p2p | Biz Builder Mike

On Final Day of Securities Offering, Mintos Tops £7 Million on Crowdcube

November 25, 2020 by bizbuildermike

Peer to peer lending marketplace Mintos has surpassed £7 million on Crowdcube on the final day of the securities offering. The Mintos security offering should be one of the largest offerings on Crowdcube for 2020.

Mintos is raising equity capital at a pre-money valuation of £68 million. Currently, 6816 individuals have participated in the securities offering that set an initial hurdle of just £1 million.

Mintos is an interesting platform as it aggregates p2p loans from regional platforms and then consolidates the debt offerings for investors to select specific loans.

Mintos reports an investor base of approximately 340,000, growing at over 125% per year for 5 years. It claims a 45% market share in continental Europe with €5.7 billion in loans funded. While Mintos growth has been strong during the past few years, it has been hit by the COVID health crisis as some of its partner lenders have struggled in the challenging economic.

It is important to note that Mintos, headquartered in Latvia, expects to secure Investment Firm and EMI licenses by early 2021. By receiving this regulatory approval, Mintos will be able to operate across the EU providing a larger portfolio of financial services and perhaps operate more like a digital bank.

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Paxful Successfully Defended Against 220,000 Bot Attacks In Two Months

October 23, 2020 by bizbuildermike

Peer-to-peer (P2P) crypto marketplace Paxful recently announced that it successfully protected its platform against 220,000 bot attacks in two months. Crypto companies have been under siege from bot attacks in recent months. The attacks aim to steal money from the victim’s accounts.

Thousands of attacks

According to Paxful, it suffered over 220,000 requests from web-bots in the past two months. However, it was able to successfully manage these issues using Group-IB’s online fraud prevention platform. The high volume of attacks showcases that crypto companies continue to be a lucrative target for online threat actors who want to steal users’ crypto assets. Last month, hackers were able to steal $5.4 million from Eterbase and about $200 million from KuCoin.

Paxful is working with Group-IB, a threat hunting, and intelligence company. It is using Group-IB’s online fraud prevention platform Secure Portal to manage the bot attack problem. In a statement, Group-IB noted,

“The platform has managed to fight off over 220,000 requests from web-bots in just two months, shielding its 4.5 million customers against possible attacks.”

Bot attacks becoming common

Bot attacks have become very common in the crypto industry. Dmitry Moiseev, the chief security officer of Paxful said that bot attacks are usually designed to steal a client’s money by taking over their account. The bot can trade on behalf of the user or even transfer all their existing funds into the accounts of the hacker.

The hackers create special databases that contain the login and passwords to start their attack on a platform. They are able to get access as users frequently use similar credentials on their social media networks and other platforms. The login pairs are then filtered twice to find a match. Once done, they are able to get into the user’s account and steal their assets.

Secure Portal from Group-IB helps in detecting a wide range of online threats. They will include bot activity, fraud and social engineering attacks as well.

Paxful Successfully Defended Against 220,000 Bot Attacks In Two Months

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Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

October 15, 2020 by bizbuildermike

P2P trading platform Paxful recently partnered with cryptocurrency exchange Bityard to provide fiat on-ramp services in Singapore. It will provide users access to more than 300 different payment options.

Kiosk available on Bityard

Paxful’s web-based Virtual Bitcoin called Kiosk will be available immediately to Bityard users. It will be accessible to all new and existing customers of the platform. Paxful’s peer-to-peer trading network can be used to buy Bitcoin with 160 different fiat currencies. With this integration, Paxful will act as a fiat-to-crypto on-ramp for Bityard customers. It provides access to more than 300 different payment methods for cryptocurrency purchases.

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

The feature will help cryptocurrency exchanges in onboarding people who are new to digital currencies by enabling the purchase of supported coins using local currency. The platform will support domestic wire transfers, bank transfers, online wallets, gift cards, etc. The platform will support various fiat currencies like Canadian Dollar (CAD), Euro (EUR), British Pound (GBP), Russian Ruble (RUB), Mexican Peso (MXN), and Argentine Peso (ARS).

Paxful existed in the Venezuela market

Though Bityard has other fiat-to-crypto on-ramps, it provides one of the most diverse ranges of payment methods, even in countries that follow restrictive banking rules. In such countries, people can use gift cards to buy Bitcoins using Paxful. Bityard also comes with an additional capability of allowing users to buy and sell crypto using Tether via a number of currencies like Bitcoin, Ethereum, and Litecoin.

The Virtual Bitcoin Kiosk from Paxful lets users match with sellers instantly if they meet the criteria of the trading needs like payment method and currency. After its launch in 2015, the company has expanded its reach from Bitcoin and now comes with Tether (USDT) support as well. Despite its expansion plans, Paxful recently stopped servicing the Venezuela market, which is the largest in the Latin American region in terms of volumes. The company apparently decided to pull off the market because of US sanctions on Venezuela.

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

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