, not your crypto” — there is a great risk of losing all your crypto if you park it on a centralized exchange. Hardware wallets are great self-custodial solutions because only you have control over your funds. But the problem is it can be quite daunting to operate one, especially for beginners.

    Ledger Stax will revolutionize this by bringing the familiar user experience of smartphones into hardware wallets. This is a big step towards a decentralized financial future as more people are opting for self-custodial solutions. If you are interested in other hardware wallets, feel free to check these out:

    Pre-order your Ledger Stax for only $279 and get it by end of March 2023!

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    What is the Ledger Stax wallet?

    The Ledger Stax wallet is a new hardware wallet developed in partnership with Tony Fadell, co-creator of the iPod and iPhone. It has a unique and innovative design in the style of high-end Samsung cell phones, and lets users view their NFT collections even when the wallet is off.

    When will the Ledger Stax be available for sale?

    Ledger Stax is now available for reorder at $279 and will begin shipping by the end of March 2023.

    What features does the Ledger Stax offer?

    The Ledger Stax wallet is an easy-to-carry device about the size of a credit card, which allows users to store more than 500 cryptocurrencies or NFT collections. It also features an E-Ink touchscreen for viewing NFT collections, and a battery that can last for weeks or even months with a single charge.

    Are there any incentives for purchasing the Ledger Stax?

    Yes, those who purchase the wallet will be eligible for various prizes, such as a “Magnet Shell” protective case and an NFT from the “The Art On Ledger Stax Collection.”

  • Silvergate Capital’s Exposure to FTX Collapse: What Investors Need to Know

    Silvergate Capital’s Exposure to FTX Collapse: What Investors Need to Know

    Silvergate Capital, one of the leading banks for Fintech businesses and cryptocurrency, is facing a number of risks as a result of their exposure to FTX’s collapse. As a publicly traded financial service company listed on the New York Stock Exchange (NYSE), Wall Street banks including Morgan Stanley are strongly advising investors to sell Silvergate stocks due to its affiliation with FTX. Because Silvergate positions itself as the main pipeline facilitating the flow of fiat funds and fiat onramps between large crypto exchanges, its impact on the crypto market is comparable to Genesis Trading if they went under.

    Silvergate Capital Exposure to FTX is $1.1 billion

    Following the collapse of FTX, Silvergate Capital disclosed details of their relationship with FTX and Alameda Research. Although Silvergate does not appear to be a creditor to FTX, they had a sizeable deposit relationship with the exchange, which accounted for nearly 10% of its $11.9 billion in deposits from digital asset customers.

    Silvergate claimed its exposure is “minimal” but $1.1 billion is still a lot of money. As a result, investors have begun to fear the crypto bank is developing the same symptoms as other troubled institutions who have fallen to the contagion. Short sellers have already taken their short position on Silvergate, with the stock now down 53% over the past month.

    Silvergate Capital CEO Addresses Market Concerns

    In response to speculations of market uncertainty, Silvergate Capital CEO Alan Lane asserted that the company followed all relevant regulatory procedures when receiving wires directed to Alameda Research, implementing risk management policies to ensure the security of customer funds. He also noted that the bank has a strong balance sheet and ample liquidity, with cash and securities in excess of its digital asset related deposit liabilities.

    If we are taking Lane’s word for it, FTX’s collapse will have little effect on Silvergate. However, the broader market downturn could cause the bank’s foundation to crack if other large depositors continue struggling. Moreover, though Lane claimed they conducted “extensive due diligence” on the FTX group, the community is pointing out its contradiction as they would have prevented it in the first place if they had really done due diligence.

    Morgan Stanley Downgrades Silvergate Shares

    In a Monday letter to investors, Morgan Stanley lowered its rating on Silvergate’s shares from equal weight to underweight, recommending investors to reduce their exposure to Silvergate stocks. This came across when Silvergate’s digital deposits are down 60% in Q4, citing its need to fund outflows with securities sales and costly wholesale borrowing. With clients withdrawing their deposits, the company is facing even more pressure on its net interest margins (NIM) and net interest income (NII).

    Despite Silvergate facing uncertainty in the near-term, the bank has been around since 1988 with a long history of robust financial performances and regulatory experience. Their tier 1 leverage ratio, which measures a bank’s ability to withstand financial stress, was 10.7% in Q3, making them among the top 15% of American banks by this critical metric.

    Its long-established regulatory compliance and healthy leverage ratio are set up to weather any financial storm. However, since the crypto industry is still largely unregulated and highly volatile, as well as the downfall of several financial heavyweights, only time will tell if Silvergate will survive this crisis.