Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? 2371

On Tuesday, Jack Dorsey, one of the most well-known characters in Silicon Valley, just exposed his four million followers to Bitcoin (BTC) in a surprising turn of events. To the surprise of many, Dorsey, the incumbent chief executive of both Twitter and crypto-friendly Square, two technology upstarts valued at $54 billion collectively, publicly accepted a transaction via the Lightning Network.

As Anthony “Pomp” Pompliano of Morgan Creek would fittingly say, “the virus is spreading.”

Dorsey Experiments With Lightning, Sends Bitcoin Transaction

As hinted at in recent NewsBTC report, Hodlonaut, a Lighting Network crusader and self-proclaimed “HODLer,” recently took to his Twitter page to start an interesting community-run initiative. Through the medium of a tweet, Hodl divulged that he wanted Bitcoin users to start a chain on the Lightning Network, whereas participants would send marginally more BTC with each so-called “hop.”

While the enthusiast seemingly didn’t expect his little venture to garner much traction, it has. Over the past two weeks, Hodl’s grassroots idea, which has been dubbed the “Trust Chain,” has been picked up by some of Crypto Twitter’s biggest stars. Pompliano, Klaus Lovgreen, John Carvalho, Marty Bent, leading Bitcoin evangelist Andreas Antonopoulos and Elizabeth Stark of Lightning Labs, are among the mass of industry insiders that have picked up the so-called “torch.”

Related Reading: Bitcoin Lightning Network Adoption Advanced by New Bitfury Product Suite

After receiving the torch, Matt Odell, a prominent programmer that has centered his efforts around Bitcoin, surprisingly asked Jack Dorsey if he wanted to tout the torch next. And interestingly after a day of deliberation, Dorsey agreed, quickly pasting a Lightning Network invoice in response to Odell’s sudden inquiry. Just like that, lightning struck, and Dorsey was sent 2.86 million satoshis (0.0286 BTC) for near-negligible fees and within seconds.

Minutes after Odell issued a transaction, Dorsey, took to his personal Twitter page, the first-ever account issued (understandably so), to tout the merits of Lightning Network, calling Trust Chain a “cool example” of the benefits of the scaling solutions. He also confirmed that he received the 0.0286 BTC, subsequently claiming that he would be handing it back to Elizabeth Stark for the next hop.

In subsequent tweets, the Bay Area citizen doubled-down on his affection to the Bitcoin maximalist mindset. When asked why he only holds BTC, an amount which he deemed “enough,” the Twitter head commented that the project is resilient, principled, native to the ideals of the Internet, and a great brand in and of itself. Dorsey also made jabs at Bitcoin Cash, saying “hell no” when asked if he held a position in it, and Tron, joking that he liked the movie, not the cryptocurrency.

Rumor has it that the Twitter chief is looking into integrating Lightning Network, a paradigm-shifting scaling solution that facilitates low-cost, near-instant, secure, immutable, and private transactions, into Square’s crypto offering, which launched at the peak of 2017’s parabolic rally. In fact, in response to a tweet that outlined an idealistic system where people can tip satoshis for tweets (enabled via Lightning), Dorsey noted that he “loves the idea.”

Dorsey’s recent Lightning Network experiment comes after he made a guest appearance on the Joe Rogan Experience, a podcast/web spectacle that sports over four million followers on Youtube. As reported by this outlet last weekend, Dorsey remarked on-air that the “Internet will have a [single] native currency,” adding that from his perspective, it is most likely going to be Bitcoin.

He added that the Internet needs a currency, as it will bolster many operations worldwide, especially financial transactions and processes. Dorsey even went on to lambast the speculative nature of cryptocurrency markets, noting that Cash actually curbs day traders, while disallowing purely speculative transactions made via credit. His cardinal point was that he wishes to see cryptocurrencies reach global adoption not as a trade-centric asset, but as a tool for the overall betterment of humanity.

Crypto Community On Twitter Enamored 

As Jack’s sudden foray into the realm of the Lightning Network quickly trended on crypto’s portion of Twitter, commentators quickly took to their feeds to buzz about the occurrence, deemed auspicious, if not bull run-inducing by some.

Lightning strikes the Bitcoin community.

Arjun Balaji, a contributor to The Block and a crypto researcher, somewhat jokingly remarked that Jack’s sudden acceptance of a Lightning Network transaction may be the start of Square’s and Twitter’s forays into to the world of cryptocurrency. Balaji wrote:

The year is 2024. Via a Musk-like maneuver, Cash App and Twitter have morphed, creating a Bitcoin-native millennial bank on top of the most important communications platform on the planet to offer un-censorable speech and payments. Jack wins the Nobel Peace Prize. https://t.co/Ryq4AqBpAJ

Hodlonaut, the one behind this innovative test of the Bitcoin community and Lightning Network expressed his excitement, noting that never in his wildest dreams did he expect for Trust Chain to garner notable amounts of traction.

Travis Kling, the chief investment officer of the Los Angeles-based Ikigai, noted that this bout of adoption is “the Lord’s work for the global, immutable, decentralized, non-sovereign, hardcapped supply, digital store of value [that is Bitcoin].” This comes after Kling made a series of overly optimistic comments regarding Bitcoin’s future, such as his opinion that cryptocurrencies could outperform all other assets in 2019, along with his underlying belief system that the rise of Bitcoin is inevitable.

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Liminal Custody Secures Key ADGM FSP License, Reinforcing Leadership in Digital Asset Custody 2666

Liminal Custody, a leading provider of digital asset custody and wallet infrastructure solutions, announced a landmark achievement today, the acquisition of Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). This prestigious license is a significant milestone in Liminal’s journey, solidifying its commitment to regulatory compliance and innovation within the burgeoning digital asset space.

Obtaining the FSP positions Liminal as a trusted partner for institutions seeking secure and compliant solutions for safeguarding their valuable digital assets. Notably, the license grants Liminal the ability to operate as a regulated custodian within the Middle East, a rapidly growing financial hub. This expansion broadens Liminal’s reach and allows it to serve a wider range of clientele seeking best-in-class digital asset custody solutions.

Building Trust Through Regulatory Compliance

Mahin Gupta, Founder of Liminal Custody, expressed his satisfaction with the achievement, stating, “We are honored to receive the ADGM FSP license. This accomplishment represents the culmination of significant effort on behalf of our entire team, all dedicated to upholding the highest regulatory standards. Building trust within the digital asset industry, which is undergoing rapid evolution, is a core tenet of our mission. The ADGM FSP license serves as a powerful validation of our commitment to compliance. We are confident that this achievement will further empower us to deliver best-in-class custody solutions to our clients, ensuring the continued security and integrity of their digital asset holdings.”

The Symbiosis of Compliance and Innovation

The digital asset industry is experiencing exponential growth, with a corresponding demand for regulatory clarity to foster long-term stability and mainstream adoption. Liminal believes that a robust regulatory framework, when coupled with continuous innovation, is the cornerstone for building a secure and thriving digital asset ecosystem. By adhering to stringent regulations, Liminal ensures the safety and security of client assets, while its unwavering commitment to innovation allows it to develop cutting-edge solutions that address the evolving needs of the digital asset landscape. This two-pronged approach – prioritizing both regulatory compliance and technological advancement – positions Liminal as a leader in the digital asset custody space.

Commenting on Liminal achievement, Arvind Ramamurthy, Chief of Market Development at ADGM said: ” We congratulate Liminal on completing its licensing process and receiving the required Financial Services Permission (FSP) from the FSRA of ADGM. Liminal’s focus on regulatory compliance and innovative solutions in the space of digital assets aligns with ADGM’s vision for fostering a dynamic and trusted financial ecosystem that prioritizes upholding the highest standards of security and innovation. We look forward to witness Liminal’s contribution to the growth of the digital asset industry in Abu Dhabi and beyond.”

Amir Tabch, CEO of Liminal Custody Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked: “Earning the ADGM FSP license is a clear indicator of Liminal’s ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution. By equally valuing regulatory compliance and technological progress, we aim to equip institutions with the confidence to explore the digital asset realm, tapping into its vast, transformative potential. This milestone is a springboard for Liminal’s continued growth and a significant contribution towards the digital asset industry’s maturity.”

About Liminal Custody

Liminal is a compliant and insured digital asset custody and wallet infrastructure provider that provides both MPC wallets and multi-sig wallets. Launched in April 2021, Liminal is a CCSS Level 3, SOC Type 2 and ISO 27001 & 27701 certified organization. Liminal is based in Singapore, has operations spread across APAC MENA and Europe, along with offices in Singapore, India and UAE.

Liminal takes pride in supporting businesses with their qualified and insured digital asset custody platform, which enables stress-free safekeeping of digital assets for institutions. Liminal also provides a cutting edge wallet infrastructure platform that is secure, compliant and automated and comes with a plug-and-play architecture for faster onboarding of developers, business partners and government agencies.

About Abu Dhabi Global Market (ADGM)

The Abu Dhabi Global Market (ADGM), an international financial center (IFC) located in Abu Dhabi, the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a comprehensive financial center, ADGM enhances Abu Dhabi’s stature as a global trade and business hub. It serves as a strategic connector between the burgeoning economies of the Middle East, Africa, and South Asia, and the rest of the world.

ADGM’s strategy leverages Abu Dhabi’s key strengths in areas such as private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability, and more. It comprises four independent authorities: the ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority, and the Registration Authority. As an IFC, ADGM governs the entire 114 hectares (1.14 square kilometers) of Al Maryah Island, a designated financial free zone.

$GTAI Listing on a New CEX: 2 Days Left 3087

Exciting news is coming for the cryptocurrency market as $GTAI, a token of GT Protocol, is preparing to get listed on a new CEX in just 2 days. After its successful debut on top platforms like Bybit, Kucoin, Gate.io, MEXC, HTX, and Bitget, $GTAI has emerged as one of the most promising token launches of 2024.

In celebration of this imminent listing on a new CEX, GT Protocol has announced a $10,000 giveaway as a sign of appreciation for the community’s support and enthusiasm for the project. The event details and instructions on how to participate in the giveaway can be found on GT Protocol’s official X channel.

On May 15th at 12:00 UTC, we will unveil a new CEX, where $ GTAI will be listed. This strategic expansion is not just a move but a leap towards enhancing $ GTAI’s liquidity and accessibility. It’s a step that will further establish $ GTAI’s presence in the global cryptocurrency market.

GT Protocol is a game-changer, pioneering an AI Layer for Web3, aiming to onboard 100 million users with its innovative technology. GT Protocol offers an AI model specifically designed for Web3 investments, trading, and portfolio management. It is also developing an AI tool similar to ChatGPT for the cryptocurrency market that will enable users to manage their crypto portfolios, execute trades on CEX and DEX, or engage with NFT platforms through simple text or voice commands. This tool will easily answer any query and fill up the gap in your crypto knowledge.

$GTAI proudly announces its partnerships with industry giants such as Binance, OKX, and Tron blockchain, leveraging these relationships to enhance the GT Protocol and expand its user base. Furthermore, GT Protocol has over 90,000 users of GTAPP and a vibrant community of 900,000 followers across various social media platforms.

Stay tuned for more updates on this promising project as it continues to make waves in the cryptocurrency and blockchain space.

XREX Singapore Receives MAS Major Payment Institution Licence 3207

XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that it has obtained the Major Payment Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator. This comes after it received its in-principle approval from the MAS in November last year.

Commenting on XREX’s engagement with the MAS, XREX Singapore Chief Executive Officer (CEO) Christopher Chye said, “Our engagements with the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator. With this licence in hand, XREX Singapore will endeavour to bring blockchain-enabled digital payment currencies to ubiquity.”

XREX Singapore facilitates frictionless cross-border payments for import and export transactions, particularly for small-medium businesses (SMBs) in emerging markets. This strategic emphasis aligns with XREX’s mission to foster financial inclusion in emerging markets.

“The MPI licence is a testament to our unwavering commitment to the highest regulatory compliance standards. We look forward to working with one of the world’s leading regulators to make blockchain finance safe and accessible to the general public,” said XREX Co-founder and Group CEO Wayne Huang.

XREX Singapore will launch XREX Pay, a platform providing cross-border B2B payment features for corporates, as well as remittance solutions, such as helping migrant workers send money home. XREX Pay will support Singapore Dollar (SGD) and U.S. Dollar (USD) payment rails and stablecoins such as USDT and USDC, all while demonstrating a robust and practical implementation of the Financial Action Task Force (FATF) travel rule.

XREX Singapore’s licence encompasses a total of six payment services, namely:
i) Account issuance service;
ii) Domestic money transfer service;
iii) Cross-border money transfer service;
iv) Merchant acquisition service;
v) E-money issuance service; and
vi) Digital payment token service.

“XREX is approved for six of the seven payment services under the MPI licencing regime. With XREX Singapore as the group’s Asia Pacific headquarters, XREX looks forward to expanding its partnership with major banks, credit card institutions, and payment institutions to build next-generation financial systems that integrate traditional and blockchain finance,” said XREX Co-founder and Group Chief Revenue Officer Winston Hsiao.

About XREX

XREX Singapore is an MAS-regulated financial institution that leverages blockchain technology to make cross-border payments faster, cheaper, and safer for businesses globally. Its proprietary escrow payment feature, BitCheck, empowers enterprises to switch flexibly between digital currencies, stablecoins, or traditional currencies, thereby ushering their businesses into the new era of digital money. XREX Singapore also specializes in working with emerging markets businesses to help solve their issues with USD liquidity access.

XREX Group, is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. It provides enterprise-grade banking services to small to medium-sized businesses (SMBs) in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Founded in 2018 and operating globally under multiple licences, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.

The new energy index trading platform PHPGOV has announced a strategic partnership with leading energy companies to promote the development and application of energy globally 4065

As global demand for renewable energy continues to rise, the new energy sector has become a focal point for development by governments and corporations worldwide. Recently, PHPGOV, a leading new energy index trading platform, announced strategic partnerships with several top energy companies to jointly advance the development and application of new energy globally and contribute to building a clean and sustainable energy future.

PHPGOV, recognized as a pioneer in the new energy sector, is committed to establishing a globally leading new energy index trading platform that offers investors a secure and convenient channel for investing in new energy. By forming strategic alliances with top energy companies, PHPGOV aims to leverage its strengths and consolidate resources to explore development opportunities and innovative models within the new energy sector.

This strategic cooperation will encompass various areas including, but not limited to, technology research and development, market expansion, and industrial collaboration. PHPGOV and its partners will jointly conduct research and innovation in new energy technologies, pushing for breakthroughs and applications to enhance energy efficiency and utilization. Moreover, the parties will intensify market cooperation, collectively penetrate new energy markets, and expand sales channels for new energy products, thus promoting the healthy development of the new energy industry.

Additionally, PHPGOV will engage in industrial collaboration with leading energy companies to build a new energy industrial chain, fostering mutual growth within the industry. The partners will enhance collaboration in project investment, financial operations, and risk management to advance the realization of new energy projects and ensure the sustainable development and profitability of the new energy sector.

For PHPGOV, this strategic partnership is of significant importance. It will not only elevate PHPGOV’s influence and competitiveness in the new energy sector but also accelerate its global expansion. Furthermore, collaboration with leading energy companies will provide PHPGOV with additional resources and support, fueling the platform’s growth and expansion.

For the top energy companies, partnering with PHPGOV represents a crucial strategic decision. As a leader in the new energy index trading platform market, PHPGOV offers extensive industry experience and superior service quality, providing professional services and support to explore opportunities and business models in the new energy sector.

In conclusion, the strategic partnership between PHPGOV and leading energy companies will inject new vitality into the global energy sector, promoting the healthy development and sustainable growth of the new energy industry. PHPGOV is poised to make a positive contribution to building a clean, sustainable energy future.

PHPGOV Exchange Co., Ltd was established in October 2020 in the United States with the company number: 20201931985. The registered address is 1670 Broadway, Denver, CO 80202, United States.

Discover the rise of Surf Protocol: Becoming the top perpetual Dex on Bitcoin Layer 2 4431

Surf Protocol has achieved significant milestones, with its total trading volume exceeding $200 million and its Total Value Locked (TVL) surpassing $30 million in May, making it the largest perpetual DEX on Bitcoin Layer 2.

As the largest Perp Dex on BTC L2, Surf Protocol distinguishes itself by being selected for Binance’s prestigious Most Valuable Builder (MVB) Season 7 program. This recognition by Binance Labs highlights Surf Protocol’s innovative approach and its contribution to the blockchain ecosystem, particularly in enhancing Bitcoin native on-chain leverage trading and offering single-currency liquidity provision yield solutions that eliminate impermanent losses.

The competition within the Perp DEX arena is fierce and dynamic. Historically, platforms like dYdX have dominated the scene, capturing a substantial 59.7% of the 30-day trading volume as of October 2023. However, the DeFi ecosystem is inherently fluid, with Hyperliquid clinching the top spot by February 2024, showcasing the market’s evolving preferences and the shifting dynamics that new entrants like Surf Protocol are adeptly navigating.

Despite the competition, Surf Protocol distinguishes itself through a relentless pursuit of innovation tailored to meet the changing needs of its users. As the first to introduce a Bitcoin-denominated vault with zero impermanent loss and to allow BTC as collateral for trades, Surf Protocol has not only addressed key market gaps but has also set new benchmarks for what on-chain traders can expect. This innovative streak has propelled Surf towards a trajectory of rapid growth, with the platform nearing an average of 1000 daily users and aiming for higher total value locked (TVL) and volume.

Moreover, Surf’s acknowledgment of the competitive landscape doesn’t detract from its vision; rather, it fuels its drive to innovate. In a market where Perp DEXes like GMX have captivated users with sustainable fees and earning mechanisms, and where dYdX has pushed the envelope towards complete decentralization and scalability, Surf Protocol has carved its niche. It has done so by not only matching the pace of innovation but by also introducing unique features that resonate with a broad spectrum of users.

In a bid to further energize its community and incentivize trading activities, Surf Protocol has launched a series of campaigns that are setting the platform apart in the competitive DeFi landscape. These initiatives not only reward active traders but also provide lucrative opportunities for liquidity providers (LPs) and early supporters of the platform.

Surf Protocol’s innovative campaigns and focus on user rewards demonstrate its commitment to building a thriving DeFi ecosystem. Highlighting this commitment, Surf airdropped 100,000 USD value of award tokens to the first two weeks’ traders after the mainnet launch, showcasing a tangible effort to reward early adopters. By prioritizing community engagement and fostering a culture of inclusion, Surf Protocol is well-positioned to play a leading role in the future of decentralized trading.

Surf Protocol’s vision has garnered the support of industry leaders. In October 2023, Surf secured $5 million in funding from prominent investors including ABCDE Capital and Amber Group. This vote of confidence underscores the potential of Surf Protocol to bridge the gap between traditional finance and DeFi, catering to a diverse user base.

Surf Protocol invites traders, liquidity providers, and DeFi enthusiasts to join its mission of revolutionizing the trading landscape.

For more information, visit https://surf.one/
X: https://twitter.com/surf_protocol
Telegram: https://t.me/surf_protocol
Discord: https://discord.com/invite/Ma2NjR9uMs
Medium: https://medium.com/@surf.protocol

Sarson Funds Announces Official Launch of csprUSD Stablecoin on Casper Network Mainnet 4836

Sarson Funds, in partnership with the Casper Association, is thrilled to unveil the official launch of the csprUSD stablecoin on the Casper Network mainnet.

Following successful testing on the Casper Network testnet, csprUSD enters the digital currency landscape as a robust fiat-backed stablecoin, echoing recent innovations from industry leaders like Ripple and Cardano. Crafted with precision to pre-comply with anticipated U.S. regulatory standards including dollar-for-dollar collateral deposits held in with a U.S. banking partner, csprUSD mirrors the functionality of established industry titan USDC.

“We’re excited to see the culmination of our collaborative efforts with the launch of csprUSD on the Casper Network mainnet,” remarks Alizee Carli, Head of Ecosystem at the Casper Association. “This milestone underscores the growing momentum of applications and partners committed to leveraging stablecoins for critical infrastructure development.”

During its testnet phase, Sarson Funds witnessed a surge in user engagement and network expansion within the Casper ecosystem, indicative of a growing demand for stablecoins. Designed to foster growth while adhering to current and forthcoming US regulatory frameworks, csprUSD offers a stable, fiat-backed digital currency ideal for transactions on American exchanges.

The impending stablecoin legislation in the US highlights the need for robust regulatory measures to safeguard the cryptocurrency market. Sarson Funds CEO John Sarson emphasizes, “The launch of csprUSD marks a pivotal moment as stablecoin issuers seek to comply with the evolving U.S.regulatory landscape. Our rigorous testing during the testnet phase positions csprUSD as a compliant and trustworthy stablecoin.”

Sarson Funds, a leading asset manager specializing in the blockchain sector, has forged strategic alliances with industry stalwarts WeaveChain for development, BlockPass for compliance solutions, and Custodia Bank for secure banking services, ensuring the integrity and reliability of the csprUSD stablecoin.

For further details about csprUSD and its launch on the Casper Network mainnet, please visit [Stablecoin Index, LP official website] (https://www.stablecoinindex.io/).