US seizes $34 million in bitcoin, Lightning Labs to build protocol for stablecoins and regulation in Singapore
Lightning Labs raises $70 million to build USD-transfer protocol
Bitcoin software firm Lightning Labs has secured a large funding round to enable and further develop the Lightning Network for faster and cheaper Bitcoin and stablecoin transactions.
The $70 million Series B funding round was led by Valor Equity Partners with participation from Baillie Gifford, Goldcrest Capital and several other angel investors. Lightning Labs is known for their lnd-implementation for the Lightning Network.
Now, they want to bring this payment-channel-infrastructure to stablecoins as well. The funding will be channeled into a new protocol it has developed called Taro, which will enable stablecoins to be transferred using the LN, according to reports.
Feds seize $34 million in bitcoin from dark web seller
Miami has seen one of the most aggressive crackdowns on cybercriminals using bitcoin.
Federal prosecutors confiscated roughly $34 million in cryptocurrency from a man in the southeastern part of Florida. The bitcoin fortune was amassed by a Parkland resident suspected of exploiting the dark web to sell Netflix, HBO, and Uber account information, among other popular services.
The crypto holdings in question were initially valued at $47 million, but because of the drop in the price of the world’s most sought-after cryptocurrency during the last six months, its current value is at $34 million.
Singapore proposes law to regulate crypto trading overseas
The Singapore parliament has set forth a new law to regulate crypto and specifically bitcoin providers that are conducting crypto services overseas. The law was introduced after a bill was voted by the parliament confirming licenses for foreign crypto companies working in the region.
Those companies who do not act in accordance will be exempted from anti-money laundering and counter-terrorist financing regulations.
Earlier, Singapore had been developing regulations for digital assets, fintech, and cryptocurrencies. The Monetary Authority of Singapore (MAS) was an early adopter of the Payment Service Act, 2019, which provides licenses and regulations for payment service providers.
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