Tag Archive : payments

Bitcoin Lightning Network ensures larger payments capability

Bitcoin Lightning Network releases a 0.10 beta version of its LND software, to improve routing efficiency and reliability of its infrastructure. 

According to the latest reports, San Francisco-based crypto firm Lightning Labs has introduced a 0.10 beta version of its LND software. It is one of the most important iterations of the Bitcoin Lightning Network. The key highlights of this latest update include – Multi-Path Payments, Partially-Signed Bitcoin Transaction (PSBT) support, on-chain fees, developer improvements, security, architectural improvements, and other bug fixes. The 0.10 beta version aims to improve the routing efficiency of lightning payments. 

What is the Lightning Network?

It is a second-layer incorporated on top of the Bitcoin blockchain that enables faster and cheaper transactions. Prior to the latest update, users could only lock a limited amount of Bitcoins in the channels. Moreover, there used to be a lot of friction in routing transactions. 

More about the latest update

The most important aspect of the latest update is regarding multi-path payments. The 0.10 beta version will allow users to quadruple the number of BTCs that can be locked in channels. This will essentially improve routing efficiency, and instill a lot more liquidity in the channels. According to the announcement, “A related change is the lifting of the maximum invoice size, which was previously 4.2 million satoshis (0.042 BTC). Starting with LND v0.10-beta, payments up to the maximum size of a channel will be allowed. (Currently, the maximum channel size is 16.7 million satoshis (0.167 BTC.)”

The update also added support for Partially-Signed Bitcoin Transaction (PSBT). It is a cryptographic method for hardware wallets to sign transactions without revealing the keys to a device. 

Another important part of this update developer improvements. Lightning Labs explained, “Finally, in and v0.10-beta, we’ve added an “Experimental Services” section to the LND gRPC API. These services are designed to allow LND developers to experiment with and give feedback on new APIs while they’re in the process of being developed. This will also give new features and APIs a place where they can be tested, stabilized, and matured before being added to the main LND API. For REST developers, we’ve also made the REST API docs more easily accessible.”

As of now, as many as 955 BTCs are locked in Lightning Network channels. This figure accounts only for public nodes. If we consider the private nodes as well, this number could be much higher. 

All eyes on the casino industry, payments and compliance, among the topics at MBGSVE2020 (Virtual Conference)

All eyes on the casino industry, payments and compliance, among the topics at MBGSVE2020 (Virtual Conference)

The casino industry, payments industry, and future compliance to be in the spotlight on the 7th of May during virtual conference.

Big names of the casino, payments, and gambling compliance industry are joining the discussions at European Gaming Media’s (part of Hipther Agency) first virtual conference this year which will take place on the 7th of May.

You can register on this link to save your seat (no travel needed, you can attend from the comfort of your home or office)

PLEASE NOTE: If you are already a registered delegate of MARE BALTICUM Gaming Summit, you don’t have to purchase a new ticket!

IS THE ONLINE CASINO INDUSTRY BENEFITING DURING SPORTS TOURNAMENT DISRUPTION?

Sports betting enthusiasts are spending more time playing casino games and with all the land-based casino lockdowns, the online casino industry should be benefiting the most. Among the verticals that have seen an increased activity is the online poker industry. While live tournaments are being canceled, the poker players are moving online and resurrecting the online poker industry. But, is this the real case?

The experts of the “IS THE ONLINE CASINO INDUSTRY BENEFITING DURING SPORTS TOURNAMENT DISRUPTION PERIOD” panel discussion, which will be moderated byAndriusGabnys (Attorney At Law – Gabnys Law Firm), is joined by BeyzaOrazova (Head of Sales, iGaming at DIMOCO Carrier Billing), Vadim Potapenko (Head of sales at Slotegrator), Dmitry Starostenkov (CEO at Evenbet Gaming – the leading poker platform provider), Jan Urbanec (CEO at Endorphina), Vladimir Malakchi (Chief Business Development Officer at Evoplay Entertainment), and NadiyaAttard (Director of Sales at Relax Gaming).

THE PAYMENTS INDUSTRY DURING COVID-19

Social distancing is keeping people in their homes and with this comes more online spending. The fiat currencies are doing good during this crisis, however, cryptocurrencies are losing their value fast. We will analyze if there are growths in the transaction volumes and how the spend is increasing during this period but also keeping an eye on cybersecurity.

The discussion will be moderated byDr. Simon Planzer (Partner at PLANZER LAW),and will be joined by Simon Dorsen (Director of Gaming at OKTO – Gaming Fintech solutions), Vytautas Karalevičius (Co-founder at Bankera), Vasilije Lekovic (Director of Gaming at Trustly), SauliusRacevičius (CEO at ConnectPay), Olga Golikova (Head of Billing at Parimatch), and Marc Riedi (Director, paysafecard Switzerland, a Paysafe Company).

WILL ADVERTISEMENT BANNING STILL BE ENFORCED AFTER COVID-19?

While battling against COVID-19, European countries are spending a huge amount of incomes and once the battle is over, the state budget has to be supplemented. Will legislators consider lifting advertisement bans in order to allow operators and affiliates to relaunch their activities and start running the business, while paying taxes.

Compliance experts and lawyers, regulators are going to join the “WILL ADVERTISEMENT BANNING STILL BE ENFORCED AFTER COVID-19?” panel discussion, which will be moderated by Dr. Joerg Hofmann (Partner at MELCHERS LAW).

The discussion will be joined by SörenMeius (Estonian Ministry of Finance), Morten Ronde (CEO at Danish Online Gambling Association and Managing Partner at Nordic Gambling), Joe Ewens (Managing Editor of GamblingComplianceat VIXIO), GustafHoffstedt (Secretary-General at the Swedish Trade Association for Online Gambling), and Ivan Liashenko (Chief Marketing Officer at Parimatch).

As mentioned above the virtual edition of #MBGS2020VE will be held on the 7th of May and will gather 300 gambling industry professionals who can attend virtually from their internet browser. The gathering will allow virtual delegates to network at virtual tables in the virtual deal room and conduct 1 on 1 meetings with their prospects/clients/partners.

The conference will start at 9:30 AM CET on the 7th of May and the participants will gain access to the platform on 23 April.

For further inquiries about the 2020 edition of MBGS and BSG Awards, speaking/attending/sponsoring options, make sure to send an e-mail to Andrada Bota (B2B Sales Executive at Hipther Agency) or subscribe to the weekly newsletter on the following link.

Among the supporters of the conference, you will also find Square in the Air as a strategic partner, and leading media outlets such as Online Casino Reports, CalvinaAyre.com, Focus Gaming News, Gioco News, iGaming Business, iGamingCalendar.com, Gambling Insider, InterGame, Global Legal Group, FortunaWeb, Commission Magazine, Slotegrator and much more.

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency).

MARE BALTICUM Gaming Summit Live and BSG Awards

Information about the live edition of the conference and BSG Awards, which will be held on the 6th of August, will be announced at a later stage. The online voting stage for BSG Awards 2020 has been stopped and will be reset in order to allow all participants to focus on different matters.

A new online voting stage will be started between 1 and 30 June. Further information will be released in the upcoming weeks.

MARE BALTICUM Gaming Summit, also known as the Baltic and Scandinavian Gaming Summit & Awards offers the opportunity for both new companies and veterans, to learn about industry insights and compliance update, while also being part of a group that is at the forefront of the gambling industry in the Lithuania, Latvia, Estonia, Sweden, Denmark, and also from the DACH region.

The Summit approaches all regulatory and compliance related aspects of the mentioned markets and also highlights some trending topics of the gambling industry.

For more details visit www.marebalticumgaming.com

European Gaming Media and Events press contacts:

Zoltan Tuendik, Head of Business

[email protected], +40 735 559 234

Alex Marginean, Marketing Specialist

[email protected], +40 731 394 220

Bank of International Settlements (BIS) bets on CBDCs and digital payments amid COVID-19

As per the recent reports, the Bank of International Settlements (BIS) has placed its bets on Central Bank issued Digital Currencies and digital payments. In the wake of the COVID-19 outbreak, the BIS has published a report, seeking central banks across the world to start developing CBDCs. The BIS is a 600-member international financial institution that represents as many as 60 central banks across the globe. 

The World Health Organization issued a warning recently in regard to the spreading of COVID-19 via banknotes. The BIS report suggests that there has been a negative sentiment among the public in using cash, post WHO’s announcement. In its report, BIS argued that credit card terminals and pin pads also a potential risk to the spreading of the deadly virus. It says, “Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads.”

In this scenario, the BIS has actively argued for the necessity of CBDCs and digital payments. However, the report suggested that these CBDCs should be developed in a manner that can withstand pandemics and cyber attacks. It stressed on the fact that the current risks of transacting in cash and credit cards could well end up being a catalyst to the prominence and adoption of CBDCs. Despite its inclination towards CBDCs, BIS also acknowledged the fact that doing away with cash and going completely digital could exclude the unbanked section of the society.

The report says, “Looking ahead, developments could speed up the shift toward digital payments. This could open a divide in access to payment instruments, which could negatively impact unbanked and older consumers. The pandemic may amplify calls to defend the role of cash – but also calls for central bank digital currencies.”

Cash transaction trend declines in the UK

Since the COVID-19 outbreak, the demand for cash has somewhat reduced in the UK. ATM withdrawal rates have also plummeted. BIS predicts that this horrific global health crisis could drive consumers towards higher precautionary holdings of cash and increased mobile, card and online payments.

Technology and innovation key in the payments sector

Payment solutions should focus on benefiting the operators they work with rather than just making money, according to the Co-Founder of MuchBetter.

MuchBetter, the payments solution which has been operational since 2017, recently announced the release of its personal IBAN (International Bank Account Number) service.

Explaining how the company was formed and the idea behind using new technology to help solve problems for operators, Co-Founder Jens Bader told Gambling Insider at ICE London: “What the four of us wanted to do when we came together to build a company was use the fintech technology that’s out there and build a better payments product to tackle the payments challenges and issues the industry was facing.

“The IBAN is a demonstration of our creativity and how innovative we are. We continuously feed into that philosophy of finding some other new features that solve problems for operators.

“What makes us different is our approach to technology and innovation and the personal IBAN is testament to that. A lot of payment companies right now just come in, see the opportunity, charge high fees without caring if it’s good for the operator or not. That’s not our style, everything we do is for the good of our operators.

“While we can lower their fraud and processing costs, we also allow them to engage directly with customers. This gives operators incremental business and new sign-ups. None of the others do this. I would say a bit more innovation from payment providers would be good. There needs to  be a step back on just concentrating on making money.”

Speaking about the new IBAN product, released during ICE, Bader said the simplicity of the service and the fact it can keep gaming activity private were among its standout features.

Bader added: “It’s a new and very special product for us, the first of its kind in gaming. What we do is we allow MuchBetter customers who have the app to create their own, new personal IBAN within the app. We give players the option for the IBAN to be associated with their MuchBetter account, or any of their gaming accounts with the operator.

“It’s almost like a personal firewall, which allows people to keep their gaming activity a bit more on the private side and to simply do it from their bank account without having to log in anywhere.”

Another relatively new product is MuchBetter’s CashDuster service, launched in November. This lets operators display promotions via the MuchBetter app, allowing operators to reach consumers directly on the app.

Bader believes this unique product, along with the philosophy of trying to bring benefits to operators, makes MuchBetter a disruptive payments solution.

Bader said: “CashDuster includes operator promotions we allow. Operators can define a promotion, set how long it can be valid for, and who they want to target, inactive customers for example.

“We send a push message to the customer saying they’ve got a new offer on the app and to come and check it out. This allows operators to engage with customers through the app immediately and interactively. Giving operators the opportunity to communicate directly to the end user is very unique – no other wallet does this.”

Along with its new features, MuchBetter has also announced a partnership with Mansion Group, which runs MansionBet, where MuchBetter will provide the operator with deposit and payout functionality.

Registration and KYC will also be simplified and players will be able to sign-up and instantly move money in and out of their account.