How to Do Your Lykke Crypto Taxes With Koinly in 5 Steps (Guest Post)
Wondering how on earth to work out your Lykke taxes? Or how to file your crypto tax at tax time? Koinly explains it all in this quick guide on how to file your crypto tax. Worried about how to report your cryptocurrency taxes? The good news is, filing your Lykke taxes is probably a lot easier than you think. That's because crypto tax calculators like Koinly do all the tricky calculations for you. 1. Connect your Lykke account to Koinly. Forget about creating your own complex spreadsheets and downloading tons of statements and reports. Simply connect your Lykke account to Koinly by uploading CSV files of your trades. 2. Let Koinly calculate your capital gains, losses and income. Koinly will be looking for transactions that resulted in a capital gain, a capital loss, and transactions that look like income. That's because crypto can be taxed as both Capital Gains Tax and Income Tax, depending on how the transaction happened — and on your country’s tax rules. Let’s take a quick look at how 5 countries tax crypto across Europe. The United Kingdom In the UK, crypto is subject to either Capital Gains Tax or Income Tax — depending on the transaction. When you swap, sell, spend, or gift (except to your spouse) crypto — you'll pay Capital Gains Tax on any profits from it. Your CGT tax rate will depend on your Income Tax band. The basic Capital Gains Tax rate for those earning less than £50,270 is 10%, while the higher rate for those earning more than £50,271 is 20%. Each UK taxpayer gets £12,3000 in capital gains per year tax free — so you'll only pay Capital Gains Tax on any amount over this. You won't pay tax on any losses, though you can offset losses against your net capital gain to reduce your tax bill. Meanwhile, you'll pay Income Tax when HMRC sees your transactions as 'earning crypto'. This includes mining, staking, airdrops, earning interest, and being paid in crypto. France Crypto in France is viewed as a moveable asset. You'll pay tax whenever you sell crypto for fiat currency, but not when you trade one crypto for another. The type of tax you'll pay depends on the scale at which you're trading. If you're an occasional trader, you'll pay a flat 30% tax known as the Single Fixed Levy. You'll pay this on the profits from a variety of transactions including selling crypto for fiat currency, staking rewards, liquidity mining, airdrops, and when you earn interest on crypto. Meanwhile, professional traders will pay an incremental business tax on profits of up to 45%. Crypto mining income falls under non-commercial profits and attracts a tax of 45%. However, those with an annual turnover of less than €70,000 may be eligible for a lower tax rate. Austria In Austria, the tax you'll pay depends on the type of crypto transactions you're making and how long you've held your crypto for. Currently, you won't pay any Income Tax on crypto investments you've held for more than a year. You'll pay Income Tax whenever you sell crypto for fiat currency, swap crypto for crypto, spend crypto on goods or services, or when you receive an airdrop. How much you'll pay depends on how much you earn — but you'll pay anywhere between 0% to 55% in tax. This only applies if you’ve acquired and sold, swapped, or spent your crypto within the same year. You’ll pay no tax on crypto you’ve held for more than a year when you sell, swap, or spend it. If you’re mining crypto — this is seen as income from commercial operations, regardless of the scale. This is subject to a separate flat tax of 25%. Austria also has a specific flat tax rate for 'interest-bearing investments'. So anytime you're earning interest from crypto, you'll pay a flat 27.5% tax rate instead of your usual Income Tax rate. This would include a variety of crypto transactions like staking, liquidity mining, yield farming, and lending crypto. Austria has released a draft bill on crypto tax due to come into force in March 2022. It states that crypto investors will pay the same Income Tax rate on long-term gains as they do on short term gains. It isn't retroactive, so it'll only apply to assets you buy after 1 March 2022 — if passed. Germany Cryptocurrency is viewed as a private asset in Germany by Bundeszentralamt für Steuern (BZSIn) and is subject to Income Tax in specific circumstances. It all depends on how long you've held your assets for. When you swap, sell, or spend crypto you've held for less than a year — you'll pay Income Tax on the profits. This will be at the same rate you normally pay Income Tax. When you swap, sell or spend crypto you've held for more than a year, your gains are tax free. You'll also pay Income Tax when you're seen to be earning an additional income through crypto. This includes being paid in crypto, mining crypto, and staking crypto. If you sell crypto you've staked within 10 years, you'll also pay Income Tax on this. Switzerland For individual investors — not businesses or sole-traders, crypto in Switzerland attracts either a Wealth Tax or Income Tax, not a Capital Gains Tax. The amount you'll pay depends on the value of your assets, your transaction types, and the canton in which you live. Each canton in Switzerland sets its own Wealth Tax rate and has the freedom to determine whether or not your cryptocurrency transactions should be considered as a private investment, or as business activity. The canton-specific wealth tax rate, and income tax rate is applied to the value of the most commonly used cryptocurrencies, as determined by the FTA on 31 December each year. The rates are based on the average of different exchanges. Swiss taxpayers must refer to this taxation value when declaring their crypto assets. If the FTA has not provided a value for a cryptocurrency you hold, you must declare the value as of 31 December using the value defined by the platform on which the assets are held. If you're paid in crypto, you'll pay Income Tax. There is no specific guidance from the Swiss tax office on earning crypto through various other activities like staking, mining, yield farming and so on — however, it is safe to assume these activities could be seen as additional income and that Income Tax would apply. 3. Download your Lykke crypto tax report Here's where the going gets really good. Once it's tax time, simply download the right tax report for your country from Koinly's menu of crypto tax reports. You'll then be able to file your crypto taxes easily — and safely — knowing that you have all your crypto trades accounted for. Each tax office has a slightly different process for this, as well as different tax deadlines. You can learn more about your country's crypto tax rules in Koinly’s regularly updated country guides. 4. File your crypto totals Are you a DIYer at heart? Then you'll want to file your crypto taxes yourself. Equipped with your Koinly crypto tax report, it's pretty easy to file directly on your country's online tax filing platform. Alternatively, if your accountant does your taxes, you can invite them to view your Lykke trades and tax report in Koinly. Grant your accountant access from your Koinly account settings. With a crypto tax report from Koinly it's easy for your accountant to file your tax return. 5. How much do you pay? In most countries, the amount of Income Tax and Capital Gains Tax owed on crypto depends on how long you’ve held your assets, and which income tax bracket you’re in. Typically, the higher your income, the greater the percentage of tax you'll pay on capital gains. Check out our updated country guides to find out what your tax bracket is. Koinly is a crypto tax calculator built for cryptocurrency investors of all levels. Save hours on spreadsheets and complicated calculations with Lykke and Koinly. Hurry up to get registered at Koinly with this discount code: 1766E787.
Lykke's Goal is to be the Most Cost Effective and Simple Crypto Platform in Town
If you are wondering what is the cheapest way to buy cryptocurrency the answer is Lykke. Lykke offers the same terms of free crypto trading to both retail and API traders, including corporate clients, independently of the volume they generate. Maintaining these conditions regardless of how difficult the times are is our main achievement of the year and our goal for the future. At the end of each year, we always somehow try to stop for a moment and think about what the year has brought us, what nice moments we have lived and what lessons we have learnt. The last two years were particular for all people and businesses, so many changes have been brought abruptly. But as always, every cloud has a silver lining. At Lykke, the effect of the pandemic was optimization and focus on core activities. As a result of this internal optimization, we have managed to create attractive trading conditions for all kinds of traders. And here's how... The cheapest place to trade in town Let us start with a simple example. Imagine that on your Christmas holidays you arrive in the Caribbean and you need local currency. You go to the first “currency exchange” booth and try to calculate the exchange rate. You see that for one euro there are two XCD prices: 3 and 3.10. What does this mean? An exchange earns money on this operation and they buy cheap from you, but they sell expensive to you. So, if you want to sell your XCD, they pay 3 to you, but if you want to buy it, you have to pay 3.10. Probably, you don’t like this place and move on to search for another one. In the meantime, you realize you want to buy a fresh coconut and the exchange mission becomes urgent. After crossing the whole port under the burning sun you finally see the rate of 3.03 and 3.07. You like it better and exchange 100 euros. But once you’ve finished the operation you see that you’ve received 300 instead of 303 XCD. How come? That’s the exchange commission, oh yes, those tiny letters at the bottom of the receipt that you had not seen before you signed it. You finally buy your coconut, sit back and think to yourself - “I should have exchanged it at the first booth, I would have bought my drink already… Eventually, all exchanges are the same”… But are they? When you trade cryptocurrency, the situation is very similar: you have venues that have tiny spreads between the buy and sell prices, but they have huge commissions. Some venues don’t have trading fees, but they have a bunch of hidden fees, such as the inactivity fee, or their deposit and withdrawal fees are prohibitive. Others, instead, have a moderate commission if you place a non immediately executable limit order (maker commission), but high commissions if you don’t want to wait and place a market order (taker commission). Taker and maker fees normally are different, moreover, at many exchanges they also directly depend on the volume a trader generates: the more you trade the less you pay. This favours whale traders and penalizes beginner retail traders who often take several false steps before making a profitable trade. It is not only unfair but also very complicated for an unprepared trader to understand. This is the situation we address at Lykke, we believe that it is possible to democratize finance by combining innovative technology, such as blockchain tech, with financial engineering that allows to create smarter business models and provide fair conditions for all traders. Lykke’s business model is based on research in high-frequency finance and does not depend on fees. Unlike other exchanges, we have never charged fees for trading. It means, at Lykke, you can forget about understanding what taker and maker fees mean and the difference between them. You just have no fees for trading. Period. However, getting back to the example of the two exchange booths on the paradise island, the first had 0 commission, but a large spread, the last one had a narrower spread, but a commission. Until last year, some assets at Lykke resembled the first scenario: no fees, but a large spread. During the past year, we have taken several steps to reduce spreads for all the listed cryptocurrencies. We have introduced a new listing/delisting policy. According to this policy, each asset has to meet certain criteria of liquidity. Judging by these criteria, we have delisted the illiquid assets from the exchange. Moreover, we have reduced the number of trading pairs for most assets to tighten the liquidity for the most traded pairs. Newly listed are only assets with intrinsic liquidity. By undertaking these measures we have drastically reduced the spread on all trading pairs listed at Lykke and managed to create truly favourable conditions for all traders. Now at Lykke, the users can benefit from: Zero trading fees - you don’t pay any commission for the exchange; Simplicity - no need to understand the difference between taker and maker fees - we don’t charge trading fees at all; Computer bots: in the fast moving markets of crypto, they do not have to bother with the complexity of taker fees; Narrow spreads - you don’t lose trading opportunities because of the big difference in price; Liquidity - whether you are an investor or a day trader, liquidity is important for making immediate reactive trading decisions on this volatile market; Fiat deposits and withdrawals by bank transfer and by card; No charges on fiat deposits and/or withdrawals by bank transfer; High-Frequency Trading API. In sum, these trading conditions make Lykke the cheapest place to trade crypto in town! A Christmas gift for API traders The crypto market is still a nascent phenomenon and therefore, it is highly volatile. To be successful on this market, a trader must make the right decisions at the right moments. Since it’s a truly global market because the tech has no borders, the right moment may be at 3 am on a Tuesday… We bet it’s a familiar situation to any trader. This is why trading automation seems a logical solution. Most traders sooner or later come to the conclusion that it’s possible and advisable to automate their trading strategies. At Lykke, we have been working to create conditions for each trader to access trading automation. We have been developing our API improvements and an update is scheduled for the release soon. More good news is that we integrated our platform with Margin, a German trading platform that offers a range of crypto trading bots. The platform has a very intuitive visual interface which allows you to configure bots in a drag and drop mode. We invite our users to test the integration during the Christmas holidays. Manuals are available here. If you have specific technical questions, please contact Lykke or Margin support services. For all those who subscribe to the single-exchange Margin plan with their Lykke account, there is a discount of 30%. Download the app Lykke trading and Happy New Year!
TREE Delisting from Lykke is a New Start for Mangrove DAO
The trees on the image above are called mangroves and their particularity is that they are tolerant to salty water. Indeed, they normally flourish in coastal waters creating a unique habitat for the local species. But it’s not their curious appearance or contribution to the tropical fauna diversity that make them a topic for a cryptocurrency blog. It appears that mangroves are considered to be one of the top three carbon-capturing ecosystems on Earth. They sequester carbon dioxide and pile most of their carbon on the ocean floor, unlike the terrestrial trees. So what does that have to do with cryptocurrency? Mangrove tree deforestation due to human activities has become a very crucial topic in recent years. Most mangrove forests appear to be located in counties with a developing economy where ecological concerns are still secondary to the immediate gains deforestation can generate. The incremental pace with which this deforestation is taking place has become a concern not only for ecology enthusiasts but also for governments and non-governmental organizations. This concern has raised the question of how the restoration of mangrove forests can be incentivized economically. The thing is that in our lucrative world people barely act if there’s no tangible incentive motivating them… One of the possible solutions was found in 2017 by the TREE project. It’s an innovative initiative that designed a whole system of mangrove restoration funding powered by the blockchain and based on carbon-credit incentives. The TREE project issued TREE coins. One TREE coin represents one mangrove tree planted in the Thor Heyerdahl Climate Park in Myanmar managed by Worldview International Foundation (WIF). It is a natural capital token, a new generation of tokens that aim at creating economic incentives to motivate people to preserve the natural capital. At the moment of issuance, one TREE was equal to 1 USD, the information about the circulating supply is available on the project’s Medium page. The tokens are backed by carbon credits. It’s estimated that one person generates about 5 tons of carbon emissions per year (see https://www.worldometers.info/co2-emissions/co2-emissions-per-capita/), this is what 10 mangrove trees can sequester over a project period of 20 years. The idea is that one can remain carbon neutral by supporting planting of a few mangroves each year. The TREE economic model is designed in a way not only to incentivise TREE investors to fund mangrove restoration by purchasing the token but also to contribute to the local development so that the mangrove trees have a higher value alive than cut down for the local population. Lykke has supported this initiative from its very conception in 2017. The TREE coin has been listed for zero-fee crypto trading at Lykke throughout these years. However, under the new listing and delisting policy at Lykke, the coin performance was not in line with the new KPIs. As of the end of 2021, the TREE coin will be fully delisted from Lykke exchange. However, this milestone has become a new start for the TREE project. TREE is becoming Mangrove DAO and is issued on the Polygon Network. Mangrove is a new digital token that not only represents one mangrove tree, but it also entitles its owners to have governance rights in the Mangrove DAO project. The evolution of the project is a logical continuation of the WIF’s effort at mangrove restoration. WIF's carbon credits are traded on the voluntary carbon market and bought by companies and individuals who would like to voluntarily compensate for their carbon emission. Each TREE coin will be converted into Mangrove tokens at a 1 to 1 ratio. This conversion completes the first stage of the project. Indeed, WIF has successfully finished the restoration project funded by TREE coins and registered it with the Verra Carbon Standard (VCS project # 1764). In the new Mangrove DAO project economic model, verified carbon credits will be tokenized by WIF or by an appointed agent on behalf of WIF using Toucan Bridge, as fractionalized NFT tokens (TCO2-VCS-1764-xxxx). Blue Carbon Reference Token pool will be launched to represent 1 generic VCU of Blue Carbon. The liquidity pool for Blue Carbon tokens will then be listed and traded on Sushiswap. Starting from December 2nd, 2021, a new stage of development started in this project. The TREE holders who store their assets at Lykke exchange have to withdraw their TREE colored coins to the Polygon Network deposit address. The Lykke support will perform all the necessary steps to withdraw the TREE token to the Polygon Network. The deadline for the conversion is until January 2, 2022. Learn more about the new token and the roadmap of the Mangrove DAO project at its official website.
How to Buy Tezos (XTZ) Without Fees
You can buy Tezos with absolutely no fees and this is no joke. Curious about how to trade XTZ without paying commissions? Then read on! Tezos is one of the top cryptocurrencies, the project that stays behind it aims at addressing the inefficiencies of blockchain technology. It was founded in 2017 in Switzerland and is currently one of the most interesting projects on the cryptocurrency market. Both traders and investors are interested in learning about the cheapest way to buy Tezos (XTZ). And in this article, we are sharing with you the steps you need to take if you want to buy XTZ at the lowest price possible. The first thing you have to do is to get registered at Lykke Wallet crypto exchange. Lykke Wallet is commission free exchange, which means that all kinds of traders, regardless of the volume they generate, can trade cryptocurrency without fees at Lykke. Then you have to pass the KYC. It is very easy: just take a selfie, submit your ID and a proof of address. The Know Your Customer verification is one of the security measures all compliant crypto exchanges have to implement to protect the funds of their customers. The third step is to deposit your EUR / GBP / CHF to your Lykke crypto wallet by bank transfer. Lykke Wallet is the only crypto exchange that covers deposit and withdrawal fees by bank transfer for its users. The crypto deposit fee is also zero and the crypto withdrawal fees are among the lowest on the market. After you have completed the three previous steps, you can convert your cash to cryptocurrency without commissions. It means that you can buy Tezos or Bitcoin, or any other of some 20 cryptos listed at Lykke without paying any fee at any step of the process. Download the app and try it yourself! About Lykke Lykke is a fintech company that has been operating the Lykke Wallet crypto exchange since 2015. The company was founded based on scientific research in high-frequency finance. Our research and financial engineering expertise allowed us to develop a commission independent business model which is absolutely unique on the crypto market. By charging zero cryptocurrency trading fees we democratize the market and allow retail traders and investors to enjoy the same favorable trading conditions as those of the whale traders. Our conditions do not depend on the volume generated. At the same time, we also offer cryptocurrency trading without fees to API and day traders who can leverage our zero fees for their strategy execution in a very cost-efficient manner.
What is a crypto-fiat gateway?
How to buy Bitcoin or other cryptocurrencies with euro, GBP, or CHF? A fiat gateway is a combination of words that you will frequently hear if you decide to enter the cryptocurrency world and buy Bitcoin or other cryptocurrencies in a crypto app. To understand its meaning and function, you have to understand what fiat means. Fiat means simply conventional money, it refers to national currencies the government’s issue not backed by any commodity. It derives from the Latin word fiat (from “facere” - make/do, present passive subjunctive “let it be done”) and we can assume that it implies a deal - let it be done! Therefore, a fiat gateway is an entrance to the cryptocurrency world, the step at which you can deposit fiat into a cryptocurrency app. Yesterday at a dinner with friends we were talking about those people who made a fortune by simply buying Bitcoin at its very early days. And one guy said: “I realized back then that I had to buy it as well as all my friends from the gaming community were buying. So I tried to understand how to do it, but back then it was impossible to buy it easily, you had to use specific tools and programs I could not figure out how to use”. These times have passed long ago, now if you’re wondering how to buy Bitcoin you will be surprised by how easy it is. Namely, the architecture behind depositing money to a cryptocurrency app is the following: you have to transfer money from your bank account or digital wallet to the bank account of the entity that operates the cryptocurrency exchange of your choice. In theory, it is not as simple as that if we are talking about decentralized exchanges and DApps that are supposed not to belong to any entity. However, these still belong to the future. Since most exchanges are centralized and they generate an overwhelming proportion of volume, we will use them as an example. There are different types of fiat gateways. In a broad sense, any form of fiat deposit into the crypto market is a fiat gateway. 1. Bank transfer. Most exchanges are entities that have a bank account to transact with agents in traditional finance. The simplest way of depositing money to a cryptocurrency application is by making a bank transfer. If you are located in the Eurozone and the exchange as well, you are lucky because the SEPA transfers are usually either free or very cheap. If you are located outside of the eurozone, it’s quite probable that you will have to use the SWIFT system, which is more expensive and slower. In Asia, which technologically is more and more advanced than the “old world”, there are numerous alternative ways to make a fast transfer in local currencies. 2. Card payment. The possibility of card payments to recharge your fiat balance in a crypto app is usually offered by payment providers. These may be VISA or Mastercard or PayPal or Skrill or many other intermediaries that offer you added value in the form of a card that you can always carry with you and use instead of paper money. With the card, you can pay on the Internet. For this added value they charge a commission. So, typically, when you choose between a bank transfer, which is direct from account A to account B, and a card payment that has to be carried out by an intermediary, you have to realize that in the latter case you will have to pay a commission. In the cryptocurrency world, this commission normally is about 3-4%. What if you don’t have a bank account or a credit card? Fiat onramp for the unbanked. Many cryptocurrency apps and projects are guided by a noble mission: democratizing finance, giving access to financial services to the unbanked, making the economy fairer, eliminating injustice and intermediaries, etc. So, no wonder that there are lots of interesting and promising projects that you can find in the crypto space. However, there are also certain limits within which they have to exist in order to be able to operate legally in the current legal framework. We have already spoken elsewhere of some paradoxes of decentralized finance, such as the absence of true decentralization. So, you will realize that even if the crypto space is fighting to give access to the unbanked, in reality, if you don’t have a bank account or a card, you will find it quite challenging to enter the crypto market. 3. Bitcoin ATMs At the end of 2013, the first Bitcoin ATM was installed in Vancouver, Canada. One month later, the first European Bitcoin ATM was installed in Bratislava. Some Bitcoin Automated Teller Machines allow only to buy Bitcoin, others allow to sell it as well. They are connected to the Internet and process the operation in real-time. This sort of machine is particularly popular in countries with a high percentage of unbanked people. In early 2020, Nigeria became the 8th country to install a Bitcoin ATM. However, they are still a very rare phenomenon in the world. 4. Authorized shops There are cryptocurrency projects that allow you to buy the cryptocurrency at a shop. Imagine you go to a kiosk to buy a newspaper and you ask to exchange a couple of euros in ethereum and you get the operation done right at the cashier. In this case, even if you don’t have a banking account, the fiat-to-crypto operation is performed for you by an authorized intermediary. Businesses can enable a wallet on the platform and serve as a crypto onramp for their clients. 5. Buy from other people This is a bit risky way of buying Bitcoin because there arises the usual problem in finance - trust. In traditional finance, since two peers don’t trust each other, they resort to a third party that guarantees the completion of the deal and gets a reward in exchange. If this third party eliminates competition, it starts requiring higher and higher rewards (remember how you could pay in cash with no commission on Blablacar and now the commission has become absurd?). The whole concept of open finance aims at eliminating intermediaries by providing infallible technology and smart contracts that would make fraud physically impossible. So, in the case of buying something directly from another peer with no third party and no technological or other guarantees, you risk being scammed. If you still decide to consider such an option, the biggest database of possible sellers and buyers is Local Bitcoins. Best choice - Lykke crypto exchange with a fiat gateway You might have already realized that not all famous crypto exchanges have a fiat gateway. Some of them only accept crypto deposits. Others do have fiat gateways but require high fees. Or maybe there’s an exchange with a convenient fiat gateway, but it is not suitable for trading given high fees or few currencies available for trading. The Lykke Exchange is an all-in-one solution: It is a wallet integrated with an exchange; it has a multi-currency fiat gateway for euro, GBP, and CHF; fiat currencies for forex; you can deposit by bank transfer with 0 fees; you can deposit by credit card immediately; it offers dozens of cryptocurrencies; it charges 0 trading fees; The company is based in Switzerland, real people and legal entity are behind it, unlike many other exchanges that are not compliant with the law and hence you don’t have any guarantee against being scammed. Sign up with Lykke and start trading today!
Lykke Underlying System Improvements: scalability and extended functionality
Lykke Wallet exchange has been on the market for more than five years, it’s a fully functional trading environment that combines a web terminal and mobile device applications. It is a trading venue that creates conditions for ultimately cost-efficient transactions with the trading fees being zero and the buy-sell spreads low. To maintain these conditions, a whole system composed of a blockchain engine, nodes, integrations and various add-ons is necessary. This system offers an all-in-one trading solution for cryptocurrency trading and forex: it integrates a KYC-verification system, a fiat gateway, an API for automated trading, a possibility to generate trading history for tax purposes, etc. The underlying architecture allows to create trading and private wallets, supports the necessary nodes to integrate new blockchains and, last, but not least, maintains high security standards to protect the users’ funds. All this system has to be maintained and constantly updated to meet the needs of the maturing market and the growing user base of Lykke. Its seamless functioning requires a continuous effort of a whole development team. So even when it looks like nothing is really happening, in reality, a whole team of professionals works full-time to guarantee the system’s seamless functionality. A new and important step for Lykke in this continuous process is the migration to a new underlying exchange architecture. For several months, we have been gradually migrating the building blocks of our exchange infrastructure to Sirius, a dedicated solution developed by a Swiss tech company SwissChain. SwissChain is a Lykke talent spin-off specialized in blockchain technology. It is one of quite few entities globally that offer businesses a whole range of services for Self-Managed Custody and Management solutions. Sirius is one of the key product offerings of the company, it combines a blockchain engine with a custody solution. Apart from blockchain infrastructure and custody components, Sirius supports such functionalities as smart contracts, stacking, and settlement to name a few. It also allows the integration of DeFi systems. For example, if integrated, it allows users to buy tokens on decentralized exchanges. What does the current migration mean to Lykke and its users? First of all, Sirius is a product tailored to the needs of blockchain-powered businesses. It combines the necessary elements of blockchain infrastructure with other value-add items. The system is developed according to the industry’s highest security standards. In particular, it includes a dedicated custody solution developed specifically for safe storage purposes. Lykke’s hot wallet will be migrated to Custody to enhance the security level. This also means that all the users’ trading wallets will be moved to Custody as well, bringing more security and peace of mind to the investors and traders. The system’s blockchain technology features are designed specifically to enable faster and easier blockchain integrations. Building a node for a new blockchain integration will now be a standardized process based on a prefabricated architecture. It means that integration of new crypto assets will be a faster and smoother process. Finally, it is important to mention that the system is scalable. With the Lykke user base growing, the system has to be able to maintain operability during trading peaks and rush hours regardless of the number of users simultaneously executing their transactions. What to expect? The process of migration will not affect our users heavily. The only action that will be required is paying attention to the notifications about new deposit addresses. The newly integrated blockchains - Tezos, Cardano, Polkadot, and Dogecoin - are already hosted in Sirius. However, all the other blockchains have still to be migrated. As a blockchain is migrated to Sirius, each user will be assigned a new corresponding deposit address. Please make sure to update this deposit information at all other venues from which you may fund your account. Another improvement consists in the whitelisting of addresses for API traders. The users will be able to whitelist withdrawal addresses to enable arbitrage or crypto transfers to and from other cryptocurrency exchanges. The system migration is an ongoing process, it has no ETA. It is an important step in our continuous work on system and process optimization. Please stay tuned and be informed about the coming changes in deposit addresses.
How to Do Your Lykke Crypto Taxes With Koinly in 5 Steps (Guest Post)
Wondering how on earth to work out your Lykke taxes? Or how to file your crypto tax at tax time? Koinly explains it all in this quick guide on how to file your crypto tax.
Lykke's Goal is to be the Most Cost Effective and Simple Crypto Platform in Town
If you are wondering what is the cheapest way to buy cryptocurrency the answer is Lykke.
TREE Delisting from Lykke is a New Start for Mangrove DAO
The trees on the image above are called mangroves and their particularity is that they are tolerant to salty water.
What is a crypto-fiat gateway?
How to buy Bitcoin or other cryptocurrencies with euro, GBP, or CHF? A fiat gateway is a combination of words that you will frequently hear if you decide to enter the cryptocurrency world and buy Bitcoin or other cryptocurrencies in a crypto app.