TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. The veil has finally been lifted, as Lightning Labs is purposed heading toward being like Visa. ConsenSys to layoff 14% of its workforce. Soccer star Ronaldinho sued for promoting a cryptocurrency ponzi scheme. BitGo now allows trading from cold storage. Justin Sun answers TRON supply questions, and Cryptophyl integrates BTC trading pairs.
Lightning Labs to be “Like Visa”
“Like Visa is the payment network that facilitates a lot of the ways currency moves around the world, this is like the service the Lightning Network provides for bitcoin,” Craft Ventures Managing Director Brian Murray explained to journalist Leigh Cuen. “Lightning Labs has raised $10 million in Series A financing as it gears up to launch its first paid service for merchants looking to accept bitcoin payments,” Cuen revealed. The comparison is apt and somewhat ironic, as the Visa model is arguably the very legacy financial arrangement Bitcoin was designed to thwart. BTC maximalists have in recent years, however, championed the likes of Visa over that of crypto as a means of exchange.
Consensys to Layoff 14% in New Restructuring Push
ConsenSys, part of the Ethereum ecosystem, announced it will keep laying off people as a part of a new restructuration push. The news, communicated co-founder Joseph Lubin to a meeting with more than 500 attendees, will strive to keep the company solvent by shedding 14% of the current workforce, splitting the company in two: a leaner software branch to encompass all of their products under the name TrustOS, and an investment arm that will continue to seed interesting products. Consensys has already done this in the past, laying off 13% of its workforce back in 2018.
Ronaldinho Sued for Promoting a Cryptocurrency Ponzi in Brazil
Ronaldinho, the famous Brazilian soccer player, is being sued by an investor of an alleged Ponzi called “18KRonaldinho.” According to O Tempo, a local newspaper, Ronaldinho was sued for more than $12,000 in material and moral damages. The unidentified investor claims she was a victim of the “18KRonaldinho” pyramid scheme that promised investors earnings of 2% daily in BTC. However, even having his name associated and being featured in several of its ads, the soccer player says he has no relationship with the company.
BitGo to Allow Trading Funds From Cold Storage
Bitgo, a crypto custody company, will allow customers to trade funds directly from cold wallets in a partnership with SettleBit. Now, users of BitGo’s services can operate their cryptocurrency funds directly as they would on an exchange, with a pricing match algorithm to provide liquidity to their orders, while still holding them in cold storage. “We know that many of our clients want to be able to trade without moving their assets out of cold storage. Using our settlement API, SettleBit has created a simple and elegant solution,” said Nick Carmi, Head of Financial Services at BitGo.
Justin Sun Answers About TRON’s Hard Cap Issues
Justin Sun, the founder and CEO of TRON (TRX), issued an answer regarding the controversy around the 100 billion TRX hard cap. The cryptocurrency’s proponents have been under fire due to an earlier estimation TRX surpass a 100 billion in circulation before 2021. Sun explained, “decisions including DPOS (delegated proof of stake) and the increase of the voting and block rewards have been made by the committee of Super Representatives,” placing the blame in the hands of Super Representatives to enrich themselves.
Cryptophyl Introduces BTC Trading Pairs
We’re excited to announce the launch of Bitcoin (BTC) trading on Cryptophyl. The first trading pair available is BCH-BTC 🥳
As with all markets on Cryptophyl, you can earn DROP, Cryptophyl’s native exchange token, simply for trading 📈
Read more: https://t.co/j6j1U700kX
— Cryptophyl (@cryptophyl) February 5, 2020
Cryptophyl, the first SLP-based cryptocurrency exchange, introduced BTC trading onto its platform. The first trading pair the exchange will launch is BTC-BCH. “Listing BTC allows us to connect the large BTC market to Cryptophyl and hence the SLP token economy,” Cryptophyl announced, while clarifying BTC trades, will also receive DROP, the official token of the exchange. The blog post also stated they are working hard to bring a BTC to SLP stablecoin (USDH) pair to the platform, and to ramp up liquidity of these assets on the buy side.
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