Crypto Traders’ Accounts shuttered by Kotak Mahindra Bank

Kotak Mahindra bank has demanded all customers to stop using their accounts for any transactions involving Bitcoin or any other type of cryptocurrencies
09 June 2018   1638

In its recent request, the bank issued a list of their immediate transactions to cryptocurrency exchanges. During the past few months Crypto trading in India is passing through a difficult period. This year, in April, the Reserve Bank of India (RBI) had published a circular asking all banks and financial institutions to stop operations with cryptocurrencies. Nevertheless, India`s Supreme Court delayed the decision on the matter until a final hearing in July 2018.

The cryptocurrency community is now concerned on 2 significant dates (July 5 and July 20) when the cryptocurrency future in India will be defined. Despite this fact,  Kotak Mahindra has gone full offensive singling out cryptocurrency traders in their bank. The bank in the circular alerts account keepers using their account for cryptocurrency trading. According to the statement, the bank will not be responsible or liable for a drop of any transactions, inconvenience, and the return of cheques or losses arising caused by the account closure.

In this regard, the bank does not encourage its customers using their accounts maintained with us for carrying out transactions involving any kind of crypto/virtual currencies and hence we request you to immediately stop transactions involving dealings in bitcoin or any kind of crypto/virtual currency from your above-mentioned account. In this case, it is observed that you have undertaken such transaction post receipt of this letter, you may treat this letter as an advance caution letter and bank will be constrained to close your account without giving any further intimation to you.
Kotak Mahindra Bank, India
Official Requirement

While it is probably that all banks may be obliged to shutter crypto accounts after Supreme Court’s verdict, Kotak Mahindra Bank is hurrying up, threatening to terminate bank accounts of crypto traders. Even although the judgment regarding crypto trading is still under consideration in the Supreme Court, the Kotak Mahindra Bank have made its own decision. 

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   297

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.