1.Lightning Labs activates Wumbo channels, increasing bitcoin payment channel capacity
2.Travala.com Partners with VeChain to Integrate VET as Payment
3.Hawaii U.S Authorizes 12 Crypto Exchanges With New Regulatory Sandbox
4.Winklevoss Twins’ Gemini and Archax Exchange Now Licensed by UK Financial Conduct Authority
5.Analytics Firm Elliptic Now Supports Blockchain Monitoring For BNB And Binance Chain
6.India’s Largest Crypto Exchange WazirX Partners With Matic Network To Develop A DeFi Product
1.Lightning Labs activates Wumbo channels, increasing bitcoin payment channel capacity
LND, a main Lightning Network implementation from startup Lightning Labs, has announced the introduction of “Wumbo” channels that will allow clients to send and receive more Bitcoins than before. as well as send larger transactions. On account of an update that supports alleged Wumbo channels, the startup.The announcement is published by means of Lighting engineering official press release on August 20, 2020.
The aims of Lightning Network is to provide an accessible way for users to engage in off-chain payments rapidly and dependably by adding another layer to the Bitcoin blockchain. Users can create payment channels on this layer between two parties. As a security safeguard, LND had limited the size of its channels to 0.1677 BTC.
With this release of lnd v0.11-beta, It presently support Wumbo, channels over the 0.1677 BTC limit The lnd v0.11-beta release incorporates test support for database replication (backups that can continue channel activities if there should be an occurrence of hardware, network, or power failures), various of developer-focused improvements that provide more fine-grained control and reporting from lnd, and various security and dependability improvements.
The platform enables two users to create direct payment channels to make small, quick transactions. The developers set a most extreme accepting limit of 0.16777215 BTC and a maximum payment of 0.04294967 BTC through the channels.
There are two sections of wumbo:-
The first sections evacuates the limit to the total amount of bitcoin that can be held in a channel: This limit is as of now capped at 0.16777215 BTC, worth about $1,988 at press time.
The second strips away the limit to how large an individual payment can be: That limit has been 0.04294967 BTC, worth about $508 at press time.
lnd v0.11-beta adds support for node operators to promote their nodes by domain name as opposed to by IP address just similar to the case already. This is considerably more convenient for node operators operating with dynamic IP addresses.
The Wumbo channels have been recently implemented on other Lightning implementations, including ACINQ’s eclair and Blockstream’s c-lightning. Wumbo, in every application, allows users the option to accept and send large transactions through the update or keep the maximum caps in place.
About Lightning Labs
Lightning Labs building quicker, cheaper, global layer-two bitcoin. At Lightning Labs, It develop software that controls the Lightning Network. Its open source, secure, and versatile Lightning systems enable users to send and receive money more proficiently than any other time . It also offer a progression of verifiable, non-custodial Lightning-based financial services. It connect the world of open source software and the next-generation of bitcoin financial software.
2.Travala.com Partners with VeChain to Integrate VET as Payment
Travala.com the driving cryptocurrency-friendly travel booking platform” has partnered with the leading public blockchain VeChain that allow users to book over 2.2 million accommodation options with VeChain Token (VET). The partnership enables usage of VET consistently for more than 2,200,000 hotels and homes worldwide on Travala.com.The announcement is published via official VeChain Medium blog post on August 19, 2020.
Clients would now be able to utilize VET to consistently book more than 2,200,000 hotels and homes worldwide on Travala.com. VET will be highlighted close by a developing line-up of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and AVA, Travala.com’s native cryptocurrency.
Sunny Lu, Co-founder and CEO at Vechain, said:
“Situated as the ecosystem enabler, VeChain has been on a way for gathering real-world applications and client base, and we’re generally watching out for partnerships amongst a diverse list of industries to widen the selection of blockchain. We’re pleased to partner with Travala.com to bring users an enhanced travel experience through the utilisation of blockchain technology.”
VeChain has been committed in the promotion of VET utility by making more significant transactions as well as expanding VET’s role as the smart money in its dual token system.VeChain accepts the activity would additionally support the adoption of its native token, which is in accordance with the visions of the blockchain and crypto industry.
Travala.com keeps on building more products to offer a one-stop-shop solution for its clients while additionally encouraging more ways for the blockchain and crypto community to spend their crypto in travel.
The aim of Both platforms have been effectively promoting to enlarge cryptocurrency adoption through important partnerships and mutual benefit. Travala.com keeps on facilitate more ways for users to book travel with cryptocurrencies which will build the exposure of the VeChain ecosystem to an ever-growing client base.
About VeChain Foundation
VeChain project started in 2015. It is a blockchain platform designed to upgrade supply chain management and business processes. Its goal is to streamline these processes and data stream for complex supply chains using of distributed ledger technology (DLT).VeChain has global activities in China, Southeast Asia, Europe, North America and other regions.VeChain has established cooperative relations with many leading enterprises in various industries, including Walmart China, Bayer China, BMW, BYD Auto, PICC, H&M, ENN, Shanghai Gas, LVMH, ASI etc.
3.Hawaii U.S Authorizes 12 Crypto Exchanges With New Regulatory Sandbox
The U.S. state of Hawaii has authorized 12 cryptocurrency exchanges including ErisX, bitFlyer USA, and Gemini U.S to start operating in the state without needing a money transmission license. these are selected to direct Hawaii’s digital currency regulatory sandbox that will allow virtual asset service providers to work together in the state without obtaining a money transmitter license for a two-year period according to the announcement published via Hawaii Technology Development Corporation (HTDC) on August 19, 2020.
The organizations have been approved by the state’s regulatory sandbox called Digital Currency Innovation Lab — the initiative between the Hawaii Department of Financial Institutions and Hawaii Technology Development Corporation (HTDC), an agency for the State of Hawaii.
The two-year initiative started accepting applications in March and received submissions from 19 companies. Following a comprehensive review, 12 participants who fulfilled the conditions to offer their services in the state have been selected to join the program. These companies are: Apex Crypto, bitFlyer USA, BlockFi Trading, CEX.IO, Cloud Nalu, Coinme, ErisX, Flexa Network, Gemini Trust Company, Novi Financial, River Financial and Robinhood Crypto.
Iris Ikeda, Commissioner of Financial Institutions says:
“We are excited to invite our inaugural batch of participants into the DCIL. Hawaii-based consumers can look forward to a variety of options for services offered by digital currency companies in the state. I anticipate leveraging this opportunity for our state to build up a robust understanding of one of the most exciting areas in fintech,” “States across the nation are beginning to review their laws to decide if the digital currency companies should be regulated for the benefit of consumers,”
It is illegal for digital currency companies to allow Hawaii-based consumers access to their platforms without a license unless the company is in the DCIL. Through this program the public can now effectively use the services of these selected companies – including buying, storing and trading popular digital currencies such as bitcoin, Ethereum, litecoin and ZCash.
During this time of participation, the companies focused on providing key measurements indicated by DFI. The data collected will be instrumental in developing local legislation around digital currency while laying the preparation for the next phase of this pilot program.
About HTDC
Hawaii Technology Development Corporation(HTDC) is a powerful state agency responsible for diversifying Hawaii’s economy building up a prospering technology industry that provides quality, high-paying jobs for Hawaii residents. HTDC aims to quicken the development of Hawaii’s technology industry by providing capital, building infrastructure and creating ability to foster innovation. HTDC is appended to the Department of Business, Economic Development and Tourism (DBEDT).
4.Winklevoss Twins’ Gemini and Archax Exchange Now Licensed by UK Financial Conduct Authority
The UK Financial Conduct Authority has granted operational licenses to two cryptocurrency exchanges. Those are the UK-based digital security exchange Archax and the UK part of the Winklevoss twins’ Gemini. According to the FCA website, Archax and Gemini Europe Services were enrolled by the financial regulator on Aug. 18 and Aug. 19. respectively, after meeting the compliance guidelines of the authority.
As per the announcement published on August 19, 2020 ,The UK Archax platform turned into the “first-ever FCA regulated digital securities exchange and custodian” in the country .Gemini and Archax are among the principal cryptocurrency exchanges to receive license.
Graham Rodford, CEO at Archax, Said:
“We have been conversing with the FCA for a while and the application procedure has been an intense journey, however we are pleased to have currently achieved our first significant milestone as we plan to launch the UK’s first FCA regulated digital securities exchange later this year. Our innovation accomplices are best in class, we have a pipeline of 35 digital issuances in place, and we are signing up worldwide brokers and market makers prepared for go-live. This is an exciting moment for Archax and an incredible step in the development and authenticity of digital securities internationally.”
The FCA implemented mandatory risk assessments for exchanges in January 10th, 2020, to assess their compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) guidelines.
Digital securities use blockchain technology to tokenize traditional assets such as value, debt, or funds. this procedure “modernizes and simplifies the capital-raising process through disintermediation, removes frictions, and encourages liquidity in assets that areas of now difficult to trade.”
The agency required all crypto firms to enroll before June 30, to guarantee that their applications would be handled before Jan. 10, 2021. Inability to comply by the deadline implies that they will need to cease their trading activity in the U.K. Exchanges.
The new crypto guidelines require crypto organizations to comply with regulators and even provide information about their clients to track illicit activities.
About the FCA
The Financial Conduct Authority is the direct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific norms for 19,000 firms.UK financial services employ over 2.2 million people and contribute £65.6bn in tax to the UK economy. If UK markets work well, competitively and fairly they benefit customers, staff and shareholders, and keep up trust in the UK as a significant worldwide financial hub. Its role is to help ensure this happens.
5.Analytics Firm Elliptic Now Supports Blockchain Monitoring For BNB And Binance Chain
Blockchain and crypto examination firm Elliptic has announced that Binance Chain as well as its native payment token commonly known as BNB “which averages USD 250 million in daily trading volume” have been added to its monitoring platform. The announcement is published via authentic public statement on August 18, 2020.
Elliptic’s crypto transaction and wallet monitoring solutions, Navigator and Lens, automate compliance monitoring for BNB with the goal that Binance and other exchanges listing this token can scale operations efficiently and improve accuracy in detecting suspicious activity on the blockchain.
Elliptic will also be able to provide crypto compliance monitoring to issues using the Binance Launchpad, to empower clients to launch new BEP2 tokens on the Binance blockchain, and furthermore the Binance decentralized exchange, Binance DEX.
Samuel Lim, Chief Compliance Officer, Binance Said:-
“This partnership not only strengthens our commitment to regulatory compliance as well as opens the door for more extensive selection of BNB and BUSD,” “We see Elliptic’s support of Binance Chain and their expertise in blockchain analytics as an important step in furthering confidence from stakeholders over time.”
The world’s biggest cryptocurrency exchange, Binance has been using Elliptic’s blockchain examination services since 2019, to consent to worldwide and local anti-money laundering (AML) regulatory requirements. Elliptic right now provides the broadest inclusion of cryptocurrency transaction monitoring solutions, with more than 97 percent of all cryptocurrencies monitored by trading volume.
About Elliptic
Elliptic is the worldwide pioneer in crypto asset risk management solutions for crypto businesses and financial institutions worldwide. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. Elliptic’s blockchain analytic tools permits Its compliance department to use comprehensive rulesets for managing and monitoring the information, enabling to assess risk in a relevant and material way.
6.India’s Largest Crypto Exchange WazirX Partners With Matic Network To Develop A DeFi Product
WazirX “The Mumbai-based crypto exchange one of the greatest in India” is launching an AMM DEX, enabling clients to trade crypto assets in a decentralized way and earn fees by giving liquidity. WazirX has decided to expand on Matic to overcome the current performance bottlenecks of the DeFi space through its high-speed, low-fee infrastructure.The announcement is published via official press release on August 15, 2020.
Siddharth Menon, Co-founder and COO, WazirX, Said:
“The covering of DeFi is more transparency. This is a good thing for developing markets like Crypto which brings certainty for institutional funds. We should expect immense funds rolling in from institutional funds and we are simply beginning. I’m sure that within the next few months, we’ll see an uptick of 6X volume in DeFi space with 5.6 Billion USD already locked. We at WazirX want to bring the future of finance today and build infrastructure for the next big thing for small and big investors.”
DEX highlights:
• Decentralized exchange (DEX) for pair swaps
• Liquidity supplier pools for uninvolved interest
• Accumulate WRX for utilizing the protocol
• Low slippage + instant confirmations
Automated market makers are algorithmic specialists that make it simpler to list and exchange cryptocurrencies without the assistance of an order book. An AMM is one of the most imaginative uses of DeFi intended to replace order books used in traditional exchange platforms. The protocol makes a liquidity pool where tokens are automatically traded using an algorithmic methodology in a decentralized system.
WazirX CEO, Nischal Shetty, clarified that high transaction fees as well as scalability within the Ethereum network were the primary aspects that led the firm to choose Matic.
For sure, high transaction costs within the Ethereum network have been a concern which have expanded by over 3,000% annually rising to over $6. Matic network charges relatively low costs which averages at $4.
Binance, the biggest crypto trade firm in the world, obtained WazirX last year to extend its worldwide presence in India. AMM’s testnet is set to be launched in September.it will continue offering progress of the task with the community over the next few weeks until the launch.
