Nigeria will not insure crypto transactions

This was announced by The Nigerian Deposit Insurance Corporation
28 November 2017   1223

The Nigerian Deposit Insurance Corporation (NDIC) warns that the state will not provide insurance protection to transactions made with the help of any cryptocurrencies (for example, bitcoin), not issued by the Central Bank of the country.

If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN [Central Bank of Nigeria] rules and NDIC will not insure it. We have consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.

 

Mohammed Umar

NDIC’s director of research for policy and international relations

Five specific currencies figured in the circular: Bitcoin, Ripple, Monero, Litecoin and Dogecoin. Earlier, Nigeria's central bank notified the financial institutions of the country about the need to limit crypto-transactions or other related transactions.

Despite these statements, it is clear that Nigeria lacks any means to limit the use of cryptocurrency by citizens or everyday investors. At the same time, countries such as Japan, Iran and Bahrain are ready to legally recognize bitcoin as an official form of payment.

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   320

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.