South Korea Has No Intention to Ban Cryptocurrency Exchanges

South Korea’s finance minister has confirmed that the government has no plans to shut down cryptocurrency trading or exchange platforms
31 January 2018   1477

South Korea has become one of the main markets for cryptocurrency, yielding, probably, only Japan and China. Therefore, it is not surprising that the government was forced to deal with the regulation of a new industry that gained popularity in just a few months, after the outflow of traders and start-ups from China.

Today, after a few weeks of panic and confusion among Korean traders and investors, who fear a complete state ban on cryptocurrency trading (similar to China’s tough action in blocking virtual coin platforms), South Korea's finance minister said that the government is not going to set barriers to the cryptocurrency market.

 As it is indicated in the report by Reuters, South Korea’s finance minister Kim Dong-yeon said: «There is no intention to ban or suppress cryptocurrency market».

He also commented on contradictory statements by government officials from several ministries who partly supported and partly rejected the ban on the cryptocurrency exchanges, which was proposed by the Korea’s Justice Ministry.

On the same day with proposing to shut down all domestic cryptocurrency exchanges, Korea’s justice ministry was forced to soften its stance on the ban proposal after the backlash and called it  “not a finalized decision”. The Justice Ministry found little support from other governmental ministries including the Ministry of Finance which refused to support a trading ban on cryptocurrency market.

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   255

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.