MasterCard to ban issuing BTC prepaid cards outside EU

Non-residents of the EEA will no longer be able to use Bitcoin-cards from MasterCard
14 October 2017   2453

Lately, Visa announced it would suspend all crypto debit cards outside of the European Economic Area (EEA).

Now, it seems like MasterCard is to do the exact same thing. Existing cards will remain active for three more months, after which point they will be blocked automatically.

This news affects a lot of companies involved in the cryptocurrency debit card industry. Advcash, for instance, has already informed its customers that it cannot offer plastic and virtual cards to users in countries outside the EEA.

We regret to inform you that starting today due to recent Mastercard policy changes Wave Crest Holdings, our card provider, is unable to offer plastic and virtual cards to users in countries outside the European Economic Area (EEA). At the moment, we do not issue new Advanced Cash cards to countries outside the EEA/SEPA zone. Existing cards issued to non-EEA countries will remain active for 90 more days, after which they will be blocked. We are working to keep offering our cards to countries where we have the most users despite these policy changes. We will be able to tell you more about this at a later stage.We apologise for any possible inconvenience in this regard.
 

Advcash team

All existing cards belonging to people outside the EEA will remain active for another 90 days. After that time, MasterCard will block the cards automatically. Any remaining funds on one’s card must either be spent or withdrawn through the card issuer before that time. It will become impossible to register for such cards as a non-EEA citizen from now on.

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   254

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.