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Bitcoin Beach wallet creator Galoy aims to replicate El Salvador project

Galoy, the startup that created the open-source, Lightning Network-compatible Bitcoin Beach wallet, recently completed a $3 million seed round to ramp up its operations and help bring its Bitcoin banking platform to more communities, businesses and governments.  Miami-based Galoy, launched Bitcoin Beach as a proof-of-concept in the El Salvador surf town of El Zonte in October 2020. The wallet supports the local Bitcoin Beach project there, which has sought to create a bitcoin-based economy. The wallet has more than 6,000 …

Chainalysis adds Lightning Network support

Blockchain data platform Chainalysis will start supporting the Lightning Network in February, the company announced Friday.  The Lightning compatibility will be available for customers of Chainalysis’ cryptocurrency compliance software, KYT (Know Your Transaction). KYT helps virtual asset service providers (VASPs) like exchanges detect risk patterns and illegal activity. Now, these VASPs will be able to “compliantly allow deposits and withdrawals of Bitcoin from a Lightning node,” Chainalysis said in a press release. KYT will be able to provide alerts for …