Category: Cryptocurrency news

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Bitcoin Lightning Network Growth Increases 1200% in 2 Years

A report from Bitcoin-exclusive River Exchange suggests that increased use of Lightning will play a key role in Bitcoin becoming a better medium of exchange.

Bitcoin’s Layer 2 Lightning Network saw an estimated 1,212% growth in two years, with around 6.6 million transactions routed in August, a significant jump from 503,000 transitions in August 2021, according to data from the River exchange, exclusive of Bitcoin (BTC).

In an October 10 report, River research analyst Sam Wouters explained that the increase in routed transactions (which use more than two nodes to facilitate a transfer) came despite a 44% drop in the Bitcoin price and considerably less interest in online research.

River’s $6.6 million value for Lightning-routed transactions is a lower-bound estimate — the lowest possible value it could value. The company also obtained the August 2021 figure of 503,000 from a 2021 study by K33, formerly Arcane Research, adding that it could not evaluate flash transactions that were private or between just two participants.

As of August 2023, the average Lightning transaction size is approximately 44,700 satoshis or $11.84. River estimated that between 279,000 and 1.1 million Lightning users were active in September.

The company attributed 27% of transaction growth to the gaming, social media advice and streaming sectors.

River said the success rate for Lightning payments was 99.7% on its platform in August 2023 across 308,000 transactions. The main reason for failure occurs when no payment method is found that has sufficient liquidity to facilitate the transfer.

River’s data set consisted of 2.5 million transactions. The nodes in the River dataset represent 29% of the entire network capacity and 10% of the payment channels.

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Hong Kong, UAE and Thailand to launch joint CBDC projects by 2024

The central banks of Hong Kong, China, Thailand and the United Arab Emirates, together with the HMKA, are working on the development of mBridge, a cross-border central bank digital currency (CBDC) initiative.

The project is expected to launch in mid-2024. The initiative could provide an alternative to Swift’s dominant payments infrastructure, setting a precedent for further fragmentation of payments in other regions.

MBridge is coordinated by the Bank for International Settlements (BIS). The project will involve the participation of several major companies such as Tencent, owner of WeChat Pay, and the WeChat application.

The HKMA is also working on another CBDC-related project known as e-HKD. The digital currency has shown different use cases such as payments, deposits and investment scenarios.

Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, added that e-HKD could be used in different areas, such as programmable payments, and in new regions, such as deposits and tokenized assets.

Currently the institution is carrying out tests with the participation of 16 large companies. In September, HSBC issued eHKD to around 200 students and staff at the Hong Kong University of Science and Technology Business School, with the aim of testing the use of the digital currency.

Two of the pilot participants, Standard Chartered and Fubon Bank, have begun investigating CBDC use cases. Fubon Bank has revealed its plans to work with Ripple (XRP) on a real estate tokenization pilot.

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Top US Cryptocurrency Exchange Coinbase Adopts an “International First Mindset”

Top US cryptocurrency exchange Coinbase has increased its focus on international markets amid regulatory uncertainty in the United States, according to the company’s vice president of international policy.

In a recent interview on Zebu Live, Tom Duff Gordon notes that international expansion is becoming “increasingly important” for the exchange.

“We want to work with everyone because we believe that the United States is a really important market. We need to achieve that [regulatory] clarity. It may not happen tomorrow, but I think we are on the right track to achieve it.

But look, there are only 300 million people in the United States. [Coinbase CEO] Brian Armstrong’s big vision… is to attract a billion people to cryptocurrencies. It is a question of economic freedom. Either way, we can’t just do this in America. That’s why we’re now adopting this “international first” mentality.

The U.S. Securities and Exchange Commission (SEC) sued Coinbase in June, accusing the company of operating as an unregistered stock exchange, broker-dealer, and clearing agency.

Last month, the company successfully registered as a cryptocurrency exchange and custody wallet provider with the Bank of Spain. It also gained approval from the Bermuda Monetary Authority (BMA) to offer digital asset perpetual futures to investors outside the US.

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Blockfi’s bankruptcy plan confirmed, paving the way for distributions to customers

Cryptocurrency lender Blockfi is moving closer to returning funds to customers after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute remaining assets to clients and attempt to recover additional funds.

Blockfi advances payment of customer assets following approval of Chapter 11 plan

With more than 90% of voting creditors approving the plan, Blockfi expressed optimism in achieving customer recoveries relatively quickly compared to similar crypto bankruptcies. Confirmation of the plan comes after Blockfi originally filed for bankruptcy in November 2022 amid the broader crypto market crash.

Under the approved plan, Blockfi will first distribute the remaining digital assets to customers funded in Blockfi Wallet accounts. The company will then make an initial distribution to customers with funds in Blockfi Interest Accounts (BIA) and cryptocurrency-backed retail loans.

“In the coming months, you will receive an email asking you to withdraw your funds based on the recovery amounts approved by the plan,” Blockfi told BIA and loan customers in a blog post. The company expects portfolio withdrawals to be completed before distributions to other clients begin.

Additional distributions to customers will depend on Blockfi’s success in recovering funds from the FTX bankruptcy case. Blockfi claims that FTX owes it money and intends to litigate to obtain these assets. Any funds recovered from FTX could increase customer payments.

Before distributions can formally begin, a Bermuda court that oversees Blockfis’ international clients must recognize the U.S. bankruptcy court’s approval of the plan. Once completed, Blockfi can emerge from bankruptcy and implement the liquidation process outlined in the plan.