Faast to offer cross-platform swaps right from wallet app

Faast platform and app allow cross-platform swaps straight from the wallet app of hardware wallet, cutting off the middlemen and preserving users' anonymity
30 May 2018   1222

Not all the users have been happy with increasingly tight government regulations and Know-Your-Client policies on the exchanges. Not to mention the hassle of transferring the crypto to and from the exchange just to swap some coin for another to diversify the portfolio. Now a new application by the name Faast promises to allow users cross-chain swaps without leaving the secure environment of their wallet app or hardware wallet.

Faast is a new open-source application, published by the portfolio management platform with the same name. Right now the app is still in beta, but it shows a great promise because of the integration with popular wallet applications and two hardware wallet devices Ledger and Trezor.

Now the users won't have to go through the unneeded steps of transferring their crypto to the exchange to diversify their holdings. And let's not forget that it's not only a pain to do so, but also each transfer has the accompanying fee attached, and users have to give up their anonymity to register on the platform of their choice. Not to mention the possibility of losing the hard-earned crypto to another hack.

While all of the above warrants the attention by itself, one of the main advantages of Faast, compared to other services with the same functionality, is a wide variety of supported coins. Over 130 coins already have been added with more to come soon, if everything goes according to the plans laid out by the developers.

Removing the exchanges in their middlemen role is not only advantageous in terms of money saved on transfer fees, but also serves to further decentralize the cryptocurrency environment. While lots of traders are quite comfortable with the existing order of things, some users may find this a compelling notion.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.