Weekly Cryptocurrency News. Jan. 26

Here comes Friday, January 26th. As the ongoing week elapses, we can focus on the industry highlights over the past few days.

MetaMask rolls out ETH Validator Staking feature

The non-custodial wallet developers have introduced a brand new functionality that allows you to participate in validator staking without having to run your own node.

Such an option is now available through MetaMask Portfolio and was introduced in partnership with Consensys Staking, an infrastructure service.

All you need is just deposit the required amount of ETH (at least 32 ETH or a multiple thereof) to obtain Validator status.

What’s more, Consensys Staking provides software and hardware support. The blockchain software company is claimed to successfully manage more than 33,000 validators, maintaining 99.99% uptime. This sector accounts for 4% of the total staked Ethereum.

“Now you don’t need to worry about complex hardware requirements, ongoing maintenance, or software upgrades, you can simply stake in multiples of 32 ETH and collect rewards for securing the network (minus the MetaMask validator fee),” the crypto wallet provider explained.

The feature in question offers an annual yield of 4%, considering a 10% fee for the services provided.

Let us remind you that in January 2023, MetaMask Portfolio introduced another feature dubbed Liquid Staking via Lido and Rocket Pool platforms.

Notably, earlier this year MetaMask revealed that they are working on a “transaction routing” technology intended to change the way we all interact with the Ethereum network.

Coinbase slams U.S. GAO for misleading facts on crypto

Paul Grewal, Coinbase CLO [Chief Legal Officer] strongly criticized the U.S. General Accounting Office (GAO) over a report that outlines the use of crypto as a means to evade sanctions.

According to Grewal, GAO conducted an inadequate comparative study before bringing charges against the industry that heavily invests jillion of dollars to stay on the right side of the law.

Released Jan. 16, the report addresses the effectiveness of economic sanctions and their impact on digital assets. The paper notes several instances of circumventing restrictions when using cryptocurrencies in the US.

GAO identifies a number of risk factors in the use of crypto, including the anonymity provided by digital assets, the potential to exploit loopholes in legal systems across countries to avoid financial liability, as well as the potential use of cybercrime to dodge sanctions.

Grewal points out that it is acknowledged in the report that digital gold is not a perfect way to bypass the bans. It is also highlighted that the decentralized nature of cryptocurrencies and a public ledger can make it easier for agencies and data analytics company to track transactions.

However, U.S. Senator Elizabeth Warren took liberties with the report to speak negatively about the cryptoverse as a whole.

Bybit unveils Keyless Wallet

The third largest CEX by volume has introduced its latest innovation — a Keyless Wallet, featuring MPC (Multi-Party Computation) technology to obviate the need of generating vulnerable private keys, according to the press release.

The recent study conducted by the exchange itself reveals that security and usability are key criteria when choosing a wallet for controlling digital assets.

MPC makes it possible to avoid remembering or storing private keys, thereby reducing the risks of loss or unauthorized access, as the paper emphasized. CertiK, a leading smart contract auditor, ‘took a safety walk’ around the MPC wallet, which resulted in the private key being split into two shares using homomorphic encryption between the client and the exchange.

CertiK conducted a security audit of the MPC wallet, which resulted in the private key being split into two shares between the client and the exchange using homomorphic encryption [a form of encryption that allows computations to be performed on encrypted data without first having to decrypt it.

The wallet is secured by 3FA using a Bybit account, as well as by wallet passphrase and on-mobile authentication.

Trust Wallet adds ETH Pooled Staking

The most trustworthy non-custodial wallet has launched a revolutionary ETH Pooled Staking service integrated with the eponymous staking pool based on the Kiln platform.

This feature is now available in the app’s latest version offering users the opportunity to participate in the staking process by generating passive income, with no minimum threshold of 32 ETH (roughly $71,300) required for validators.

Users can initiate staking while holding as little as 0.025 ETH (which is approximately $56), with an APR (Annual Percentage Rate) totaling 3.7%.

The service in question relies on the Kiln platform, while Kiln’s extensitve expertise in the area of staking ensures that user participation is not only useful but also failsafe, according to the official statement on X.

“Kiln’s experience and technological capabilities in blockchain solutions contribute significantly to this partnership,” the team said.

Coinbase Cloud has already integrated Kiln back in September 2023, allowing users holding any amount of tokens below 32 ETH to engage in staking. As of this month, Total Value Locked (TVL) here topped $4.2B following a $17M raise.

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