Lightning Labs, the developer of the high-speed transaction protocol Lightning Network (LN), has secured $10 million in Series A funding round. The news was announced by Lightning Labs CEO and co-founder, Elizabeth Stark, in a blog post on Feb. 5. The company plans to allocate the raised funds to further development of the Lightning payments technology and scaling of its developer ecosystem. Release of Lighting Labs’s first paid product In the same announcement, Lightning Labs also introduced the beta version of Lightning Loop, the company’s first paid product. Lightning Loop aims to help startups, node operators and users send and …

Payments behemoth Visa is reportedly planning to change merchant fees rates for United States-based merchants as part of a major update of its point-of-sale system. The development was revealed in a document Visa sent to banks announcing an upgrade of its system, which will be rolled out in April and October, Bloomberg reported on Feb. 4. With the move, the payments giant aims to push merchants to stop using checks, as well as adjust its new fee structure for new businesses. What to expect? Visa is reportedly planning to introduce higher rates for transactions on e-commerce platforms and lower rates …

Mode, a financial services firm backed by Twitter co-founder Biz Stone, has rolled out its Bitcoin (BTC) banking app on iOS devices. The British company made its app available globally, with the exception of the United States, fintech-focused media outlet Finextra reported on Feb. 4. Customers can start using the app with as much as £50 ($65) and buy Bitcoin with bank cards or through a bank transfer. The funds are further processed through digital assets custodian BitGo. Mode addresses speed and security issues The app ostensibly allows users to credit funds almost instantly by means of a Faster Payments …

Major United States-based cryptocurrency exchange and wallet service Coinbase is allegedly not letting some users withdraw more than $10 per day. On Feb. 2, a Redditor and self-described Coinbase user reported that Coinbase had put a $10 daily withdrawal limit for some users. The Reddit user, with handle Unholy_Crab1, claims that his subsequent application for higher withdrawal limits was denied by Coinbase. The Redditor has also shared a purported screenshot which shows that the maximum amount of daily withdrawal from Coinbase in Bitcoin (BTC) was $10 for his account. Source: Reddit As of press time, the complaint thread has amassed …

Enterprise blockchain platform Insolar is launching its own mainnet, debuting its native Insolar Coin (XNS) to replace its formerly used Ethereum-based token INS. After successfully piloting the testnet in 2019, Insolar will be rolling out the commercial launch of Insolar MainNet on Feb. 3, the firm said in a press release shared with Cointelegraph. INS/XNS token swap is immediately available According to the firm, holders of the Ethereum-based ERC-20 token INS will be able to swap their tokens for XNS on the first day of the mainnet launch. Insolar users will be able to store their XNS tokens on Insolar’s …

Researchers at the Massachusetts Institute of Technology have created a new cryptocurrency-routing scheme to speed up blockchain-based transactions. In an announcement on Jan. 30, MIT claimed that the new solution called “payment channel networks” (PCN) is able to notably reduce blockchain-based transaction times and even boost profits. As explained, in PCN, transactions are performed with minimal involvement from the blockchain. “Pairs of PCN users form off-blockchain escrow accounts with a dedicated amount of money, forming a large, interconnected network of joint accounts. Users route payments through these accounts, only pinging the blockchain to establish and close the accounts, which speeds …

People in the United States now have another zero-fee option to buy Bitcoin (BTC) with the U.S. dollar. On Jan. 30, Tokyo-based cryptocurrency exchange bitFlyer launched its commission-free campaign for BTC/USD trading pair to its U.S. customers. bitFlyer USA operates in 47 states in the U.S. and holds New York BitLicense The zero-fee feature is only available for the BTC/USD trading pair and has been implemented on bitFlyer’s pro trading tool, bitFlyer Lightning, the firm noted in a blog post. The campaign is automatically applied to all new and existing bitFlyer USA customers clients, while the end date of the …

The municipality of Zermatt, Switzerland — home to the iconic Matterhorn — is now the second location in Switzerland where taxpayers are officially allowed to pay their taxes in Bitcoin (BTC). In order to unlock the new tax payment option, the authorities of the Zermatt have partnered with Switzerland’s major crypto financial services company Bitcoin Suisse. Bitcoin Suisse to convert Bitcoin into Swiss francs According to an announcement by Bitcoin Suisse, Zermatt started accepting Bitcoin as a means of payment for local taxes and transactions on Jan. 28, 2020. By partnering with Bitcoin Suisse, the authorities of Zermatt are now …

Tech giant IBM has been awarded a patent for the development of a “self-aware token” designed to record events of an offline transaction. A patent document filed with the United States Patent and Trademark Office describes a system, which relates to financial data processing in an electronic currency platform, as well as to processing e-commerce tokens, which have involved offline transactions. To track and record events of offline transactions, the system incorporates a so-called “self-aware token.” Tracking and validating offline transactions The document further draws a link between the system and a platform for tracking and validating e-currency tokens IBM …

Cross-border payments platform Currencycloud has raised $80 million in funding from SBI Group, Visa and other investors. Per a Jan. 27 press release, London-based Currencycloud secured $80 million from SBI Group, Visa, International Finance Corporation, BNP Paribas and Siam Commercial Bank. Following the investment, Colleen Ostrowski, senior vice president and treasurer of Visa Inc, will join the board of Currencycloud. By its own account, the startup — which provides embedded B2B cross-border payments — is going to allocate the raised funds for its further growth, expansion of its portfolio of emerging payment methods and development of its partner ecosystem. Currencycloud …

Ukrainian authorities will be able to “block crypto wallets” in order to seize illegally obtained assets, a notice on the country’s Ministry of Finance says. Oksana Markarova, Ukraine’s Finance Minister, reportedly said that the State Financial Monitoring Service of Ukraine (SFMS) will be the responsible authority for tracking the sources of origin of the funds on citizens’ crypto wallets. Authorities use an analytical product scanning for the crypto funds’ origins and uses As part of the regulatory policy, the SFMS will be able to not only find out the origin of crypto, but also detect how those funds have been …

Adult entertainment website Pornhub has added a new cryptocurrency payment option after PayPal had abruptly stopped servicing its models in late 2019. According to a Jan. 23 blog post, Pornhub now supports Tether (USDT) — a major United States dollar-pegged stablecoin — to allow instant and zero-fee payments via the crypto wallet and browser extension TronLink. Pornhub supports Tron-based USDT TronLink is a native wallet for Tron (TRX), the 12th largest cryptocurrency by market cap that is backed by the Tron Foundation. The USDT token became available on the Tron network after Tether and the Tron Foundation partnered and released …