Today in Crypto: Sector Critical to EU Regulations
In a new report, information about the growing popularity of the Lightning Network highlights the need for some people to transfer digital assets around the world, Cointelgraph wrote on Wednesday (April 13).
According to a report by Arcane Research, the influx of users accessing the Lightning Network comes from using things like El Salvador’s Chivo wallet and US payment app CashApp. The report says payments on Lightning have doubled, with payment volume up 410% over the past year, while payment value has quadrupled.
The report also noted that public metrics used to measure Lightning adoption, such as total value locked, underestimate the true value, without accounting for things like private channels or invisible nodes.
Additionally, Ava Labs, which develops the Avalanche blockchain, is raising a new round of funding that would position it as one of the world’s highest-valued crypto startups, Bloomberg reported on Wednesday.
The round will see it raise $350 million at a valuation of $5.25 billion, according to the report.
Avalanche plans to compete with companies like Ethereum and Solana, with high speeds and low transaction fees, working with various things like trading, lending, and gaming. The company was founded by Emin Gun Sirer, a professor at Cornell University.
Finally, CoinDesk reported on Thursday, April 14, that the crypto industry has been held up by several votes in the European Parliament, which could lead to overregulation.
Recent European Union plans to reduce the energy footprint of proof-of-work technology, which had raised fears it could lead to a ban on bitcoin, failed to pass parliament in the vote. in March.
However, a second bill, which is an anti-money laundering measure and is also controversial, has been passed and could become law if governments sign on.
There has been a planned expansion of banking measures called the travel rule, which now means parties facilitating crypto transactions will have to identify participants, and lawmakers want this to apply even to small payments or those made on non-hosted wallets.