South Korean Financial Supervisory Service denies value of cryptocurrency

Financial watchdogs say that it’s a piece of deception but not the real money
23 November 2017   1278

Choe Heung-sik, the head of the Financial Supervisory Service (FSS) announced that there is no need to control operations with digital money because members of the agency don’t think that cryptocurrency can be used as legal tender. They consider digital coins as a mean for sharp practices. Choe claims that cryptocurrency can not be used for payments.

As long as FSS keeps in check all operations with public money, digital currency is beyond the control of South Korean Financial watchdogs. Choe Heung-sik admitted that under the prevailing circumstances the agency has no plan how to control exchange of the cryptocurrency.

It should be noted that shortly before such announcements of the chief of the FSS there was a collapse with South Korean domestic exchange Bithumb. As a result, Bithumb lost billions of won.

 

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.