This Week In Crypto | 9-16 February

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Dacxi

Feb 15, 2022

5 MIN

Bitcoin Lightning Network Growth Capacity Caps at 3400 BTC

Singapore Saw a Record Jump in Crypto Investments in 2021

Interstellar Enigma Diamond Sold For $4.3 Million in Auction

Apple’s New Feature to Allow Merchants Accept Payments in Crypto

Canadian MP Introduces New Bill to Encourage Crypto

 

This week, we got to know that Bitcoin Lightning Network has set a new record in terms of capacity. The crypto investments in Singapore reached new highs in 2021. A rare diamond was sold for $4.3 million and the entire payment was accepted by the seller in cryptocurrency. Apple will be rolling out crypto payments on Apple Pay after a new integration. Besides this, Michele Ramper Garner, a Canadian MP, introduced a crypto-friendly bill in parliament. Exciting week! Right? Let’s dive straight into it now. 

 

Bitcoin Lightning Network Growth Capacity Caps at 3400 BTC

The capacity of Bitcoin Lightning Network recently hit a major landmark after reaching a new all-time high capacity of 3,400-BTC. The layer 2 payment system for Bitcoin has now 3.4k BTC locked worth $141 million.

It indicates that users can send and receive nearly $141 million worth of BTC via the network. Since last year, the adoption of the Lightning Network, since its launch in 2018, has grown at a rapid pace.

According to a report from Arcane Research, the capacity of the Bitcoin Lightning Network has grown over the last three months to reach an all-time high of 3,400 BTC. In just eight months of 2021, the Lightning Network grew from 1,000 to 3,000 BTC, hitting the 3,000-BTC mark in mid-October.

Overall, this record-growing capacity of the Lightning Network seeks to bring scalability to the Bitcoin network as users will lock bitcoins on the network and later use the locked amount to make smaller off-chain transactions.

 

Singapore Saw a Record Jump in Crypto Investments in 2021

Singapore has seen a record investment in the cryptocurrency and blockchain sector as investments reached $1.48 billion in 2021, up from $110 million in 2020, according to KPMG's Pulse of Fintech report.

KMPG report says that Singapore recorded 82 deals worth a combined $1.48 billion in 2021. The report credits this increase as part of the efforts made by the government to stimulate the capital market, like setting up a special-purpose acquisition company (SPAC) listing framework to position the country as a choice location where fast-growing firms and unicorns can go public.

“We’re seeing an incredible amount of interest in all manner of fintech companies, with record funding in areas like blockchain and crypto, cybersecurity and wealthtech. While payments remain a significant driver of fintech activity, the sector is broadening every day,” said Anton Ruddenklau, Global Fintech Leader, KPMG International.

KPMG also expects crypto investments to remain robust in Singapore this year, even as regulators are speeding up their efforts to regulate speculative digital assets.

 

Interstellar Enigma Diamond Sold For $4.3 Million in Auction

A billion-year-old black diamond, believed to be the world's largest cut diamond, has been sold for a record $4.3 million in cryptocurrency at an auction.

Dubbed The Enigma, the 555 carat diamond with mysterious origins, is believed to have come from outer space - either created from a meteoric impact or from a diamond-bearing asteroid that crashed on the Earth. 

The diamond, which was characterized by an opaque black appearance full of visible holes, was open for bidding online from February 3 to 9, and the auction house said it would accept cryptocurrency as payment.

“#AuctionUpdate "The Enigma": This 555.55 carat Black Diamond sold today for £3,161,000 / $4,292,322. The buyer has opted to use cryptocurrency for the purchase,” said Sotheby's, who conducted the auction. However, the auction house did not reveal the buyer's name in its tweet.

 

Apple’s New Feature to Allow Merchants Accept Payments in Crypto

Apple has announced its plans to launch a new feature that effectively turns the smartphone into a point-of-sale device for businesses and merchants.

In a press release, the company announced a new Tap to Pay feature for the iPhone. “The new capability will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone — no additional hardware or payment terminal needed,” said Apple.

Using the NFC technology, Apple will provide its iPhone XS and higher model users, the opportunity to conduct their transactions completely wireless.

While Apple has listed Stripe as the very first platform to promote the iPhone’s Tap to Pay functionality, the company will add the Shopify Point of Sale app and other payment platforms as well as apps later this year.

 

Canadian MP Introduces New Bill to Encourage Crypto 

Canadian parliament member Michelle Rempel Garner has introduced a new bill to encourage the growth of the crypto sector in Canada.

The bill titled “Encouraging the Growth of the Cryptoasset Sector Act,” which was introduced in the House of Commons of Canada, would also require the finance minister to report on the framework and introduce legislation within three years of passage. Additionally, the bill requires the minister “to consult with persons working in the sector.”

“Cryptoassets have the significant economic and innovative potential for Canada”, says Bill C-249. Garner explained that government officials should discuss and set policies on digital assets as many lawmakers are not deeply familiar with what are crypto assets, their functionalities, and their potential for economic growth.

“To be a world leader, Canada needs to make sure crypto assets experts and investors are telling us what policy they need or what policy they don’t need,” emphasized Garner.