Category: Cryptocurrency

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LOS ANGELES, Oct. 25, 2024 /PRNewswire/ — Yesterday, in Los Angeles, Lightspark hosted its first Partner Summit—Lightspark Sync.

Lightspark announced:

• Two new foundational capabilities for UMA – UMA Auth and UMA Request
• One Lightspark product update – Lightspark Extend for UMA
• Spark: A new open-source Bitcoin Layer 2, Lightning-compatible solution for stablecoins and self-custodial wallets

Lightspark is building the fastest global open payment network on Bitcoin. Their products simplify, streamline, and modernize the flow of global payments, whether using fiat currencies, stablecoins, or bitcoin.

Exciting updates for the Universal Money Address (UMA). UMA is an open-source messaging standard built on LNURL. Think of it as email but for money. It’s a solution that enables transactions in fiat currency, stablecoin, or form of value that any human, business, or AI agent needs to move or exchange in real-time.

By the end of 2024, Lightspark estimates their partners will unlock UMA for nearly 300 million customers in 140 countries and 100 currencies.

UMA Auth is like OAuth for money. For businesses, it’s an exciting new extension integrating payments directly into applications and services.

It’s an open standard built on Nostr Wallet Connect that enables UMA-enabled wallets to delegate the push and pull of money with limits set by the user. For businesses, it’s an exciting new extension integrating payments directly into applications and services.

Even in today’s digital economy, payments on commerce platforms, content services, and messaging applications are challenging. Payment integrations can be complicated, taking up valuable development time and resources that can be used elsewhere. High transaction fees can eat into profits, and slow settlement times frustrate users and create risk. International payments add another level of complexity. These problems have been holding businesses back for far too long. UMA Auth solves many of these problems while providing users with easy linking to their existing financial apps and wallets.

At its core, UMA Auth is a two-way connection between platforms and their users’ UMA-enabled wallets.  It takes the great features of OAuth and applies them to the world of UMA payments, making secure authorization easier. Now, users can log in to their wallets and authorize UMA payments using familiar set-up experiences. Users can control what applications can access their wallets, specify permitted actions, and set spending limits for each application.  The potential use cases are far-reaching – UMA Auth enables bank accounts or wallets to be connected to messaging and email apps; for example, users can make payments to content creators (no matter where they are) with live tipping or recurring payments and subscriptions. Like Oauth, UMA Auth does not require platform partners to be in the flow of funds but, instead provides a seamless payment experience for users with the UMA-enabled wallet of their choice.

UMA Auth is built using Nostr Wallet Connect, a secure, open protocol that’s gained significant traction in the Nostr and Lightning communities and simplifies connecting wallets to apps. Lightspark worked with the Nostr community and the team at Alby to build on the protocol, extending Nostr Wallet Connect to support UMA features. Some new key enhancements Lightspark has proposed are cross-currency support and client app registration.

UMA Auth brings a new level of innovation to Lightning, making payments more open, interoperable, and user-friendly. It’s a big step forward in building a payment ecosystem that puts users first and opens up many possibilities for peer-to-peer transactions. Lightspark released SDKs that make it incredibly easy for businesses to integrate UMA Auth into their applications.

UMA Request. Built for UMA, this will allow any business or UMA-enabled wallet to request a payment from another wallet on the network. UMA invoices and payment requests will transform transactions for both businesses and individuals. Merchants or service providers can now quickly request customer payments by creating a one-time invoice for a product or service. This invoice can be paid multiple times, making it incredibly flexible for the business and the end users. One of the standout features of this system is that it provides proof of payment, ensuring that both parties have a clear record of the transaction. UMA Request is versatile enough to handle a variety of use cases. Whether requesting payments from friends for a shared expense, managing merchant checkouts, or handling bills from service providers, UMA Request provides a simple and effective way to facilitate transactions across different scenarios.

Lightspark Extend This is a significant step forward, enabling Lightning payouts to bank accounts over domestic payment rails. It reduces transaction times and costs and simplifies payments. Companies can pay out users at their preferred endpoints with instant, seamless fiat currency transfers from local bank accounts to any eligible account in the user’s chosen currency. In the United States, users can instantly receive USD from a Real-Time Payments-enabled local bank account. Lightspark Extend for the US and Mexico will be available by the end of the year, and Brazil will quickly follow. Lightspark Extend offers competitive pricing and unparalleled efficiency for businesses and individuals to send payments, ensuring that moving funds is faster and more cost-effective than ever.

INTRODUCING SPARK –
A SOLUTION FOR STABLECOINS AND SELF-CUSTODY ON BITCOIN
Lightspark believes the future of payments must be on the most open, neutral, and decentralized network and should also enable all use cases – from non-custodial wallets to stablecoins. Spark is a new, payments-focused, high-performance, open-source, scaleable Bitcoin Layer 2. It extends Bitcoin and Lightning and enables self-custodial wallets to send and receive real-time payments at virtually no cost. Spark also supports tokens such as stablecoins, making it the most comprehensive open payment network built on Bitcoin.

Lightspark is committed to powering a new generation of payment solutions. Their products are built with regulated financial service firms in mind. They offer tools for direct, secure messaging between payment counterparties so that their partners can support a range of customer payment experiences and address risk management, AML/CFT, sanctions, travel rules, and other requirements.

Media Contact
press@lightspark.com

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Blockchain intelligence firm Arkham Intelligence reported that $20 million worth of cryptocurrency was unexpectedly transferred from U.S. government-linked wallets. While security experts scrambled to assess the situation, the funds were largely returned within 24 hours, prompting critical questions about the security protocols around the U.S. government’s crypto holdings. This rapid recovery, though positive on the surface, underscores both the risks and vulnerabilities inherent in handling crypto assets tied to criminal investigations.

The Unusual Transfer: How It Happened

The incident began when Arkham Intelligence flagged a suspicious $20 million transfer originating from government-associated wallets. The funds, mainly in stablecoins and ether, were moved to addresses linked to a well-known money laundering service, according to Arkham’s initial report. This unusual transfer raised immediate concerns within the crypto community and left analysts questioning the security measures of official U.S. wallets.

The source of these funds traces back to high-profile criminal cases, including assets tied to the notorious Bitfinex hackers, Ilya Lichtenstein and Heather Morgan. As these assets were securely stored by the U.S. government for legal proceedings, the unexpected movement not only triggered alarm but also speculation over the robustness of security protocols within federal digital asset storage.

Rapid Recovery: $19.3 Million Returned in 24 Hours

In a surprising turn of events, Arkham Intelligence updated its followers less than 24 hours after the breach, stating that $19.3 million of the compromised funds had been recovered. According to the firm’s report, roughly 88% of the stolen funds returned to government-controlled wallets without any public explanation. Arkham communicated the recovery news to its 1.6 million followers on X, stating, “The U.S. government’s address has just received $19.3M back following yesterday’s reported hack, less than 24 hours after the initial address breach.”

While the rapid recovery of these assets might appear reassuring, it raises deeper questions about the security of government-managed crypto holdings and the ease with which assets can be moved or compromised. Many analysts and onchain detectives, including Ergo BTC, noted inconsistencies with the government’s wallet security, fueling speculation about potential oversights in custodial practices.

Security Concerns: The Public Demands Transparency

The swift but unexplained return of most of the funds does little to assuage the public’s growing concerns. Although $19.3 million was recovered, the incident has highlighted vulnerabilities that may exist even in federally controlled digital storage solutions. For onchain analysts and security experts, this breach serves as a reminder of the challenges in securing crypto assets in high-stakes criminal cases, where transparency and integrity are paramount.

The public has become increasingly aware of the security risks around federal wallet addresses, especially following similar incidents involving other government-related accounts. Notably, this event draws parallels to a recent situation where the U.S. Securities and Exchange Commission’s (SEC) X account was compromised, exposing broader issues in digital security. As stakeholders and the public closely monitor these developments, theories and questions regarding the security of state-controlled digital assets continue to swirl.

The Future of Federal Crypto Security

The U.S. government’s handling of cryptocurrency remains in the spotlight, with pressure mounting to improve security and transparency. This recent breach and subsequent recovery of seized funds underscore the need for secure and reliable protocols in managing high-profile digital assets. As the adoption of cryptocurrency grows, both within and outside government operations, the stakes for securing these assets have never been higher.

In the face of rapid technological advancement, federal agencies may need to overhaul their approach to crypto storage, taking cues from best practices in the private sector. Advanced encryption methods, improved custodial practices, and independent security audits could help prevent future incidents and reinforce public confidence in the government’s ability to manage seized digital assets.

A Pivotal Moment for Crypto Security

Ultimately, the $20 million crypto breach—and the government’s ability to recover most of it within a day—demonstrates the complexity of digital asset management in a landscape that is still evolving. This incident serves as a cautionary tale, emphasizing the delicate balance between accessibility and security in the government’s handling of cryptocurrency. As analysts continue to scrutinize these events, the focus remains on ensuring that such breaches do not occur again, and that government wallets become more secure and resilient against unauthorized transfers.

While the swift recovery may reassure some, it also serves as a critical reminder of the challenges that lie ahead in safeguarding digital assets.

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Coinbase (NASDAQ:COIN), one of the world’s largest cryptocurrency exchanges, has announced a groundbreaking partnership with the Canadian Football League (CFL), becoming the league’s first official crypto partner. This collaboration signals Coinbase’s strategic expansion into Canada’s growing crypto market and positions the platform in front of CFL’s loyal fanbase, an opportunity Coinbase aims to capitalize on with exciting offers and crypto incentives.

A Milestone for Coinbase and the CFL

The partnership between Coinbase and the CFL represents a significant step forward for cryptocurrency adoption in Canada. Coinbase will have a major presence at the 111th Grey Cup in Vancouver, including sponsorship of the event’s opening coin toss. This visibility introduces crypto to a broader audience and highlights Coinbase’s commitment to engaging Canadian football fans. Approximately five million Canadians, or about 13% of the population, currently hold cryptocurrency, making Canada a valuable market for Coinbase’s international growth.

Coinbase’s sponsorship of the Grey Cup also includes special promotions and rewards exclusively for CFL fans, aiming to bridge the gap between Canadian football and digital finance. By integrating into this cherished Canadian event, Coinbase can connect with fans who may be new to cryptocurrency, opening a door for first-time users and potential long-term customers.

Incentives for CFL Fans

Coinbase’s CFL partnership brings enticing incentives to encourage fan participation in cryptocurrency. New users who register on the Coinbase platform and complete their first trade will receive a bonus of $25 in Bitcoin. Additionally, CFL fans attending live games can scan QR codes in the stadiums to win prizes like season tickets and Bitcoin rewards. One grand prize winner will receive $50,000 in Bitcoin and an all-expenses-paid trip to the 112th Grey Cup in Winnipeg.

These incentives mark a creative approach to driving crypto engagement within a new user base. Coinbase aims to not only increase its presence in Canada but also to inspire confidence in using crypto as a medium of exchange and investment. The appeal of Bitcoin prizes and access to exclusive events adds an interactive dimension to the fan experience, blending sports enthusiasm with digital finance.

Building on Recent Milestones in Canada

Coinbase’s rapid expansion in Canada underscores the company’s confidence in the Canadian market. Officially launched in Canada in 2023, Coinbase became the first international crypto exchange to register as a Restricted Dealer in the country. This regulatory milestone allows Coinbase to operate securely and transparently, building trust among Canadian users. With its sights set on further registrations with Canadian financial regulators, Coinbase continues to reinforce its position as a reputable and secure platform in the region.

The partnership with the CFL aligns with Coinbase’s mission to make crypto accessible and understandable for all, especially in emerging markets like Canada. By associating itself with the CFL, a well-established Canadian institution, Coinbase strengthens its brand while potentially driving mass adoption of crypto.

The Future of Crypto in Canadian Sports

Coinbase’s collaboration with the CFL could be a trendsetter, potentially influencing other Canadian sports leagues and franchises to consider crypto partnerships. As Canada’s regulatory environment around cryptocurrency continues to evolve, Coinbase is positioning itself at the forefront of this shift, providing CFL fans a trusted platform for exploring digital assets.

For the CFL, this partnership with a leading global brand like Coinbase showcases the league’s adaptability and readiness to embrace innovation. This move not only modernizes the fan experience but also integrates financial technology in a way that may appeal to younger audiences. As crypto awareness grows in Canada, Coinbase and the CFL’s joint efforts may lead to a more crypto-savvy Canadian population.

In Conclusion

Coinbase’s role as the official crypto partner of the CFL is a win for both the exchange and Canadian football fans. Through strategic incentives, brand presence at the Grey Cup, and a shared vision for crypto adoption, Coinbase and the CFL are helping to pave the way for broader acceptance of digital finance in Canada. This partnership could redefine fan engagement, providing Canadian sports enthusiasts an opportunity to explore the world of cryptocurrency, one Bitcoin prize at a time.

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DUBAI, UAE, Oct. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announces the WSOT Copy Trading Fest, inviting crypto traders and investors to compete for their share of an exciting 100,000 USDT prize pool. Running until October 31, 2024, the event offers participants the opportunity to showcase their expertise or leverage the strategies of top traders.

The World Series of Trading (WSOT) 2024 marks the fifth edition of Bybit’s premier crypto trading event, renowned for bringing global traders together. This year’s WSOT features a total prize pool of up to 10,000,000 USDT, with the Copy Trading Fest adding a unique competitive element for both seasoned and beginner traders.

Tailored for All Traders

• Experienced Traders:
  • Compete as Master Trader by executing winning strategies and aiming for the 100,000 USDT prize pool. The top 50 Master Traders with the highest PnL will split the 50,000 USDT pool.
• New and Aspiring Investors:
  • Join as Follower, copying the strategies of Master Traders to maximize returns without needing advanced technical skills. The top 100 Followers by PnL will split an additional 50,000 USDT pool.

How to Join and Compete

• Choose Your Role: Decide whether you’ll lead as a Master Trader or copy trades as a Follower.
• Meet the Eligibility Criteria: Ensure a minimum $50,000 trading volume during the event to qualify for rewards.
• Accumulate PnL: Both realized and unrealized profits count towards your leaderboard ranking.
• Fast Rewards: All prizes will be credited to the Bybit Rewards Hub within 10 days after the event ends.

Seize the Opportunity Today!

Whether you’re aiming to showcase your expertise or earn passively by following seasoned traders, the WSOT Copy Trading Fest offers a competitive, transparent, and rewarding experience. With the trading community buzzing, now is the time to jump in and claim your share of the 100,000 USDT prize pool.

#Bybit / #TheCryptoArk / #WSOT2024

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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Crypto lending is on the rise, with the market experiencing significant growth in 2024. Leading the charge is crypto lending platform Ledn, which has set a new record by processing $1.67 billion in loans as of the third quarter. The crypto lending market is flourishing, driven by increased demand from both retail and institutional investors. Market events such as the Bitcoin halving and the expansion of Ethereum ETFs in Asia have further fueled this demand.

Ledn’s Growth in 2024

Ledn has had an exceptional year, with $1.67 billion in loans processed up to Q3 2024. The loans were split between $258.7 million for individual retail users and $1.41 billion for institutional clients. In Q3 alone, Ledn processed loan transactions amounting to $506 million. The retail sector, in particular, saw explosive growth, with loans increasing by 225% year-over-year. This surge is largely attributed to Ledn’s Celsius refinancing program, the launch of crypto ETFs, and a reduction in market volatility.

Institutional loans accounted for the majority of Ledn’s loan volume, growing to $437.7 million in the third quarter. This increase reflects a broader industry trend, where institutions are seeking digital asset-backed financing as traditional funding avenues become more restrictive due to tight monetary policies.

Ledn’s services include Bitcoin-backed loans, Ether-backed loans, and B2X loans, which allow clients to double their exposure to Bitcoin. The company also prides itself on its third-party proof-of-reserves standard, enhancing transparency and trust in its operations. Since its inception in 2018, Ledn has facilitated over $6.5 billion in loans across both retail and institutional markets.

Bitcoin Halving and Ethereum ETFs Drive Demand

Several market events have contributed to the growth of the crypto lending market, particularly for platforms like Ledn. The Bitcoin halving event, which occurs every four years and reduces the number of new bitcoins generated, has sparked significant interest among investors. Historically, Bitcoin’s price tends to surge following the halving, prompting investors to seek alternative financing options, including Bitcoin-backed loans, to take advantage of the anticipated price appreciation.

Similarly, the rise of Ethereum ETFs, particularly in Asian markets, has driven demand for Ethereum-backed loans. Investors are increasingly using these loans to gain exposure to Ethereum and other digital assets, capitalizing on the growth of crypto ETFs. This trend underscores how traditional financial instruments are blending with the crypto world, offering investors new avenues for participation in the digital asset market.

John Glover, Ledn’s Chief Investment Officer, highlighted this development: “We’ve seen a surge in institutional demand since July, especially as Ethereum ETFs have gained traction. These trends have been critical in driving the growth of our loan volume.”

Institutional Demand Continues to Rise

Institutional investors have been a key driver of the crypto lending market in 2024. As traditional lending options become more expensive and difficult to secure, many institutions are turning to digital asset-backed loans as a viable alternative. The combination of restrictive monetary policies and increased competition for dollar funding has made crypto-backed loans an attractive option for institutions seeking liquidity.

According to Ledn, institutional loans saw significant growth in Q3 2024, with $437.7 million in loan transactions processed during the quarter. This reflects the broader appetite among institutions for digital assets like Bitcoin and Ethereum, both as a store of value and as collateral for loans.

November Elections: A Catalyst for Bitcoin Prices?

Another potential catalyst for the crypto lending market is the upcoming November elections in the United States. Ledn’s Chief Investment Officer, John Glover, pointed to the elections as a possible turning point for Bitcoin prices, which could further drive demand for crypto-backed loans. “There’s a lot of speculation that the November elections could be the next big event to push Bitcoin past its previous peak,” Glover noted. He added that institutional borrowing demand has been closely aligned with overall ETF demand, with a noticeable jump in July.

If Bitcoin prices surge following the elections, the demand for Bitcoin-backed loans is likely to increase even further, providing a significant boost to platforms like Ledn.

The Future of the Crypto Lending Market

As the crypto lending market continues to grow, Ledn’s record-setting performance in 2024 is a testament to the increasing demand for digital asset-backed loans. Both retail and institutional investors are turning to crypto lending as a way to access liquidity, capitalize on market events like the Bitcoin halving, and take advantage of the growing Ethereum ETF market.

With over $1.6 billion in loans processed so far this year, Ledn is positioned to continue leading the crypto lending market. As the year progresses, factors like the November elections and further developments in the digital asset space could push demand even higher, making crypto lending an increasingly integral part of the broader financial ecosystem.

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Bitcoin is once again making headlines as its price approaches $70,000, driven by growing risk-on sentiment across the crypto market. The Bitcoin price surge is not an isolated event; it reflects the increasing demand from both institutional and retail investors, who are positioning themselves for potentially higher returns. This trend has been bolstered by several key factors, including exchange-traded fund (ETF) inflows, rising interest in crypto-related equities, and the renewed popularity of memecoins.

Institutional Demand and ETF Inflows

One of the primary drivers behind the Bitcoin price surge is the significant inflow of funds into Bitcoin ETFs. Since the approval of spot Bitcoin ETFs earlier this year, these financial instruments have seen cumulative inflows of over $21 billion, according to Farside data. This influx of capital has pushed the net asset value (NAV) of Bitcoin ETFs to a record $66 billion, accounting for nearly 5% of Bitcoin’s total market value.

Institutional investors have played a crucial role in this trend, with asset managers now focusing on wealth advisers and broader investor groups rather than just hedge funds. This shift has made Bitcoin more accessible to a wider range of investors, further fueling its price momentum. According to analysts Min Jung and Rick Maeda from Presto Research, the growing interest in Bitcoin ETFs has been a key factor in pushing the cryptocurrency closer to the $70,000 mark.

Crypto Equities Ride the Bitcoin Price Surge

The bullish momentum in the cryptocurrency market has also spilled over into crypto-related stocks, particularly those involved in Bitcoin mining. Over the past 30 days, stocks like Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) have seen substantial gains, rising by 37% and 21%, respectively. CleanSpark (NASDAQ:CLSK) has also benefited, gaining 43% during the same period.

The rising prices of crypto equities reflect the broader optimism in the market. As Bitcoin’s price continues to climb, these companies are seeing increased profitability, further boosting their stock prices. The Bitcoin price surge has given miners a renewed sense of confidence, as their operations become more lucrative with each price increase.

Retail investors are also jumping into the mix. Trading platforms like Robinhood have reported a 10% increase in active traders compared to the previous quarter, with crypto trading revenue surging by 160% since last year. This resurgence of retail interest suggests that the optimism surrounding Bitcoin and crypto-related stocks is not limited to institutional investors, but is also being driven by everyday traders.

Memecoins Make a Comeback

In addition to Bitcoin and crypto equities, memecoins have made a dramatic resurgence in recent months. These coins, often driven by internet trends and social media hype, have attracted a new wave of retail investors hoping to capitalize on the next big trend. Bernstein analysts have pointed out that the combined value of memecoins has tripled to $66 billion over the last six months, making them one of the fastest-growing categories within the crypto market.

A standout example of this is the GOAT memecoin, rumored to have been created by artificial intelligence (AI). The token’s value soared to over $500 million within just five days, thanks to endorsements from an AI bot on social media. Although the price has since fallen back to $370 million, the rapid rise of the GOAT token highlights the speculative nature of memecoins and the influence of AI-driven trends on the crypto market.

While memecoins can be highly volatile, their recent resurgence underscores the broader risk-on sentiment that is driving the entire crypto market, including the Bitcoin price surge. Retail investors, in particular, are flocking to these assets in the hopes of achieving outsized returns, even as the risks remain high.

Outlook for the Bitcoin Price Surge

As Bitcoin inches closer to the $70,000 mark, the question remains: can this momentum continue? Analysts are cautiously optimistic, pointing to the strong demand from both institutional and retail investors as a key factor in sustaining the rally. However, concerns about market volatility and potential regulatory hurdles still loom.

For now, the Bitcoin price surge seems to be driven by a perfect storm of factors, including ETF inflows, rising crypto equities, and the renewed popularity of speculative assets like memecoins. Whether this rally will lead to new all-time highs or a period of correction remains to be seen, but one thing is clear: the market’s appetite for risk is far from waning.

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