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Home»ADOPTION NEWS»Major Bitcoin Lightning Wallet Provider Withdraws from US Market
ADOPTION NEWS

Major Bitcoin Lightning Wallet Provider Withdraws from US Market

By Crypto FlexsNovember 26, 20233 Mins Read
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Major Bitcoin Lightning Wallet Provider Withdraws from US Market
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Lightning wallet provider Wallet of Satoshi has removed its app from the U.S. Apple and Google app stores and the company said it “will not serve U.S. customers going forward.”

The Wallet of Satoshi team did not specify a specific reason for the decision and said they understand this news is disappointing for US customers. You can still download the app in other countries.

The Bitcoin Lightning app sought to ensure that funds were accessible to existing users in the United States and could be withdrawn and transferred to other wallet services.

Users previously speculated that the app may have been banned in the US as a result of the regulatory environment surrounding the cryptocurrency industry in the US, especially considering the recent legal action taken against Binance and its former CEO Changpeng Zhao. . The company said it had decided to remove the app.

“Satoshi’s wallet would have to comply with local regulations or laws in a way that it cannot or does not want to,” said John Carvalho, CEO of Bitcoin software developer Synonym. said As an answer.

The company hopes that future developments will bring it back to the country. He added, “We hope that future developments will allow us to revisit and resume operations in the United States.”

One Million Lightning Transactions and Near Record Capacity

The Satoshi wallet is one of the most popular Bitcoin Lightning wallets and is expected to process a record-breaking 1 million+ Lightning Network payments in November. Nonetheless, the company has previously been criticized for the custodial nature of its app, which maintains control over users’ funds, unlike non-custodial solutions that allow users to retain full control of their Bitcoin.

According to The Block’s data dashboard, Satoshi’s wallet’s decision to leave the US market coincides with the Lightning Network’s capacity rising back to all-time highs in US dollar and Bitcoin terms.

U.S. dollar production capacity has increased 67% over the past two months to $207 million, just shy of the $215 million record set in November 2021 at the peak of the bull market. Bitcoin capacity increased 20% over the same period to 5,530 BTC, slightly lower than the previous record of 5,640 BTC set in July.

Satoshi’s Wallet did not immediately respond to The Block’s request for comment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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