Japanese Crypto Exchanges Required to Strengthen Security

Minister of Finance of Japan, Taro Aso, requested cryptocurrency exchanges to strengthen cybersecurity following the $530 million hack of XEM from Coincheck exchange
31 January 2018   364

Speaking to reporters after the Cabinet meeting, the Minister of Finance required the strengthening of management systems at domestic cryptocurrency exchanges, calling regulators to monitor the ecosystem in order to protect consumers.

In his opinion, illegal access, which caused a massive outflow of cryptocurrency from Coincheck is a great regret. He also believes that the Financial Services Agency should subject mandatory control to cryptocurrency traders in order to protect users.

A balance is needed between the promotion of innovation and the protection of consumers on cryptocurrency exchanges.

Previously, Taro Aso criticized the excessive regulation of cryptocurrency.

The comments of the Minister of Finance followed FSA’s statement on Monday. The regulator said that the investigations of all exchanges of cryptocurrencies, including on-site inspections, are necessary, and ordered to improve Coincheck's cybersecurity.

As previously reported, Coincheck executives confirmed that they stored currency in a hot wallet, which was compromised.

Unlike cold wallets, hot ones are subject to unauthorized access.

After the hack, Coincheck president Koichiro Wada said that it was difficult to manage cold wallets for technical reasons.

On Monday, Japan’s primary financial diplomat Masatsugu Asakawa noted that the regulation of the cryptocurrency will most likely be discussed in March among the G20 finance ministers and central bankers in Argentina.

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.
 

ACINQ

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.