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Home Cryptocurrency Does Wombat EOS wallet and dApp explorer live up to the hype?

Does Wombat EOS wallet and dApp explorer live up to the hype?

Wombat is an EOS exchange and wallet decentralized app (dApp) that allows users to create EOS accounts for free. It also serves as a mini-hub for EOS-related games. But is it really as easy to use as it claims to be?

When it comes to the wallet function of the EOS app, Wombat does one thing best: It ensures you have secure and efficient transactions on the EOS cryptocurrency platform.
Wombat currently supports 22 different cryptocurrencies, including APX, BEAN, CHEX, and EOS. 

How do I get an account with Wombat?


It is fairly easy to create an account with Wombat:
  1. Download the app on Google Play or the Apple App Store. If you’re on a desktop, you can use Google Chrome and get the Wombat browser extension.
  2. Sign up for an account using Facebook, Google, or Twitter for easier access later on.
  3. Select a game inside the Wombat app to start interacting with the EOS blockchain.
Alternatively, you can just use the app to buy, send, or receive different cryptocurrencies.

What are the games and applications that Wombat currently supports on its EOS hub?

Wombat currently supports four types of applications: games, social media, publishing (under the “MEDIA” category), and finance. All of these applications give the user a certain amount of EOS upon use, which we will discuss in further reviews.
For now, let it suffice to say that Wombat is a very flexible program for its stated purposes.

How does Wombat provide free access to EOS for its users?

The app itself “lends” one EOS per user, which gives the user enough CPU and NET to do many of the functions in Wombat, as well as in the games that it links to.
There will be times when the player is required to stake more EOS to gain more CPU. This becomes useful in games that have less “natural” CPU, such as EOS Knights.
However, as of the moment, there are a number of mobile games and peripheral applications that do not require the player to invest more EOS anymore to operate their accounts inside those applications.

Games such as EOS Dynasty give huge in-game incentives for players who have logged on to the game using Wombat; it seems that the developers of these games have recognized the value of using the exchange app in their games.

The verdict

The app is so easy to use, and it provides an additional layer of security for the user by creating a secure backup of your private key. Gameplay-wise, it runs generally smoothly and is engaging even for newbie players.
The app also has proven to be quite handy and gives a strong introduction to the use of EOS in blockchain-powered games.
In sum, Wombat has more than achieved its purpose through the use of clean design, efficient transactions, and responsive interfaces – more than enough reasons to see what all the buzz is about.
What do you think? We’d like to hear it on Twitter!
Featured image courtesy of Medium / Wombat Blog / EOS Dynasty
Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
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BITCOIN germany


Home Cryptocurrency Germany officially recognizes Bitcoin and crypto as legal financial instruments

Germany officially recognizes Bitcoin and crypto as legal financial instruments

Germany’s Federal Financial Supervisory Authority (BaFin) issued new guidance that clarifies the status of Bitcoin and cryptocurrencies while providing a regulatory framework for crypto custodial firms. 

A translated BaFin press release published on March 2 defines cryptocurrencies as “the digital representations of value” that share the following attributes: 
  • not issued or guaranteed by any central bank or public institution
  • not legally recognized as currency or money
  • accepted as a medium of exchange
  • can be a vehicle of payment or investment
  • can bear the rights of traditional securities
  • can be electronically stored, transferred, and traded

Bitcoin, crypto considered legal financial instruments

In addition, BaFin notes that Bitcoin and cryptocurrencies are generally considered as financial instruments. The German regulator provides a broad definition in order to include all digital assets relevant to the financial market. 
Also, the document stresses that cryptocurrencies are different from various kinds of “electronic money,” which have other segments of the law devoted to them. 
The new classification of cryptocurrencies is based on the definitions provided by other regulators around the world, including the Financial Action Task Force.
BaFin made the clarification that prior to the release of the new guidance, cryptocurrencies were not covered by pre-existing categories in the country.

Legalization of crypto exchanges and firms

BaFin further clarifies that it now considers companies that provide the service of exchanging legal tender into cryptocurrencies and vice versa as legal financial services institutions.
With this classification, the exchange of cryptocurrencies now falls under the regulated banking and other financial services category. 

Germany implements the AMLD5, crypto firms to acquire licenses

Recognizing cryptocurrencies as legal financial instruments is part of BaFin’s efforts to update its anti-money laundering laws in compliance with the Fifth EU Money Laundering Directive (AMLD5), which came into force on January 1, 2020. 
The development mandates that crypto custodial firms should acquire licenses.
For now, unlicensed companies already operating and providing crypto custodial services in Germany will not be penalized. They have until March 30, 2020, to show intent to secure a license and apply before November 30, 2020. 
BaFin defines crypto custodial firms as entities that:
  • take cryptocurrencies under their care as a service for third parties 
  • store clients’ cryptocurrencies in a collective inventory
  • keep clients from learning the cryptographic keys used
So far, more than 40 banks in Germany have applied for the crypto-custodial license per Leaders League. Börse Stuttgart, the second-largest stock exchange in the country and ninth-largest in the continent, is one of the firms that applied for the license. 
Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
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