Lava, a monetary expertise 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 some great benefits of Lava’s borrowing mechanism, stating, “With Lava, individuals can borrow transparently with out rehypothecation threat and with out counting on bridges or custodians. Customers will not should belief their counterparty and might borrow utilizing a system that offers customers cryptographic assurance that the foundations of their contracts shall be honored.” Lava achieves this by invisible good contracts known as discreet log contracts (DLCs), which guarantee collateral integrity and allow programmable mortgage initiation and compensation with out the necessity for intermediaries.
In accordance with a press launch despatched to Bitcoin Journal, Lava pockets goals to empower people who face challenges with conventional banking, providing progressive safety options and security checks to forestall transaction errors. Maredia stated that he envisions bitcoin and {dollars} as the 2 most vital property of the approaching decade. Lava’s objective, the press launch said, 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 stated it intends to proceed advancing its mission of constructing finance sovereign and easy.
Lava’s self-custody pockets is presently accessible on cell platforms, together with iOS and Android, with plans for added interfaces sooner or later.
The corporate stated it intends to distinguish itself from different self-custody wallets by 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 said that there shall be future enhancements like collaborative custody and chilly pockets integration.
Disclosure: Lava is a portfolio firm of BTC Inc., the guardian firm of Bitcoin Journal.
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