Bitcoin Point Swap services closed in South Korea

Two major Korean banks dropped their Bitcoin Point Swap services following the government emergency regulations
27 December 2017   561

A small recap is in order. The South Korean government announced on December 15, 2017 that banks as of then are prohibited from participating in Bitcoin trade. And now it comes back in force. Two of Korean major banks – Shinhan Bank and KB Koomin Bank, which offered credit card points to bitcoin swap services, now discontinue this programm.

To better understand what is happening, one has to know, what the credit card point is. Both banks offer the ability to accumulate their bonus points for performing operations inside their respective bank group with their credit cards. And you can use them for purchases in affiliated stores or, until now, to purchase Bitcoin on Coinplug.

All of this stems from recent ban on banks for performing direct cryptocurrency operations. And this doesn't affect only two aforementioned banks. All of them have to cease direct operations in cryptocurrency market, be it trading or setting up shop for a more convenient user interaction with digital currency world. Most major banks even had to stop issuing virtual bank accounts for cryptocurrency exchanges. And the already-in-place regulations prohibit trading without one.

In September government already forced the shut-down of the country's leading creptocurrency exchange Bitnumb in fear that the service could be used by criminals with counterfeit credit cards.

ACINQ to Release Lightning API For Bitcoin Mainnet

Strike is API for easy acception of Lightning network payments
25 May 2018   33

Developers from ACINQ presented a version of Strike API for Lightning-payments in the main bitcoin network.

Strike is an API for easy acception of Lightning payments. From a technical point of view, the service works as follows: ACINQ receives and aggregates incoming payments, and then periodically sends transactions to the recipient's wallet. In other words, companies can offer their clients instant and low-cost payments, receiving funds through the usual cash transaction.

We take a 1% fee on payments, and that’s it. Automated payouts to your Bitcoin wallet are free of charge, because we batch them among merchants. The threshold for automated withdrawals can be set between 0.1–1 BTC.


Also, users can make a payment to the wallet manually, however in this case you will have to pay a commission of 0.5 mBTC.

According to ACINQ representatives, although using Strike and assuming the need to trust a third party, the level of risk is minimal, since the service sends an onchain-transaction every time the total amount of payments reaches a user-adjustable threshold.

The developers noted that the Strike integration with the WooCommerce plugin is currently underway. In addition, ACINQ is considering the possibility of partnership with the Canadian Internet company Shopify, which specializes in developing software for online and retail stores. The company serves 500,000 trading companies with a combined turnover of $ 45 billion.