By
Godfrey Benjamin
March 6th, 2024
Midas has recently collaborated with Kyber Network and IDEX in a bid to develop its major product Midas Protocol universal wallet, which will offer crypto users everything they need and more.
From the very beginning of blockchain history, developing a strong ecosystem has always been and still remains the major goal of all the financial projects based on the technology. Midas, a socio-financial network built around blockchain-based fund management, is not an exception in this effort. In a bid to stand out from the crowd with its major product Midas Protocol universal wallet, the company has recently collaborated with Kyber Network, an on-chain liquidity protocol, and IDEX, the only Ethereum decentralized exchange with real-time trading and high transaction throughput.
According to Midas, its Universal Wallet will provide crypto community with everything it needs and even more, from secure storage to intelligent trading and portfolio management. Midas Protocol will be designed in a user-friendly format, so that to meet the expectations of both new converts and experts. The universal wallet was officially announced in Singapore last week.
Photo: Midas Protocol / Twitter
Being strongly focused on easiness of use and security principles, the Midas ecosystem includes a range of tools and platforms allowing users to trade, invest and ‘promote wise and secure use of cryptocurrency’.
The company’s flagship universal wallet is currently available in both iOS and Android stores and is compatible with a wide range of cryptocurrencies and tokens, including Bitcoin and Ethereum, with more to follow. According to company publicity material, integration with Kyber Network and IDEX facilitates easy and convenient trading directly from a mobile wallet with over 500 tokens. In addition, it offers a built-in dapp browser.
Midas Protocol universal wallet is currently supported by mobile devices only (iOS & Android), while the desktop version is also soon-to-come. The Protocol will provide its users with high level of security, including safe storage of wide range of cryptocurrencies, secure coin and token transactions with friends and contacts, secure spending of cryptocurrencies on any E-commerce platform that accepts crypto payments directly (or via crypto payment service provider), secure and direct trade with decentralized exchanges (no need to send private key to any external party), as well as with centralized exchanges without sending API key to any third party.
The system will allow to monitor portfolio changes over time and historical transactions/trades in detail due to the feature of portfolio management. Moreover, it will notify users about most important crypto news releases, significant trades completed and currency fluctuation. Users will be able to get rewards in the form of high-performance ROI portfolios, as well as to subscribe to trade strategies from leading investors/traders.
A user’s password encrypts the data file containing private keys and API keys, thereby providing protection against theft. In addition, Midas has joined forces with Sentinel Protocol, integrating Midas Wallet with Sentinel Protocol’s Interactive Cooperation Framework (ICF) API with Threat Reputation Database (TRDB), which contains security intelligence whitelists and blacklists with details of confirmed IOCs in relation to known threats such as phishing, malware, scams and hacks. Midas Protocol is a member of the Foundation for Interwallet Operability (FIO).
Integration with the crypto exchange Vinex Network – another core part of the ecosystem – allows for trading through API. According to Midas, the dynamic and fast-growing exchange lists many of the major coins and tokens. It offers high-performance trading, extensive API support, 24/7 support, mobile support and additional features, with more planned. Midas is also working with key partners to offer a range of new additions to the ecosystem.
If Midas is able to deliver on its promise of security and accessibility, as well as evolve its ecosystem and universal wallet further via additional features and new partnerships, it may find itself in an enviable position, with no shortage of clients for whom Midas products tick the right boxes.