Financial technology company, Lava, has launched a new self-custody wallet and decentralized finance (DeFi) platform built on Bitcoin. The platform allows users to borrow stablecoins against native bitcoin through Lava’s loan protocol, designed to mitigate risks associated with bridge hacks and custodian rehypothecation. The company’s CEO, Shehzan Maredia, emphasized that Lava’s borrowing mechanism eliminates rehypothecation risk without relying on bridges or custodians. Users can borrow transparently while using a system that ensures cryptographic assurance, achieving this through invisible smart contracts called discreet log contracts (DLCs), which ensure collateral integrity and enable programmable loan initiation and repayment without intermediaries. The Lava wallet provides security solutions that prevent transaction errors and aims to empower individuals who face challenges with traditional banking. Lava’s goal is to create a bitcoin and dollar-centric financial experience that grants users true financial freedom and control. The self-custody wallet is currently available on mobile platforms with plans for additional interfaces in the future, offering borrowing against bitcoin, direct purchases of bitcoin and stablecoins, seamless bank account transfers, and simplified transactions. Lava plans to continue advancing its mission of making finance sovereign and simple.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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