As a result, a customer may make a transaction with cryptocurrency in a customer account by using a payment instrument encoded with cryptocurrency information associated with the customer account. To execute a transaction with cryptocurrency, an enterprise may receive a request from a customer using a payment instrument authorizing a payment of an amount of cryptocurrency.
Essentially simultaneously or shortly thereafter, the enterprise may transfer the amount of cryptocurrency from a customer account to a recipient of the payment. Customers may also use a peer-to-peer payment service to create a virtual account and associate such virtual account with an account at a financial institution. Such account may be associated with cryptocurrency. Using the peer-to-peer payment system, the customer may conduct transactions using the virtual account without the need to share their account information at the financial institution.
In particular, enterprise cryptocurrency environment comprises customer device , network , enterprise cryptocurrency server , exchange servers , third party enterprise servers , data center servers , and payment service server Customer device is any device customer may use to utilize any functionality or service offered by an enterprise. In some embodiments, customer device may be operated by customer In other embodiments, customer device may be operated by an employee of an enterprise on the behalf of customer Customer device is a device operable to communicate with network , enterprise cryptocurrency server , payment service server , or any other suitable components of enterprise cryptocurrency environment For example, customer device may be a laptop computer, personal digital assistant PDA , cellular phone, tablet, portable media player, smart device, or any other device capable of wireless or wired communication.
In certain embodiments, customer device may include one or more processors , one or more memories , one or more displays, one or more interfaces, one or more components capable of inputting data, one or more components capable of outputting data, one or more components capable of communicating with any other component of enterprise cryptocurrency environment , or any other component suitable for a particular purpose.
Processor may include one or more microprocessors, controllers, or any other suitable computing devices or resources. Processor may work, either alone or with components of enterprise cryptocurrency environment , to provide a portion or all of the functionality of enterprise cryptocurrency environment described herein. Processor communicatively couples to memory Memory may take the form of volatile or non-volatile memory including, without limitation, magnetic media, optical media, Random Access Memory RAM , Read Only Memory ROM , removable media, or any other suitable memory component.
In certain embodiments, a portion or all of memory may store one or more database data structures, such as one or more structured query language SQL servers or relational databases. In certain embodiments, memory may be internal or external to processor and may include one or more instruction caches or one or more data caches. Instructions in the instruction caches may be copies of instructions in memory , and the instruction caches may speed up retrieval of those instructions by processor The data caches may speed up read or write operations by processor In some embodiments, customer device also may comprise graphical user interface GUI GUI is generally operable to tailor and filter data presented to customer GUI may provide customer with an efficient and user-friendly presentation of information regarding the functionality of customer device GUI may comprise a plurality of displays having interactive fields, pull-down lists, and buttons operated by customer GUI may include multiple levels of abstraction including groups and boundaries.
In certain embodiments, GUI may comprise a web browser. In another embodiment, GUI may comprise a graphical representation of a mobile application. Customer device may communicate with any other component of enterprise cryptocurrency environment over network This disclosure contemplates any suitable network Network may include one or more networks The current disclosure contemplates any number of networks suitable for a particular purpose.
Any component of enterprise cryptocurrency environment may communicate to another component of enterprise cryptocurrency environment via network In some embodiments, components of enterprise cryptocurrency environment may be configured to communicate over links Links may connect components of enterprise cryptocurrency environment to network or to each other.
This disclosure contemplates any suitable links Links need not necessarily be the same throughout enterprise cryptocurrency environment One or more first links may differ in one or more respects from one or more second links Customer device may communicate over network with enterprise cryptocurrency server Generally, enterprise cryptocurrency server may be used by an enterprise to initiate and execute actions and transactions that allow the enterprise to provide various functionality and services to customers Enterprise cryptocurrency server will be discussed in more detail in the discussion regarding FIG.
Enterprise cryptocurrency server may communicate over network with one or more exchange servers Generally, exchange servers may be associated with any cryptocurrency exchange that allows for the purchasing, selling, or transferring of cryptocurrency. Cryptocurrencies may be sold or purchased for other currencies or cryptocurrencies at a cryptocurrency exchange. This disclosure contemplates any cryptocurrency exchange can be associated with exchange server as suitable for a particular purpose.
In certain embodiments, exchange server may be operated by an enterprise that also operates enterprise cryptocurrency server The cryptocurrency exchange that is associated with exchange server may be associated with the same jurisdiction or a different jurisdiction e.
Exchange servers may receive requests to purchase, sell, or transfer cryptocurrency or to transfer funds via links Exchange servers may fulfill such requests either directly to any other component of enterprise cryptocurrency environment via links , or utilize an automated clearing house to fulfill such requests, or utilize any other method to fulfill such requests as suitable for a particular purpose.
Although exchange servers a and exchange servers b are depicted as two example distinct exchange servers in FIG. In certain instances enterprise cryptocurrency server may interact with third party enterprise server For example, enterprise cryptocurrency server may facilitate transactions with third party enterprise server Although a single third party enterprise server is depicted in FIG. Enterprise cryptocurrency server may store information at one or more data center servers at a data center.
In certain embodiments, data center servers may securely store information regarding cryptocurrency such as public keys, private keys, or any other suitable cryptocurrency information. In certain embodiments, one or more particular encryption, hashing, tokenizing functions or algorithms may be applied to information stored in a data center server According to some embodiments, one or more encryption, hashing, tokenizing functions or algorithms may be applied to information stored in a data center server based on the location of data center server Data center servers may be locally located or remotely located to enterprise cryptocurrency server In certain embodiments, each data center server may be located at a different geographic location.
For example, data center server a may be located at a first geographic location while data center server b may be located at a second geographic location. Enterprise cryptocurrency server may also interact with payment service server to provide various transaction functionality to customers Customers may use payment service server to transact online electronic payments using virtual accounts In certain embodiments, links communicatively coupling payment service server to enterprise cryptocurrency server may be a dedicated interface in addition to being coupled to network A financial institution may facilitate the transferring of funds to and from virtual accounts associated with customers In some embodiments, funds may be transferred from accounts associated with customers in enterprise cryptocurrency server to virtual accounts or vice versa.
In certain embodiments, a quantity of cryptocurrency may be transferred to or from payment service server by enterprise cryptocurrency server In some embodiments, payment service server may be associated with an enterprise associated with enterprise cryptocurrency server or payment service server may be associated with a third party enterprise not associated with enterprise cryptocurrency server More specifically, enterprise cryptocurrency server may include processor , memory , customer accounts , float accounts , transactions , online vault , offline vault , transformation engine , conversion engine , encoding engine , transaction engine , aggregation engine , calculation engine , management engine , exchange engine , alert engine , risk detection engine , validation engine , vault engine , and peer-to-peer engine Memory may take the form of volatile or non-volatile memory including, without limitation, magnetic media, optical media, RAM, ROM, removable media, or any other suitable memory component.
Data in the data caches may include any suitable combination of copies of data in memory for instructions executing at processor to operate on, the results of previous instructions executed at processor for access by subsequent instructions executing at processor , or for writing to memory , and other suitable data. Enterprise cryptocurrency server may store and retrieve customer information from customer accounts For example, enterprise cryptocurrency server may use a unique identifier of customer to retrieve a particular customer account In certain embodiments, customer accounts may be stored in memory According to some embodiments, customer accounts may be stored in one or more text files, tables in a relational database, or any other suitable data structure capable of storing information.
Each customer account may be associated with a customer In certain embodiments, customer account may include information that can be used by enterprise cryptocurrency server to perform various transactions involving cryptocurrencies. For example, customer account may include information such as an account number, account balance, routing number, location information, or any other information suitable for a particular purpose associated with one or more accounts that customer may have associated with a particular enterprise.
Enterprise cryptocurrency server may include transformation engine Generally, transformation engine may initiate the execution of transactions that facilitate an exchange of one currency for another currency, such as an exchange of a fiat currency for a cryptocurrency or vice versa or an exchange of one cryptocurrency for another cryptocurrency, according to any one of a variety of embodiments suitable for a particular purpose.
More specifically, transformation engine may be any software, hardware, firmware, or combination thereof capable of initiating or performing a transaction to facilitate an exchange of funds involving cryptocurrency. According to some embodiments, transformation engine may be a set of instructions stored in memory that may be executed by processor Using information received over links , transformation engine may initiate or perform various functions involving the exchange, storage, and retrieval of currencies and cryptocurrencies.
For example, customer may request a certain amount of funds in a particular customer account in a first currency be exchanged for an approximately equivalent amount of funds in a second currency, such as a cryptocurrency. Transformation engine generally utilizes various float accounts associated with an enterprise to execute exchanges involving cryptocurrency. For example, an enterprise may maintain repositories e. Float accounts may be stored in memory According to some embodiments, float accounts may be stored in one or more text files, tables in a relational database, or any other suitable data structure capable of storing information.
Each float account may be associated with an enterprise, financial institution, or other entity that may have an account associated with a particular currency or cryptocurrency. For example, float account may include information such as an account number, type of currency or cryptocurrency stored in float account , currency or cryptocurrency account balance, routing information, location information, or any other information suitable for a particular purpose associated with one or more accounts that an enterprise may have associated with a particular currency or cryptocurrency.
In certain embodiments, transformation engine may retrieve any information associated with float accounts or the enterprise. Transformation engine may also monitor or otherwise manage float accounts Monitoring a float account may include monitoring an amount of funds in float account , depositing funds in float account , withdrawing funds from float account , requesting a quantity of funds in float account be sold, requesting a quantity of funds be purchased for float account , or any other suitable operation for a particular purpose.
For example, transformation engine may determine whether an amount of funds in a float account associated with a certain currency e. In response to determining the amount of funds is above the certain threshold, transformation engine may initiate the sale of a quantity of the certain currency in float account In certain embodiments, the quantity of the certain currency may be sold at a cryptocurrency exchange.
Various currencies may be sold or purchased for cryptocurrencies at a cryptocurrency exchange, such as exchange a or exchange b. According to some embodiments, the sale of the quantity of the certain currency results in a quantity of another currency, such as a quantity of a particular cryptocurrency. As another example, transformation engine may determine whether an amount of funds in a float account associated with a certain currency e.
In response to determining the amount of funds is below the certain threshold, transformation engine may initiate the purchase of a quantity of the certain currency. In some embodiments, transformation engine may purchase the certain currency at exchange , which allows transformation engine to use currencies or cryptocurrencies to purchase other cryptocurrencies.
Upon purchasing the quantity of the certain currency, transformation engine may transfer the quantity of the certain currency to the particular float account over links Transformation engine may utilize conversion engine to facilitate a real-time currency conversion when a requested conversion is optimal. Conversion engine may be any software, hardware, firmware, or combination thereof capable of initiating or performing a transaction to facilitate an exchange of funds involving cryptocurrency.
In certain embodiments, conversion engine may be a set of instructions stored in memory that may be executed by processor Conversion engine generally retrieves price data associated with currencies and cryptocurrencies. For example, a customer may request an exchange of a first currency for a particular cryptocurrency if the exchange is optimal. In response, transformation engine may communicate a request to conversion engine to determine whether converting the first currency into a particular cryptocurrency is optimal.
As a result, conversion engine may retrieve data associated with the conversion. For example, conversion engine may retrieve price data associated with the first currency and price data associated with the particular cryptocurrency. Conversion engine may also retrieve price data associated with a plurality of cryptocurrencies, price data associated with a plurality of currencies, market data associated with a plurality of cryptocurrencies, market data associated with a plurality of currencies, volatility data associated with a plurality of cryptocurrencies, volatility data associated with a plurality of currencies, current currency exchange rate data, economic risk data, or any other data that may be suitable for a particular purpose.
Conversion engine may also determine whether the conversion is optimal. According to some embodiments, conversion engine may do so based at least in part upon analyzing the data associated with the conversion. In such an embodiment, conversion engine may consider time factors, price factors associated with particular currencies such as the value of various currencies , price factors associated with particular cryptocurrencies such as the value of various cryptocurrencies , volume of particular currencies, volume of particular cryptocurrencies, availability of particular currencies, availability of particular cryptocurrencies, popularity of particular currencies, popularity of particular cryptocurrencies, volatility of particular currencies, volatility of particular cryptocurrencies, economic risk factors, current currency exchange rates, or any other factors that may facilitate determining whether the conversion is optimal.
What we also like about the eToro wallet app is that if you lose or misplace your private keys, you can contact the support team to regain access. In terms of key features, the eToro wallet also offers trading services. This means that you can buy and sell crypto from within the wallet interface. Moreover, when you trade crypto at eToro, you will only need to pay the spread. Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
You have two storage options to choose from at Coinbase. This means that you can access your funds simply by logging into your account. Plus, you will need to bypass two-factor authentication on each login attempt. The second option is to download the Coinbase wallet app - which is non-custodial. This covers cryptocurrencies of all shapes and sizes - from large caps to DeFi tokens.
The Binance wallet app allows you to buy and sell digital currency at a commission of just 0. It is available to download free of charge to both iOS and Android devices and the app will link to your main Binance account. In terms of security, Binance implements IP address and device whitelisting - which ensures that unauthorized access is prohibited. Huobi - Best Bitcoin Wallet for Asset Diversity Huobi is a multi-asset platform that offers a wide range of cryptocurrency products and services.
It is one of the best Bitcoin wallets for asset diversity, because the platform gives you access to hundreds of different tokens. Much like Binance, this leading crypto exchange is also a solid option for those that wish to access trading services in a low-cost manner. This is because you can buy and sell crypto pairs at Huobi from just 0. Kraken - Best Crypto Web Wallet for Convenience If your overarching priority is to find the best crypto wallet for convenience, Kraken could be worth checking out.
The provider primarily offers brokerage and exchange services, alongside leverage and margin trading for those located in eligible countries. That said, if you plan to use this platform to buy crypto - you may choose to leave your tokens in your Kraken web wallet.
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After meeting the victims through social media, dating apps or wrong-number texts, the scammers said high returns were available through "liquidity mining"; a would-be investor just had to buy a "mining certificate," clicking through a prompt in Coinbase Wallet that said "confirm payment. Clicking on these innocuous-looking vouchers would record a single line of computer code granting the scammers permission to steal crypto deposited into an account weeks or months later.
Coinbase "had no procedures in place to stop these frauds," Rosen said. Of course, scammers quickly picked up on this, and literally directed victims to download the Coinbase Wallet. A victim advocacy group calls it a "pig butchering" scam in which the victims' accounts are fattened like hogs for slaughter.
Reports from ProPublica and Vice say that at least some of the front-line scammers are themselves victims of human trafficking in Southeast Asia, forced to work under threats of violence. This week, the investor protection director in the state of Delaware issued a cease-and-desist order against more than 15 people it believes are "involved or working in conjunction with" those who contacted alleged victims.
But some of those who lost money say they see the perpetrators as only part of the story. The level of legitimacy conferred by a company such as Coinbase combined with a lack of red flags caused Osbun to proceed, he said, when he otherwise would have stopped. Yes or no? In the past few months, Coinbase adjusted the warnings it presents in its wallet app, now showing that a website is requesting permission to withdraw a huge sum of dollars from an account. A wallet application inside Coinbase's main app, however, appears still to be vulnerable; it does not make clear that signing a smart contract could let a website access someone's entire balance.
For years, regulators paid relatively little attention to crypto. But as its popularity with everyday Americans skyrocketed in , claims of fraud soared, too, as borderless digital money turned into a gold rush for overseas thieves, including North Korea's government. With crypto, however, holders have the opportunity to become their own custodians. Using gold bars as an analogy, you can either store them under your bed to keep them safe yourself or pay a third-party custodian to lock them in a vault protected by security guards.
With that in mind, there are two main types of crypto custody for you to know. Self-custody As discussed, self-custody is when you personally hold the private key for your own wallet. This means you are the only one who can prove ownership of your funds and access your holdings.
With great power, however, comes great responsibility. Being your own custodian means having complete control over your wallet, but it also means you bear all the risks too. If you lose access to your physical device cold wallet or forget the private key, your crypto will most likely be gone forever. Third-party custody Those who do not want to take the responsibility of managing their own accounts or find it too intimidating to deal with the tech might want to turn to a third-party custodian.
These are registered, regulated financial institutions that have acquired a state-level or national license to act as a custodian. From the user's point of view, it is similar to having a checking account with a bank. When you register to open an account, you must undergo know-your-customer and anti-money laundering checks.
Some crypto exchanges and platforms outsource their security needs to an external custody provider that safeguards the assets under management. Digital asset managers As cryptocurrencies have matured as their own asset class there has been an emergence of digital asset managers that act like banks for crypto holders. These institutions, like banks, are regulated and licensed to offer crypto custody.
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