Guide to Yield Farming | How to Earn Passively [Tips Included]

two people holding money and bitcoin in each hands.

Are you looking to earn cryptocurrency from your phone? If so, consider this guide to yield farming and earning more cryptocurrency as your all-in-one-stop solution!

As cryptocurrencies become more mainstream each second, tech-savvy investors are eager to get in the action. This guide will teach you how to get started with it and reap the benefits of this exciting new opportunity.

Moreover, we’ll tell you everything you need to know about this unique way to make money. We’ll explain yield farming, how it works, and why it’s an excellent option for investors. So if you’re ready to start making money from your digital assets, you’re in for a treat!

dollar bills stacked below several bitcoins

What is Yield Farming?

Yield farming is a new way to earn from cryptocurrency. Essentially, it involves lending your digital assets to others in exchange for interest payments. This process is similar to staking, which is when you hold onto your coins for a set period of time in order to earn rewards. 

However, it offers a higher return on investment (ROI) than staking does. Additionally, yield farming often requires less upfront capital than staking does. For these reasons, this has become a popular option for earning from cryptocurrency investments.

How Does Yield Farming Work?

To start yield farming, you first need to find a platform that supports it. There are many different platforms out there that offer these services. Once you’ve found a comfortable platform, you can start lending your digital assets

The terms of each loan will vary depending on the platform you’re using. However, most platforms will require you to lock up your assets for a fixed period of time. In exchange for lending your assets, you’ll earn interest payments. These payments will be made in either the same cryptocurrency as the one you lent or in a different one.

Gold bitcoin on a dollar bill

What are the Types of Yield Farming?

There are two main types of yield farming: passive and active

In passive yield farming, you simply lend your assets and wait to receive interest payments. This is the simplest way to earn from cryptocurrency and requires very little effort on your part. 

On the other hand, active yield farming involves actively participating in the lending process. This can involve staking your assets, providing liquidity, or participating in arbitrage. Active yield farming generally offers higher rewards than passive yield farming does.

However, it also requires more effort and knowledge on your part.

Active Yield Farming Variants

Staking

Staking is when you hold onto your coins for a set period of time in order to earn rewards.

Providing liquidity

Providing liquidity means adding your assets to a pool that can be used to trade other assets.

Participating in arbitrage

Participating in arbitrage means taking advantage of price differences between exchanges.

Ripple earned from yield farming on several dollar bills

Passive Yield Farming Variants

Lending

Lending is when you loan out your digital assets to another party.

Receiving interest payments

Interest payments mean you will get paid periodically for lending out your assets.

No active participation

Typically, you do not have to do anything other than lend your assets out.

Why is Yield Farming a Good Option for Investors?

Yield farming can provide a consistent passive income stream that can help offset other investment risks. Additionally, It can help mitigate some drawbacks include the need for ongoing management and the potential for lower returns in low-yielding environments.

However, yield farmers often seek to overcome these drawbacks by conducting side-by-side comparisons between different farms and pursuing multiple streamlined operations. Active investors may find that they are able to take advantage of high reward periods in the market by deploying their capital into yield farming strategies.

5 Most popular Platforms for Yield Farming

Ready to start yield farming? We’ve put together a list of the best platforms out there. check it out below the most famous platforms!

  • Binance Pool
  • Celsius Network
  • Nexo
  • Compound
  • MakerDAO
Number of cryptocurrencies earned from yield farming

Benefits of Yield Farming over traditional Cryptocurrency Investment Strategies

When it comes to yield farming, there are a lot of benefits that come with it over traditional cryptocurrency investments. For one, it allows you to potentially earn more income with your investment. 

With traditional cryptocurrency investments, you are limited to the coins that you own and their staking rewards. With this, you can earn credits from participating in various protocols and thus increase your potential earnings. 

Another benefit of yield farming is that it is a more active form of investment than simply holding cryptocurrency. With this, you actively participate in different protocols in order to receive rewards.

lastly, yield farming can be done with a smaller amount of upfront capital than traditional investments. This is because you are not required to buy a large amount of coins in order to participate. Rather, you can simply lend the coins that you already own and start earning rewards right away.

Let’s take a look at a notable ones:

  1. Yield farming is easier to understand and use than traditional cryptocurrency.
  2. It provides a more stable and secure investment than traditional cryptocurrency.
  3. Offers a higher return on investment than traditional cryptocurrency.
  4. This is more user-friendly and accessible than traditional cryptocurrency. 
  5. More reliable and efficient than traditional cryptocurrency.

How to get started in yield farming with your own cryptocurrency portfolio?

There are a few important things to consider when getting started in yield farming.

a bitcoin placed right by the side of a hourglass showing the time required for yield farming
  1. First and foremost, you’ll need to determine what kind of yield farming you want to do. There are many different types of yield farming, each with its own unique risks and rewards.
  1. Once you’ve determined which type of yield farming you want to do, you’ll need to start compiling a list of the cryptocurrencies that fit into that category. For example, if you’re interested in mining Bitcoins, then you’ll need to compile a list of the best Bitcoin mining coins. Once your list is complete, you can begin buying and/or mining those cryptocurrencies.
  1. Once you’ve started buying and/or mining cryptocurrencies, you can then start lending them out on yield farming platforms.
  1. Finally, you’ll need to monitor your yield farming activity on a regular basis. This is important because the terms of each loan can change over time. Additionally, the value of the cryptocurrency you’re lending can also fluctuate. By monitoring your activity, you can make sure that you’re getting the most out of your investment.

3 Tips for Maximizing your Profits from Yield Farming

If you’re interested in yield farming, there are a few things you can do to maximize your profits.

  1. Make sure you understand the risks involved. Yield farming is a relatively new phenomenon, and as such, there isn’t a lot of data to go on when it comes to long-term prospects. There’s always the possibility that something could go wrong and you could end up losing money, so it’s important to be aware of the risks before you start.
  1. Research the different options available to you and select the one that offers the best potential return for your risk level. There are a variety of yield farming protocols out there, and they all have different characteristics. Some are more risky than others, so it’s important to select the one that best fits your investment goals.
  1. Finally, start small and gradually increase your investment over time. Yield farming can be a great way to earn extra income from your cryptocurrency portfolio, but it’s important not to get too overextended.
a pile of several cryptocurrencies held in both hands

Some Risks associated with Yield Farming and how to minimize?

It’s no secret that yield farming has become increasingly popular in recent months as a way to generate income from cryptocurrency assets. However, as with any form of investing, there are always risks involved. We’ll take a look at some of the risks associated with yield farming, and how you can minimise them.

Asset price risk is always something to keep in mind when investing in cryptocurrency. If the price of the asset you’re staking or lending drops sharply, then your earnings will take a hit accordingly. This is why it’s important to diversify your investments and not put all your eggs in one basket. You can minimise this risk by ensuring that you’re well diversified across different assets and protocols.

Another problem is platform risk. When you’re lending or staking your assets on a yield farming platform, you’re trusting it to hold and secure your assets. If it gets hacked or otherwise compromised, then you could lose your investment. This is why it’s important to only use reputable platforms that have a good track record when it comes to security.

There’s always the possibility that something could go wrong with the yield farming protocol itself. This is particularly true for newer ones that haven’t been thoroughly tested yet. While there’s always some element of risk involved, you can minimise this by doing your research and only investing in well-established protocols with a proven track record.

Yield farming can be a great way to generate income from your cryptocurrency portfolio, but it’s important to be aware of the risks involved.

laptop with graphs of cryptocurrencies and bitcoins by the side

Frequently Asked Questions (FAQs)

What do you think is the key to success in yield farming?

  • Choosing the right cryptocurrency to invest in
  • Having a solid investment strategy and plan
  • Being patient and disciplined with your investments

Why do you think yield farming is a viable option for earning from cryptocurrency?

First, the value of cryptocurrency is relatively stable and tends to rise over time. This makes it a safe investment option.

Second, cryptocurrency can be easily converted into cash, which makes it easy to use for everyday transactions.

What is the best crypto yield farming platform?

There are a few different crypto yield farming platforms out there, each with their own advantages and disadvantages. Some of the more popular ones include Crypto.com, Binance Pool, and Authio.

Whats the future of yield farming for cryptocurrency?

Its highly depend on some key considerations including the level of security and trust that a given yield farming platform provides, as well as its track record in terms of reliability and customer service.

binance yield farming graphs on the phone with dollar bill and bitcoin

Our Verdict

Our complete guide to yield farming. We’ve covered everything from the basics of cryptocurrency mining and investing to how to set up your own yield farm. With this information, you should be well on your way to earning a healthy return on your investment in cryptocurrency. Have we missed anything? Let us know in the comments below!

What is the Difference Between Crypto Coins and Tokens?

Gold coins of cryptocurrency lying on a table

The meteoric rise of cryptocurrencies has drawn both investors and casual observers. Since it is a new business, many new phrases refer to digital assets. The most common mistake is considering a crypto coin the same as a token.

What is a Crypto Coin?

Cryptocurrency, often known as crypto-currency or crypto, is any digital or virtual money securely encrypted to safeguard payments. A virtual currency that uses cryptography is used through the internet and is decentralized. 

However, Bitcoin was the original cryptocurrency and has remained the highest recognized cryptocurrency for more than a decade. Cryptocurrencies are protected by cryptography, which is based on the blockchain infrastructure. 

Bitcoin gold coins in hand

Thousands of cryptocurrencies exist. The most popular cryptocurrencies include Ethereum, Bitcoin, Solana, Cardano, Ripple, and Tether.

What is a Crypto Token?

A cryptocurrency token is typically thought of as a single digital currency used to define most cryptocurrencies on a broad level. Tokens with such a denominator are widely used to define fungible and transferable goods or services. 

These newly formed coins live on their native blockchains, each with its utility case. Blockchain is a digital and distributed ledger that distributes all cryptography data over a system of processors using blockchain technology. 

The most prevalent application of cryptocurrency tokens is for money raising, known as crypto crowdfunding. Crypto tokens are utilized for a variety of purposes, in addition to providing financial assistance.

Are Crypto coins or Tokens the Same Thing?

Tokens can represent commodities or deeds, while cryptocurrencies are virtual copies of money. Tokens can be purchased with currency, although certain tokens are worth more than others. 

Crypto tokens and different coins on bar charts

Consider a company’s stock. On the other side, “token” is simply a synonym for “cryptocurrency” or “crypto asset.” However, it has had several different implications, depending on the context. 

The first step is to define all cryptocurrencies that are neither Bitcoin nor Ethereum (although technically, they are also tokens). 

The second is to characterize digital assets on the blockchain of another cryptocurrency, like decentralized finance (or Defi) tokens. 

Decentralized exchanges can be considered because tokens can perform a variety of functions. They can, however, all work together. They can, however, all be exchanged or owned in the same way as any other cryptocurrency.

Which is a Better Investment, Coin or Token?

From an investment perspective, tokens are preferable to coins. This is true because tokens are supported by programs designed to perform specific activities. 

crypto coins on the sides of a blue cube

Tokens serve a specific purpose and will not become obsolete as long as the application is useful in the real world. Tokens have the potential to massively enhance your coin holdings if purchased appropriately. 

If you consider the Coin to be currency and the token an investment, you can expand your capital by carefully investing your coins in significant blockchain initiatives.

Each Coin opens a whole ecosystem of viable token investments, all of which can be converted back into the related blockchain’s Coin at any time. 

Crypto mining apps were built for users to allow them to mine cryptocurrency on their phones. All done without having to purchase expensive hardware can be used to invest in bitcoin. 

These apps let you join a pool, a group of miners that pool their processing resources and split the earnings they get from mining.

Key Differences between Coin or Token

Let’s look at the differences between tokens and coins so you know what you’re talking about the next time you make a comparison:

Bitcoin versus NFT a token

1. All Coins are Tokens

At their most basic level, crypto coins and tokens are very related, yet they are two separate concepts: all coins are tokens, and not all tokens are coins.

2. Coins have their Blockchain

The most significant distinction between a coin and a token is that coins get their “own” blockchain, while tokens typically rely on existing blockchains and smart contracts. 

They run on the blockchains of other cryptocurrencies, such as Ethereum. Ethereum, for example, is a blockchain. Ether is the Coin. Several additional tokens, like BAT, Tether, and BNT, function on this network. 

When the blockchain manages cryptocurrency transactions, the token relies on smart contracts. 

These are codes that allow users to trade or play with each other. Smart contracts are used on all blockchains. NEO uses Ethereum, and Nep5 uses ERC20.

3. Tokens are an Asset

Cryptocurrencies are similar to digital money. Tokens, on either hand, are an asset. Tokens can be purchased with currency, although certain tokens are worth more than others. 

Consider a company’s stock. However, because there are frequent constraints on where a token can be spent, it lacks the mobility of a currency. 

Simply defined, a token symbolizes what you own, whereas a coin symbolizes what you have the potential to acquire.

4. Significance of Crypto coins and Tokens

A token symbolizes what a person possesses, but a coin indicates what they can have the potential to own. Even before the advent of cryptos, tokens had a long record.

5. Purpose of Crypto coins and Tokens

Experts say that coins are the greatest option if an investor wants to purchase, whereas utility tokens can be used for services.

Gold crypto coin in front of a trading chart on a macintosh

6. Location not a Bummer for Crypto Coin

Cryptocurrencies do not need to be moved from one location to another. Only account balances fluctuate, but all records are kept on blockchains. 

When a token is spent, it goes from one location to another, such as NFTs (Non-Fungible Tokens).

7. NFTs are Crypto Tokens

The trade of NFTs is a terrific example of this (non-fungible tokens.) Because they are one-of-a-kind, any changes in possession must be managed manually. 

NFTs are comparable to utility tokens because they have dynamic or artistic value, but you can’t obligate any services with them.

8. Blockchain and your Transactions

Crypto coins are different from coins in that they do not move; only account balances change. Your money does not move anywhere when you transfer money from one bank to another. 

The bank altered both accounts’ balances while keeping the fees. With blockchain, the balance in your wallet changes, and the transaction records it.

9. Difficulty in Minting Crypto Tokens and Crypto Coin

A cryptocurrency token is less difficult to make than a cryptocurrency coin. A programmer can use a template technique on their preferred blockchain to create a new crypto coin.

Ethereum coin with a wallet and big graphics card

Examples

Some famous crypto coins include Bitcoin, Cardano, Litecoin, and Dogecoin. Common tokens include Tether, Shiba Inu, and Uniswap.

Conclusion

Knowing cryptocurrency markets can be difficult, particularly for newcomers. Knowing the differences between different kinds of cryptocurrencies can give you wiser danger and help you make smarter choices in this unpredictable ecosystem.

Meta sells Diem assets to Silvergate in $200 Million | What happens now?

Diem written with a out sign on Meta with a the Facebook logo in background

Diem, which caught all the eyes of the people since it came out as Libra in 2019 and Mark Zuckerberg defending it in front of the chamber of commerce for a long time, has taken a serious turn, Meta sells Diem.

According to The Wall Street Journal’s report on Tuesday, it is said that Meta(formerly Facebook) is selling its technology assets to the Silvergate capital bank for about $200 million ($180 million). Meta is one of the founding companies of Diem Association (formerly Libra Association) along with 25 other investors.

Later on, Bloomberg also reported that Meta Inc. was considering selling Diem assets to return the capital to their investors, who were backing them through the whole project.

Meta logo in Blue color, founder of Diem Project
Meta sells Diem to Silvergate Capital

Why did Meta step back?

There is still not a proper answer to the question. However, yes, it seems irrational to first step into digital payments while defending it for the longest of two years and then suddenly dropping the pin by accepting defeat in the cryptocurrency world.

But we might get an answer to this question of Meta stepping back if we look at all the previous incidents. Spoiler! Yes, things have been absurd.

First, Meta (at that time Facebook) comes up with this stablecoin known as Libra. Initially, Libra was supposed to be a new coin backed by a bucket of several cryptocurrencies.

Soon after Libra came into the limelight, it got into some serious laws scrutinies. And in the first year, some big investors, such as PayPal, Mastercard, and Vodafone, left the project. 

This was one of the many reasons Libra Association switched to Diem to get a fresh start. However, just name wasn’t the only change that made up to the project.

Diem also switched their backing up reserves idea. Instead of a bucket of cryptocurrency Diem — the stablecoin was only backed up with USD with the association of Diem blockchain. And Meta gave the big news of Pilot Version of Novi Launch in the US and Guatemala with USDP by Paxos, as cryptocurrency and under the crypto custody of Coinbase.

Probably Meta, the Silicon Valley group, sells Diem to save their $85 billion per year advertising business model and digital social media channels that include Facebook, Instagram, and WhatsApp, which have been getting under the shadow of law scrutiny.

What is the Future of Diem?

This big step narrows down to one big question that keeps striking the chord in heads. What would be the future of Diem now? 

It is too soon to claim anything yet, but Silvergate Capital and Diem Association have repeatedly refused to comment on this mutual deal between both parties if we look at the insights. 

This puts the whole Diem project on the radar. However, Silvergate bank has been dealing with major cryptocurrencies in the past, and there are good chances that they will carry on with this Diem project.

Until the next news, we have our fingers crossed to hear more about this project, but one thing is quite certain when Meta sells Diem. As Meta and the whole Diem project have shifted their decisions in the past, investors and users are losing their interest in Diem.

In the comment section, let us know what you think would happen to Diem now or if it was a good step by Meta?

Can I Mine Diem? | Here is Everything that you Should know

a mining rig on the back with question of diem mining

As the clock is ticking and after the Novi launch in the US and Guatemala, Diem (formerly Libra) is getting into the limelight. With all this attention, many people have been asking one simple question — Can I mine Diem?

I understand the confusion, as Diem is a cryptocurrency, and most of them (such as Bitcoin and Ethereum) can be mined.

But where do we stand when it comes to Diem? Let’s cut to the chase and see whether you can mine Diem or not?

Can I mine Diem?

No, you can not mine Diem because it’s not like any of the regular cryptocurrencies; instead, it is a stablecoin that’s backed by USD. 

But then the question comes — why can’t you mine Diem as the rest of the cryptocurrencies, which can be mined like doodling, right?

Keyfactors of Diem with mining
Key Components of Diem and Mining

Why can’t you mine Diem?

To understand why you can’t mine Diem, you have to understand how mining works! 

Other cryptocurrencies use a distributed ledger called blockchain that verifies all the transactions, and miners are the nodes that help verify the those (and get a reward in return).

In the case of Diem, it is not a regular blockchain. Instead, Diem runs on a permissioned blockchain by the Diem Association. In simple words, this means that only authorized entities such as wallets and exchanges are allowed access through Diem’s blockchain.

This means there is no need for miners to verify the transactions, and it can prevent scams by closely working with local authorities if needed.

Bottom line

Diem is different from the rest of the cryptocurrencies, such as Bitcoin. You can learn about all the major key differences between Diem and Bitcoin. But Diem doesn’t require miners, and there is no way anyone can mine it. 

So, it is better to wait and keep it as an option for transactions and investments.

How Facebook (Meta) is making money by lettings its own users be scammed.

Yes. You read that right.
There are ways from Facebook to sites that aim to scam users with fake Diem sites. And Facebook gets its share. How can that be?

The Diem Scammers

So let’s start from the beginning: Facebook, or Meta now, announced to start an own Cryptocurrency, called Libra. Later called Diem. And since the upcoming of Bitcoin and Crypto, people have FOMO and want a part of that sweet money that can be made in the crypto market.

One of the most successful articles on our website is called “Most of the Known Diem Scam Sites | Protect yourself.“, it’s a collection of scammer websites that aim at people trying to make money with Diem. The scammers know, people are greedy. And the people want to have that Facebook coin, it seems to be a fair bet, that this currency will be secure and widely accepted.

Funny thing is:

  • There is no Diem Coin (yet)
  • Diem will be a stablecoin (so bound to the dollar and not gaining worth)

… but those sites claim to have a Diem coin today, it has a changing value and you can buy it right now.
You just need to transfer them money 😉
And if you did, money is gone.

So how is Facebook making money with this?

Facebooks scamming cut

How Facebook is making money with this, you ask?

The answer is simple: With ads.

Of course, people are looking on the Facebook website, where to buy Diem. And there they can find ads, that lead to scammer sites and with every click, Meta fills its pockets because that’s how they make money: with ads.

This is ridiculous. Think about it: Meta is making money, be letting it’s own users be scammed.
Let’s have a look at one of these ads:

Diem Scam Ad on Facebook
Diem scam ad (Source: Facebook)

Most of the time, the link to the scammer website is not directly in the ad, but in the first post below the ad.

How do scammers get their scam on facebook.com?

But I still don’t get it: How can such an ad make its way on the Meta channels? I do a ton of ads on the Meta network, and everybody who does this, knows how hard it sometimes can be to get your ad displayed. Ads are rejected because they offend rules all the time.

So I can’t believe how an ad which is clearly aiming to scam (“To the moon”) and violating so many rules for ads (they claim to be Diem, use the Diem logo and CI, which are owned by Facebook/Meta itself!) can make it on the site.

Many people are writing us for help, because they spend huge amounts of Ethereum to buy Diem on the scammer website. When we ask them how they got there, they said, “From Facebook” and I refused to believe them until they send me screenshots of the ads.

To say it in ‘The Messenger’s’ words:
“This is madness!”

What is Paxos Dollar or USDP? Important for Novi

Paxos Dollar written on the a white background with logo

Cryptocurrency marked the rise of decentralized assets. But in the cryptocurrency world, as Novi launched in the US and Guatemala, you will ask What is Paxos dollar or USDP? As you can only use Novi with Paxos dollar for now.

Apart from Novi, you can also invest in USDP. A collateralized stablecoin, created by Charles Cascarilla and Rich Teo for stabilizing the U.S dollar with the help of blockchain technology.

Furthermore, Pax Dollar creates a frictionless network worldwide to enhance the bigger financial ecosystem. Its main goal is to build a future in which you can transfer your digital assets, commodities, and securities anywhere at any time, along with high levels of accessibility and flexibility.

Table of Contents

  • What are Stablecoins?
  • What is Paxos dollar?
  • History of Paxos dollar:
  • Benefits of USDP crypto over other cryptocurrencies
  • Drawbacks of Pax dollar
  • Is the PAX dollar network secured?
  • Where is the PAX dollar available?
  • Conclusion
Paxos dollar with the logo in between.

What are Stablecoins?

Since crypto could not approach their consumer’s concerns, it demanded a mechanism to maintain a moral norm of crypto value that should be fixed.

So experts introduced stablecoins to fix the price of cryptocurrencies and minimize their volatility. As a result, the prices of cryptocurrencies were set to other financial resources like gold and the U.S. dollar.

What is Paxos Dollar?

Paxos dollar is the world’s leading regulated stablecoin, as per Paxos Trust. It is a flat-collateralized blockchain cryptocurrency that was suggested to provide border-free transactions with extremely little volatility rates.

Moreover, Paxos dollar or USDP crypto is an ERC-20 token set up on the Ethereum blockchain technology. According to Ethereum, Paxos is the world’s best programmable cryptocurrency that aids you in sending it to anyone by demanding a modest commission.

History of Paxos Dollar

The history of Paxos Dollar began in September 2018 when the New York-based company Paxos Trust, specializing in blockchain technology, introduced a new stablecoin called the Pax Dollar. It was brought in to meet a reliable substitute for blockchain assets.

Moreover, Paxos was founded in 2012 as the itBit, a Bitcoin exchange. Later on, the company renamed itself Paxos Trust in 2015. During the same period, New York’s Financial Services Department gave it a trusted charter for offering its services and products in the digital asset world.

USDP with a big logo on left side.

Benefits of USDP Crypto over other Cryptocurrencies

As Paxos dollar was constructed on an ERC-20 token, it can be deposited in an ERC-20 wallet, and but they are also part of the pilot program for Novi wallet partnering with Coinbase

Additionally, there are multiple advantages of the Paxos dollar over other cryptocurrencies. Out of those, here are the few major ones:

  • Paxos stablecoin can only remain in circulation as long as US dollars are held in reserve.
  • The Ethereum technology stores data in inter-chained blocks; it eliminates the chances of any intervention by the third parties and delivers a much more environmentally safe atmosphere.
  • With decentralized computing and a 24 hours support program, PAX dollar gained better recognition.
  • The New York State department monitors this stablecoin indicating a powerful trust boost to the PAX dollar stablecoin over other crypto coins. 
  • Paxos deals its transactions for 1:1 USD dollars. It means that 1 Paxos equals approximately 1 dollar, conferring to the Paxos company.
  • The Paxos dollar also guarantees 100% cash reserves.
  • PAX is a global digital resource, which means it can carry out local and international transactions.

Drawbacks of Paxos dollar

Alongside the great benefits, Pax dollars also comes with some drawbacks worth considering. 

  • Pax dollar is not available on all exchanges.
  • It is downplayed by the competitor’s stablecoins.
  • Pax dollar may not favor in value.

Is the PAX dollar network secured?

Yes, the USDP crypto is a much safer trading option. Once redeemed from your PAX account, the coins are automatically wiped out.

Also, using the PAX dollar allows for much better and secure transactions. If the PAX smells any security threat, it pauses the transactions and saves your currency.

In addition to that, Paxos is the first crypto company ever to secure the SOC 2 Type 2 certification. Thus, supporting its enterprising customers effectively. 

Grey Paxos logo and PAX USDP.

Where is the PAX dollar available?

USDP crypto can be bought at the following exchanges:

  1. Bittrex
  2. Binance1-inch exchange
  3. Bit thumb global
  4. Dignifex
  5. VCC exchange

Conclusion

USDP crypto is currently one of the most popular crypto stablecoins today. It is the medium to produce low volatility exchanges without worrying about the market variations.

The original strength of the PAX dollar over other cryptocurrencies lies in its full backing of USD. This sole benefit is sufficient to wrestle with other popular cryptocurrencies.

Novi Launch in the US and Guatemala | Amazing things are getting real

Novi written with white alphabets on a purple shade

After two years of rumors and breathtaking news, Meta has finally announced the launch of Novi in the US and Guatemala. Yes, a digital wallet.

It has been exactly two years to the announcement that it will be available. Finally, the wait is over; now that Novi is available in US and Guatemala. However, it is launched on a small scale on a trial basis. It will be made available on a larger scale once its trial period reaches success.

Novi written in white letters on purple background.
Novi is now Available in US and Guatemala on Trial basis.

Important to know:

Although the Novi Wallet is now officially there, this does not mean that the Diem Currency is here! If someone is offering to buy Diem at this point (Nov 2021) it’s a scam.

The only currency you can trade is the Stablecoin USDP (formerly known as Paxos).

Here are Some Key Factors from the Novi launch in the US and Guatemala.

  • Novi is backed up by consumer protection and essential regulatory control to avoid fraud and other potential pitfalls. Novi makes sure of the security of its users. Each customer at Novi gets verified with a government ID before signing up.
  • Novi is available in US and Guatemala for the test launch only. The primary function of the test is to observe the functionality of Novi and if any improvement should be made that can provide ease to users.
  • Facebook financial head David Marcus has said that for the test lunch, users are allowed to receive and send money through USDP stablecoin, which is operated by Paxos. Novi users can deposit dollars, convert them to USDP, and withdraw the cash in their local currency.
  • For its test launch, Novi will be using a formerly established currency that is Pax Dollar, which is supported by Paxos. Paxos is a financial service-providing company that is New York-based. It is used for protection purposes and to build the trust of their customers by protecting their funds.
  • Although the announcement did not give any hint of when the Diem (formerly Libra) will be live again. It is a formerly introduced currency by Facebook. Diem faced major criticism after its launch and, until now, is facing regulatory approval.
  • Now that Novi is available in the US and Guatemala, the users of both states can enjoy a free transfer from person to person and profit from commercial relationships.
  • For the ease of users, the digital wallet will be made available as a mobile app on both Google Play and Apple’s App Store. However, there are a few exceptions. For now, the mobile app of Novi is not available for the residents of some countries that include; US Virginia Island, Nevada, New York, and Alaska.

Final Words

Previously Novi Wallet partnered with Coinbase, which also gave us some important insights from who Novi would work, don’t forget to read that.

I hope this helps to start your journey with the Novi. If you want to keep updated with Diem, make sure to subscribe to the monthly newsletter.

Novi Wallet Partners with Coinbase: is it a Big Step?

Cellphone with Novi Stablecoin Wallet on Coinbase Account

Gosh! When will we get our hands on Diem? Surely, it has been a while, but finally, we get to hear something from the Diem Association, Novi wallet from Facebook has partnered with Coinbase, a US exchange, to provide the custody services for Novi wallet.

However, that’s not the only major point given out by the media. I’ll tell you all the following and necessary points that you must know from this small hunch of news.

Novi Wallet logo written on a phone with Facebook logo behind the Novi wallet.

Key Points to Takeaway

Here are some of the significant elements of the Novi Wallet October update.

  • The pilot program for Novi wallet has gone live in the US and Guatemala. You are free to download and use it from Google play store and Apple AppStore if you are in one of the regions.
  • However, there is no major news on the Diem yet.
  • Pilot program users can start trading the Paxos Dollar (USDP) via their Novi accounts.
  • All the Paxos Dollar (USDP) will be held in Coinbase custody. If you are a user, you can transfer the USDP instantly, securely, and free of cost.

What’s Happening on the Diem Part?

It was 2019 when Facebook shocked us with the news of digital wallet and stablecoin, their next big project in the crypto world. Initially, the stablecoin was called “Libra.”

At present, they have given out the digital wallet, but what about the Stablecoin?

About two years back, Libra Association pointed out that they are going after “The Libra Reserve,” a collection of low-volatile assets from reputable banks.

And VOILA! Soon after this news, we came to know that Libra Association had lost 8 founding members, including PayPal, eBay, and MasterCard. It was the right time when they chose to go with a different name, “Diem.”

As the Diem came on the radar, Facebook’s strategies also shifted and decided to peg the Diem with the US Dollar, similar to USD Coin or Tether — 2 years passed further, and still, we are not near the launch.

Although in the recent launch of the Pilot program, Diem got away with the attention of Novi wallet, but a press release from Facebook pointed out they are not abandoning the “Diem.“

Instead, they intend to shift Novi to the Diem payment network once it receives regulatory approval.

However, the big question that leaves us nowhere is either anyone interested in Diem anymore? Let us know what do you think in the comment section below.

When does Diem launch?

Diem Launch

When does Diem come out?

Since Facebook announced it’s own cryptocurrency back in 2019 – at that time it was called “Libra” and the Novi Wallet “Calibra” – people are waiting eagerly for the release date of Diem.

Facebook Diem Release Date


So Facebook Diem is coming out worldwide at: 13. August 2022 !!!

No, sorry – just kidding! If only we knew when Diem Crypto is being released. Actually, nobody really knows – it was set in 2019 and postponed ever since.

The Novi Wallet is in its test run, info here.

But if you want to be informed when Diem is being released, you can sign up here, and we’ll email you as soon as it’s there:

We’re sorry we can’t give you better information at this time, but we’ll inform you right away!

For the time in between, why don’t you find out how you can use Diem here:

Is Safemoon Crypto still worth it? Should I Buy Safemoon?

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Continue reading “Is Safemoon Crypto still worth it? Should I Buy Safemoon?”