Unocoin Joins Lightning Network Revolution: Crypto & Policy Shifts Ahead

India’s Leading Bitcoin Exchange Unocoin Integrates Lightning Network

Unocoin, one of India’s oldest and most prominent cryptocurrency exchanges, has announced the integration of the Lightning Network. This second-layer protocol is designed to facilitate fast and low-cost Bitcoin transactions, enhancing the platform's efficiency and scalability. The integration is powered by Voltage, a U.S.-based provider of enterprise-grade Lightning solutions.

According to Sathvik Vishwanath, CEO of Unocoin, the move aims to improve transaction efficiency and cost-effectiveness for users. The exchange plans to extend the Lightning Network's capabilities to include Tether (USDT) transfers in the near future. This development comes at a time when the Indian crypto market faces regulatory challenges, with many exchanges scaling down operations. However, Unocoin has remained resilient, further solidifying its position as a leader in the sector.

“The Lightning Network represents a revolutionary leap in Bitcoin scalability, enabling fast, secure, and cost-effective transactions,” said Graham Krizek, CEO of Voltage.

Key Takeaway:

Unocoin integrates the Lightning Network for faster and cheaper Bitcoin transactions.
The exchange plans to expand the service to include Tether (USDT) transfers.

HashKey Receives Approval for Crypto Staking Services in Hong Kong

HashKey, a cryptocurrency exchange, has received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to offer staking services. This approval allows HashKey to provide Ethereum (ETH) staking services for spot ETFs, marking a significant step in the institutional adoption of proof-of-stake investments.

The approval was granted on April 10, following the SFC's guidance on staking services for Licensed Virtual Asset Trading Platforms (VATPs). Terence Pu, Managing Director of HashKey, highlighted that investors will soon be able to earn staking income not only through Ether ETFs but also by directly holding ETH. This development positions Hong Kong as a leader in regulated crypto staking services, outpacing markets like the United States, where similar services are yet to be approved.

Key Takeaway:

HashKey becomes one of the first regulated exchanges in Hong Kong to offer staking services.
Investors can earn staking income through Ether ETFs and direct ETH holdings.

South Korean Banks Advocate for Policy Changes in Crypto Partnerships

Major South Korean banks are urging the government to revise its one-bank-per-exchange policy, which has been in place since 2018. This regulation requires crypto exchanges to partner with a single bank, limiting consumer choice and increasing operational risks. During an April 9 meeting organized by the Korea Federation of Banks, executives from five leading banks, including Woori Bank CEO Jeong Jin-wan, voiced their concerns about the policy.

The current framework has been criticized for restricting user access and stifling innovation in the financial sector. Critics argue that allowing multiple banks to partner with a single exchange would enhance competition, improve services, and reduce systemic risks. Notably, concerns have been raised about the reliance of Upbit, South Korea's largest crypto exchange, on a single banking partner, which could pose liquidity risks.

Key Takeaway:

South Korean banks call for the end of the one-bank-per-exchange rule to improve competition and reduce risks.
Policy changes could lead to better services and more financial options for crypto users.

Standard Chartered and OKX Pilot Crypto Collateral Program

Standard Chartered and cryptocurrency exchange OKX have launched a pilot program allowing institutions to use crypto assets and tokenized money market funds (MMFs) as collateral. The program, announced on April 10, operates under the regulatory oversight of the Dubai Virtual Asset Regulatory Authority. Standard Chartered acts as the regulated custodian in this initiative.

The program aims to enhance security by enabling off-exchange collateral usage while providing institutional clients with access to on-chain assets developed by Franklin Templeton. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, emphasized that this initiative represents a significant step in the evolution of institutional crypto services.

Key Takeaway:

The program allows the use of cryptocurrencies and tokenized MMFs as collateral.
Franklin Templeton is among the first institutions to participate in the pilot.

Sources: