Road Town, British Virgin Islands, Feb. 16, 2023 (GLOBE NEWSWIRE) — As a result of the SEC’s legal proceedings and settlement against Kraken, the exchange is now prohibited from offering staking-as-a-service. Banning crypto innovation is a short-term strategy that will simply stifle innovation, reduce US competitiveness, and force investors to seek possibly riskier alternatives. In this context, Vulcan Blockchain emerges as a viable solution through its ground-breaking Auto-Staking innovation.
SEC’s advent to ban staking
Overall, the SEC’s betting ban, which restricts cryptocurrency exchanges from offering betting services for certain security-like cryptocurrencies, followed the shutdown of platforms such as Terra Luna and FTX. These events have raised concerns about the safety of cryptocurrencies, especially for retail investors who may lack experience in the field. Aimed at reducing risk and protecting investors from potential harm, the ban underscores the need for increased regulation in the cryptocurrency space as it gains mainstream acceptance and attracts more investors.
On February 8, 2023, Coinbase CEO Brian Armstrong sounded the alarm about widespread rumors of a possible ban on crypto betting. Speculation continued that the SEC was in the process of banning retail cryptocurrencies in the United States. Armstrong believes this would be a “terrible path” for the United States.
Armstrong’s remarks come after rival exchange Kraken settled with the SEC over its own betting products. Kraken agreed to pay a $30 million fine and end its efforts. As it is unknown whether the SEC will exclusively target centralized betting service providers like Kraken or illegal betting in the US, market participants are waiting for further action from the authorities.
Introducing Vulcan Blockchain’s Auto-staking
Aiming to solve the dilemma of staking in the blockchain sector, Vulcan Blockchain emerges as the first tier 1 blockchain to offer Auto-Staking and Auto-Rebasing technology, offering investors an unprecedented 44% APR when holding Vulcan’s native coin, $VUL. Created by renowned blockchain expert Bryan Legend, Vulcan Blockchain is quickly gaining attention for its revolutionary approach to the staking process.
Auto-Staking is a pure cutting-edge DeFi method that solves the problem of staking bans and boasts transparency as all transactions are openly reflected on a blockchain, providing complete user visibility. In an Auto-staking process, the user does not need to deposit their coins through a smart contract, or any custodial solution at all. The automatic betting process is, by the very word, automated without requiring any further action from the user or giving up control of their money. The process also allows the distribution of rewards to the user’s wallet without requiring additional steps.
Through Auto-staking, Vulcan offers a new way to earn rewards on cryptocurrency investments without triggering security issues. The underlying protocol code requires no user action or custody, making it more decentralized and transparent than traditional efforts.
Going forward, Vulcan’s solution also eliminates the need for centralized exchanges, such as Coinbase and Kraken, which lack transparency and may not reflect the spirit of DeFi.
Bryan Legend – Mastermind behind Vulcan Blockchain
Bryan Legend, the core founder of Vulcan Blockchain, has driven notable innovations in the crypto market, including the Safuu protocol. Safuu was a decentralized finance project that introduced automatic interest cycles through the rebasing of technology in cryptocurrencies in 2022.
So far, Bryan’s leadership in the crypto space has been nothing short of visionary. He combines his unparalleled technical expertise with business acumen to create companies that positively impact the lives of countless individuals. From pioneering the Safuu protocol to launching his latest venture, OOXY Labs, Bryan consistently demonstrates an extraordinary ability to think outside the box and deliver innovative solutions to the market.
In all cases, Vulcan’s commitment to sustainability and transparency is critical to its success. And with a robust and trusted ecosystem that includes custom tokens, DeFi apps, and a Vulcan exchange for crypto transactions, it’s quickly becoming a one-stop shop for all things crypto.
Learn more about Vulcan Blockchain by accessing their digital channels:
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