Ethos unveils recovery tokens for Voyager victims, rebrands as Ethos 2.0

abdelaziz Fathi

Ethos, a cryptocurrency services provider that bridges multiple blockchain protocols and financial institutions and systems, is launching its second iteration, rebranding as “Ethos 2.0”.

In 2019, Voyager Digital acquired Ethos.io and incorporated the team, technology and native token into its ecosystem. However, the crypto platform filed for Chapter 11 bankruptcy protection in July 2021 and since then it has been engaged in ongoing court proceedings.

Per the announcement, Ethos aims to use this evolution to deliver on “the promise of Voyager Digital Assets,” as well as the original value proposition of the team behind it. However, Ethos is apparently trying to distance itself from Voyager, citing a period of suboptimal business conduct and the effects of the latest market contagion caused by 3AC capital.

“The Ethos 2.0 product primarily caters to novice and intermediate crypto users with an account on a centralized exchange that look to take full control of their funds or prefer not to rely on these entities’ ability to protect customers. The team also hopes to aid DeFi users overwhelmed with the complexity of some DeFi apps, as well as users looking for easy and quick access to trading and order-making,” the statement reads.

The rebranded Ethos, or Ethos 2.0, believes that self-custody doesn’t have to be complicated. As such, it is creating a secure trading platform that’s as intuitive and robust as any centralized exchange. In addition, there is a frictionless trading experience as users do not sacrifice market access for security.

At the heart of the new ecosystem is Ethos’ secure key backup solution ‘Magic Keys’, which lets users keep their keys safe, so they never have to sacrifice security for convenience. The service features enterprise-grade key encryption, sharding, and backup services.

Voyager tapped into Ethos’ core technology to scale from a few thousand users to over 3 million users in just a few years. Ethos was a silent, but crucial, piece of Voyager’s infrastructure and subsequent success.

Although Ethos 2.0 launches on the heels of Voyager Digital Assets’ bankruptcy, it will not abandon customers of the bankrupt crypto lender. One billion ETHOS tokens are set aside as “recovery tokens” to victims of the Voyager bankruptcy.

Other crucial features provided through the Ethos platform include:

  • Ethos Vault: keeps coins safe as a self-custody crypto vault.Additional security measures include 2FA and social guardian technology.
  • Live Trading: 100% self-directed trading on the blockchain with zero counterparty risk.
  • Best Price Execution: Ethos crawls dozens of decentralized exchanges for best trading ratio executions.Trades can be split across multiple providers for optimal price execution.
  • Ethos Rewards: earn Ethos tokens for every trade and unlock bonus tokens for leading about DeFi.Holding more tokens reduces ecosystem fees.
  • Yield Seeker: Discover staking opportunities and generate personal smart contracts. Staking returns are deposited automatically in your Vault.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<