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‘Make Bitcoin Fun Again’: New Lightning App Lets You Buy Pizza With BTC

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Over 150 other folks purchased pizza with bitcoin this week by means of the usage of the Lightning Network.

The crypto bills startup Fold, which introduced the web-based Domino’s portal on Wednesday, mainly makes fiat pizza purchases on behalf of hungry lightning customers. Fold product lead Will Reeves put it this manner:

“We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.”

The Fold internet app plans to combine lightning for all its buying groceries choices over the following six months, together with Starbucks, Whole Foods, Dunkin Donuts, Target and Uber. Since those aren’t respectable partnerships, the crypto startup puts orders on customers’ behalf and converts bills to fiat to supply a continuing revel in. It is still noticed how this may issue into the corporate’s income type as soon as the lightning choices are out of beta. (A request for remark from Domino’s used to be now not returned as of press time.)

“The average purchase was $25,” Reeves stated of the Domino’s experiment. “Since the average lightning payment is usually less than $5 so this was able to stretch the Lightning Network to higher value payments for the first time at volume.”

According to 1ML, the full community set new document highs this week with greater than 26,588 cost channels in a position to facilitate $2.four million, a 39 % build up in comparison to final month. Reeves stated orders got here in from each and every state around the U.S.

“It was pretty evenly spread across the country, which was great to see,” he stated.

After the Fold lightning integration, Reeves stated the startup plans to release cell variations of the Fold app for each Android and iOS. This seven-person startup, which is incubated by means of challenge studio Thesis, is these days elevating a Series A investment spherical and having a look to diversify its retail emblem choices.

Reeves stated Fold these days serves 1,500 per 30 days customers, facilitating more or less 35,000 general bitcoin transactions since launching the primary model of the app in 2014. Until now, the in large part bootstrapped undertaking used to be funded by means of a small seed spherical from Boost VC. Looking ahead, Reeves stated the plan is to spouse with crypto pockets startups for direct integrations.

“The largest barrier to conversion was setting up a new lightning wallet,” Reeves stated, including there have been more or less 1,500 orders however just a 10 % conversion fee as a result of other folks struggled to make use of lightning-enabled bitcoin wallets.

“We’ve learned a lesson that in order to grow the lightning ecosystem we not only need the best products, but the best education as well,” Reeves stated. “We will incorporate that into our plan going forward.”

Beyond pockets integrations, Reeves stated Fold may be partnering with the custody answers startup Casa, for an instantaneous integration with the Casa browser extension in order that {hardware} node homeowners too can use it to shop for pizza.

The Fold crew is infrequently the one one pushing lightning towards mainstream adoption.

February 2019 additionally witnessed the release of Koala Studio with its lightning-powered chess recreation, permitting customers to bet with tiny quantities of bitcoin. Plus, lightning customers have already finished 3,536 jobs throughout the bitcoin-centric freelance task web page LND Work.

Meanwhile, Square CEO Jack Dorsey stated all through a up to date podcast that his corporate’s Cash App will integrate lightning functions someday at some point. The range of initiatives associated with this protocol makes Reeves much more bullish for the probabilities in 2019.

Speaking to the partnership with Casa, Reeves stated:

“We’re looking forward to working that team to spread lightning to the rest of the world.”

Domino’s Pizza symbol by means of Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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