Six German banks dealing in crypto, says BaFin

According to German finance ministry six banks in the country are already dealing in cryptocurrencies
05 June 2018   1528

At least six financial institutions in Germany are dealing with cryptocurrency in one form or another, according to the Federal Financial Supervisory Authority (BaFin). This surprising statement was made in response to the inquiry by the member of left-wing political party “The Left” Thomas Lutze.

While not naming the banks in question, BaFin went on to clarify that financial institutions are dealing in and/or possibly acquiring cryptocurrency. It's not surprising, considering the fact that German banks were fist to introduce their clients to Bitcoin several years ago, but the absence of clear government regulation regarding the cryptocurrencies has slowed down the adoption process considerably. Of course, it's quite possible, that the regulations would have put a damper on things and by now there wouldn't be any way for institutions to work with crypto.

Still, BaFin is closely watching the banks under its authority for money laundering, with or without crypto. But anything else, while being closely monitored, is not prohibited, for example, any financial institution with appropriate crypto licenses can place cryptocurrency ATMs in the country.

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.