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Lava, a monetary know-how firm, has unveiled a brand new self-custody pockets and decentralized finance (DeFi) platform on Bitcoin. Using Lava’s mortgage protocol, customers can borrow stablecoins in opposition to native bitcoin, eliminating the dangers related to bridge hacks and custodian rehypothecation.
CEO Shehzan Maredia highlighted the benefits of Lava’s borrowing mechanism, stating, “With Lava, folks can borrow transparently with out rehypothecation danger and with out counting on bridges or custodians. Customers will not must belief their counterparty and might borrow utilizing a system that offers customers cryptographic assurance that the foundations of their contracts will likely be honored.” Lava achieves this by way of invisible sensible contracts known as discreet log contracts (DLCs), which guarantee collateral integrity and allow programmable mortgage initiation and reimbursement with out the necessity for intermediaries.
In keeping with a press launch despatched to Bitcoin Journal, Lava pockets goals to empower people who face challenges with conventional banking, providing modern safety options and security checks to forestall transaction errors. Maredia mentioned that he envisions bitcoin and {dollars} as the 2 most vital property of the approaching decade. Lava’s purpose, the press launch acknowledged, is to create a bitcoin and dollar-centric monetary expertise that grants customers true monetary freedom, enabling them to take management of their funds and simplify cash administration.
In an interview, Maredia expressed gratitude to his cofounder, group, buyers, and supporters, emphasizing that that is solely the start for Lava. The corporate mentioned it intends to proceed advancing its mission of constructing finance sovereign and easy.
Lava’s self-custody pockets is presently out there on cellular platforms, together with iOS and Android, with plans for added interfaces sooner or later.
The corporate mentioned it intends to distinguish itself from different self-custody wallets by way of its user-centered monetary utility expertise together with providing borrowing in opposition to bitcoin, direct purchases of bitcoin and stablecoins, seamless checking account transfers and simplified transactions. Safety is a prime precedence — Lava acknowledged that there will likely be future enhancements like collaborative custody and chilly pockets integration.
Disclosure: Lava is a portfolio firm of BTC Inc., the mum or dad firm of Bitcoin Journal.
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