Chainalysis, a blockchain data platform, announced today that it will support the Lightning Network, the Lightning Network is a decentralised system for high-volume, rapid micropayments that does not rely on third-party cash custody. Using Lightning lets users to make smaller payments, such as tips and remittances, that may be completed instantaneously and scalably using Bitcoin — the most widely used and most highly appreciated virtual asset in the world.
According to Chainalysis statistics, as of December 1, 2021, a little under 3,600 bitcoins worth more than $205 million had been locked in public Lightning Network channels, an increase from 468 bitcoins worth around $4.8 million on January 1, 2021.
In contrast to bitcoin payment system, a second-layer protocol built on top of the bitcoin blockchain that allows for quick, low-cost transactions. Despite the fact that the Lightning Network was launched in 2018, governments and organisations, such as El Salvador and Twitter, have recently accepted Lightning solutions for payments, propelling adoption to new heights.
Cryptocurrency exchanges and other VASPs that rely on Chainalysis KYT (Know Your Transaction) for real-time transaction monitoring will be able to accept Bitcoin deposits and withdrawals from Lightning nodes in a compliant fashion.
“Chainalysis exists to establish trust in cryptocurrencies in order to provide more financial independence with less risk”
When used in conjunction with the Bitcoin protocol, the Lightning Network removes many of the roadblocks that prevent the protocol from being used for micropayments and other types of financial inclusion activities. It is our intention to promote the popularity of the network and assist it in scaling by allowing our customers to compliantly support Lightning transactions.
Explained Pratima Arora, Chainalysis’ Chief Product Officer.
For the first time, VASPs may now handle Lightning transactions in compliance with worldwide regulatory best practises, which is a significant advancement. A pre-screening process will be carried out by Chainalysis KYT for lightning withdrawals and behavioural alarms.
As one of the world’s most popular blockchain-based gaming and betting platforms, a significant portion of our revenue is contingent on our ability to extend our customers’ cryptocurrency payments,” We are pleased with Chainalysis’ Lightning Network support since it provides us with the compliance tools we require in order to safely use Lightning to grow our business and improve the payments user experience for our consumers.
said Reio Piller, Co-founder and Chief Technology Officer of Yolo Group.
Latest Posts
- Will $BOME Follow $WIF and Hit $1. Should you Buy $BOME ?Quick Take $BOME launched less than 48 Hours ago is already trading at $1 Billion Market Cap $BOME just like another Gambling play like $WIF is… Read more: Will $BOME Follow $WIF and Hit $1. Should you Buy $BOME ?
- Solana to hit New All Time Highs Sooner than you think as Altseason Gears Up.Past couple of weeks have been Very Bullish For AI Altcoins (FET , RNDR , TAO and Many More). Fetch Ai did 500% , one of… Read more: Solana to hit New All Time Highs Sooner than you think as Altseason Gears Up.
- If You are Still Sidelined In Crypto. Buy This Crypto for A 10X – 20X Gain.A lot of people missed the crypto Bull Rally in 2023 and in 2024 as well so if you are one of those side liners waiting… Read more: If You are Still Sidelined In Crypto. Buy This Crypto for A 10X – 20X Gain.
- Do not Buy Ripple (XRP) Rather invest in these Crypto for Bigger GainsUnfortunately, Ripple (XRP) has continued to underperform as a result of a wide range of challenges for dominance with the United States Security Exchange Commission (US… Read more: Do not Buy Ripple (XRP) Rather invest in these Crypto for Bigger Gains
- JUST IN : Gary Gensler Realises He Can’t Stop Crypto.SEC Chairman Gany Gensler Just Tweeted this : Looks Like Gary has now accepted that He can’t stop Bitcoin. He Realised He ain’t built for this.… Read more: JUST IN : Gary Gensler Realises He Can’t Stop Crypto.
