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Bitcoin Price Hits $8,000 As Lightning Tests Cross-Chain Swaps

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Bitcoin Price Hits $8,000 As Lightning Tests Cross-Chain Swaps

Postby MrFredPFL » Sun Nov 19, 2017 11:49 pm

Story :

Bitcoin's price just reached another all-time high time on Friday, briefly passing $8,000, while the bitcoin community celebrated a few monumental achievements.

The popular cryptocurrency exchange Coinbase just announced a new option for institutional investors to securely store digital assets with Coinbase Custody. This will allow more hedge funds and family offices to safely and lawfully work with cryptocurrency. “Coinbase Custody is only available to institutional investors with a minimum of $10M in deposits,” Coinbase CEO Brian Armstrong wrote in a blog post. “There is an initial setup fee of $100,000 USD, and a fee of 10 basis points per month on assets stored.”

Meanwhile, Lightning Labs completed the first cross-chain swap between bitcoin and litecoin. This is a big deal because so far blockchain networks each exist in their own separate spheres. In order to move value from the bitcoin network and the Ethereum network, for example, users typically needed to go to an exchange and swap currencies like travelers do with paper bills. But what if you had a magic wand that could instantly change one currency into another by yourself?

“You can now transfer value instantaneously across blockchains,” litecoin creator Charlie Lee told International Business Times. “This opens up tons of new possibilities including decentralized exchanges.”

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