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CryptoSlate recently had the opportunity to chat with Sergio Sanchez Ferreros, the Head of Product at Cardano-focused blockchain development studio EMURGO.
With a background in Computer Science, Sergio started his professional career as a Business Analyst at Credit Suisse and later managed a team in the Risk and Finance department. Currently, he is EMURGO’s Head of Product working on the technical side to develop blockchain solutions for enterprises and users.
Tell us about Yoroi and what problems it’s helping solve for the Cardano ecosystem.
Yoroi Wallet is an official crypto light wallet developed by EMURGO for Cardano ADA and Ergo ERG users. As one of the founding entities of the Cardano blockchain, EMURGO is able to officially update and maintain Yoroi Wallet in coordination with our Cardano ecosystem partners and Cardano’s overall technical development, including things like ADA staking, connecting Cardano-based dApps, Project Catalyst, NFT minting, and more.
EMURGO has also forged a strategic partnership with Ergo to also be in sync regarding updates and developments to Ergo’s blockchain.
As the official light wallet for Cardano, EMURGO is providing a helpful service for ADA users in that there is no need to download the blockchain when you open the wallet which makes it very easy to access your wallet via mobile app or Internet browser extension. Users can also connect their Yoroi with Ledger and Trezor hardware wallets as well.
Users can also rest with peace of mind that Yoroi has been thoroughly tested, security audited to make sure that Yoroi offers a simple and secure user experience. Private keys are encrypted and never shared with our servers or third party providers. In order to preserve user privacy, Yoroi wallet does not even implement analytics.
For new users, does Yoroi have an easier staking interface than the Daedalus wallet?
As opposed to Daedalus’ full node wallet, Yoroi is a light wallet that has been designed to provide a fast, simple, and easy user interface and experience while also offering user security and privacy. Thus, Yoroi has made it fast and easy to delegate one’s ADA to a stake pool to earn rewards with a simple click of a button.
What are some of the advantages of using Yoroi for connecting to dApps in the Cardano ecosystem?
In July 2021, EMURGO and Yoroi Wallet announced the upcoming launch of the Yoroi dApp Connector which will enable interactions between ADA users and blockchain-based dApps on the Cardano blockchain and become a MetaMask-like wallet for the Cardano ecosystem.
As a result, users will be able to simply access such dApps and do so from their preferred web browser via a plugin. After enabling the dApp Connector, users will be able to participate in any activities that the dApp permits such as purchasing or selling tokens, gaining access to resources, or using other features offered by the dApp.
With a full technical team from EMURGO developing and maintaining Yoroi, the wallet has innate advantages over others in that it is directly connected to the Cardano ecosystem and is incentivized to optimize the wallet for its users with new features in line with Cardano’s development.
How does the Yoroi development team see the wallet evolving over the next several years?
At the recent Cardano Summit 2021, EMURGO’s Head of Product for Yoroi Sergio Sanchez Ferreros gave a talk entitled “What’s in store for Yoroi users?” discussing Yoroi’s roadmap in the short and medium run.
(Click here to watch the full video.)
With smart contracts on Cardano now through the Alonzo hard fork, Yoroi is uniquely positioned to offer a host of new user functions and benefits including the dApp connector, native asset support, swaps, etc.
Yoroi’s vision is to be the go-to everyday wallet for the ADA and ERG user to interact within the Cardano ecosystem for DeFi, NFTs, and other decentralized services by storing, sending, and receiving ADA and ERG.
What purpose does Yoroi serve for Cardano’s Project Catalyst?
Yoroi Wallet mobile and Internet browser users have been able to register and vote for past Catalyst Fund proposals and are able to vote for current and future ones.
EMURGO has published a step-by-step guide on how to vote for previous Project Catalyst proposals and will continue to support this important community project.
How can a user get started with Yoroi? What resources should they be utilizing in order to become a competent Yoroi user?
Connect with Sergio Sanchez Ferreros
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Canada’s Evolve Funds Group is making all necessary moves when it comes to launching crypto ETFs in the market. On Wednesday, September 29, Evolve announced the country’s first multi-crypto ETF.
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The idea is to diversify exposure to other cryptocurrencies instead of having a particular crypto-focused ETF. Dubbed as the Evolve Cryptocurrencies ETF, this is a market-cap weighed fund both Bitcoin (BTC) and Ethereum (ETH).
The fund has 68% of its holdings in Bitcoin and the rest 32% holdings in Ethereum. Interestingly, this multi-crypto ETF will seek exposure to Bitcoin and Ether by holdings shares of the Evolve Bitcoin ETF (EBIT) and the Evolve Ether ETF (ETHR). This multi-crypto fund will have no management fees but the underlying ETFs do attract a 0.75% management fee.
Shares of the Evolve Cryptocurrencies ETF have started trading on the Toronto Stock Exchange (TSX) under the ticker symbol ETC. Speaking to Wealth Professional, Raj Lala, Evolve’s President and CEO, praised the Ontario Securities Commission for being ahead in terms of approving crypto derivative products. He further added:
“A lot of investors want to invest in cryptocurrencies. They’re not exactly sure which one to pick, or they may also want to get exposure to the cryptocurrencies that are growing. They’re looking for more of a turnkey solution to participate in the cryptocurrency market.”
The U.S. Still Figuring Out A bitcoin ETF Approval
Canada has been leading the developments in North America when it comes to approving crypto ETF products in the market. On the other hand, the U.S. SEC is certainly playing a spoilsport all this while.
Bloomberg Intelligence senior commodity strategist Mike McGlone is, however, bullish about the Bitcoin ETF approval. Interestingly, McGlone believes that the first Bitcoin ETF in the U.S. can come as soon as next month. In an interview with Stansberry Research last week, McGlone said:
“There’s still a high probability that the US is just going to follow Canada, maybe with a futures-based bitcoin ETF. There are now over [bitcoin ETF] 30 applications, and the fact that money is migrating from the US – from Cathie Wood and Ark – towards Canada, the pressure is quite strong and high for the US regulators to say: ‘All right, we’re kind of missing out here and we need to do that.’”
There are currently more than 30 Bitcoin ETF applications pending with the U.S. SEC.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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