provider – Coin Network News https://coinnetworknews.com If it's coin, it's news. Tue, 19 Mar 2024 16:59:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 LQWD Partners with Amboss as Key Lightning Network Liquidity Provider https://coinnetworknews.com/lqwd-partners-with-amboss-as-key-lightning-network-liquidity-provider/ https://coinnetworknews.com/lqwd-partners-with-amboss-as-key-lightning-network-liquidity-provider/#respond Tue, 19 Mar 2024 16:59:29 +0000 https://coinnetworknews.com/lqwd-partners-with-amboss-as-key-lightning-network-liquidity-provider/

LQWD Technologies Corp., an infrastructure and liquidity provider for the Bitcoin Lightning Network, has announced a new partnership with Amboss Technologies Inc. to become their premiere Lightning Network Liquidity Service Provider (LSP), according to a press release sent to Bitcoin Magazine. As part of the partnership, LQWD will contribute an initial 10 Bitcoin in liquidity to Amboss, with plans to deploy more Bitcoin throughout the collaboration.

“Partnering with LQWD ensures that Amboss’s global customers have direct access to institutional-grade liquidity for Bitcoin payments, allowing LQWD to generate additional yield through their nodes on the Lightning Network,” said Amboss Co-Founder and CEO Jesse Shrader. “Additionally, this partnership increases the supply side of Amboss’s liquidity marketplace, enabling LQWD to fulfill the market demand for Lightning Network liquidity.”

Amboss Technologies specializes in data analytics solutions tailored for the Bitcoin Lightning Network and provides products like Magma and Hydro for market organization and liquidity automation. Magma serves as a liquidity marketplace, while Hydro enables advanced liquidity automation for seamless Lightning Network payments.

“This partnership enables LQWD to deploy more of our company-owned Bitcoin while potentially capturing significant transaction volume and generating yield on our Bitcoin holdings,” stated Shone Anstey, Chief Executive Officer of LQWD. “Importantly, we maintain full sovereignty and custody throughout the process. This strategic alliance signifies a significant step forward for both LQWD and Amboss, as we work together to enhance liquidity and efficiency within the Bitcoin Lightning Network ecosystem.”

The Lightning Network (LN) has witnessed significant growth, with LN activity increasing by 1,200% over the past two years, according to the release. This surge in adoption, coupled with the integration of stable coin transaction capability, opens up LN to a wider user base and attracts forward-thinking businesses and Bitcoin exchanges looking for faster and cheaper payment solutions compared to traditional rails like Visa and Mastercard.

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]]> https://coinnetworknews.com/lqwd-partners-with-amboss-as-key-lightning-network-liquidity-provider/feed/ 0 Binance provider in Brazil gets payment institution approval https://coinnetworknews.com/binance-provider-in-brazil-gets-payment-institution-approval/ https://coinnetworknews.com/binance-provider-in-brazil-gets-payment-institution-approval/#respond Sat, 20 May 2023 16:36:43 +0000 https://coinnetworknews.com/binance-provider-in-brazil-gets-payment-institution-approval/

Latam Gateway, the payment provider for Binance in Brazil, has been granted a license by the country’s central bank to operate as a payment institution and electronic money issuer on May 19, according to local media reports.

Brazil is among Binance’s top global markets, the exchange said in a previous announcement.

Latam Gateway helps foreign companies to operate in Brazil by providing on/off ramps with the Brazilian real. According to the company’s website, Binance is the only crypto client in the country. Other relevant clients include gaming-related companies such as Codashop, Moedaz and Game Hollywood.

Binance and Latam Gateway have been partners since June 2022, following the termination of Binance-Capitual’s collaboration in the country. 

A market with nearly 214 million people has attracted crypto companies to Brazil. In January, Binance and Mastercard teamed up to launch a prepaid crypto card in the country, allowing residents to make purchases and pay bills with over 14 crypto assets through real-time crypto-fiat conversion. Cardholders are required to comply with Know Your Customer (KYC) standards.

Related: Crypto adoption is booming, but not in the US or Europe — Bitcoin Builders 2023

Also expanding operations in the country is Coinbase. Since March, the exchange has partnered with local payment providers to offer crypto purchases, as well as enable deposits and withdrawals in the local currency. Coinbase has been in the country since 2021, when it established a tech hub to offer crypto services to Brazilians.

Brazil’s regulatory authorities are also paying attention to crypto firms. Binance is reportedly being investigated for allegedly helping clients evade a stop order on cryptocurrency derivatives investments.

In 2020, the Brazilian Securities and Exchange Commission issued a stop order on crypto derivatives. Futures contracts are considered securities under local law, regardless of the nature of the underlying assets.

According to documents from the local probe, Binance’s platform displayed instructions for Brazilian users to change their language settings in order to access the Binance’s Futures section. Additionally, the SEC said there was extensive Portuguese-language content available without a restriction notice for Brazilian users. Canadian and American securities regulators have conducted similar investigations against the crypto exchange.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips