Lightning Labs has published its draft specification for Lightning Service Authentication Tokens (LSAT) — a protocol standard that promises to redefine online payments through employing a little known HTTP status code. According to a March 30 blog post authored by Lightning Labs CTO Olaoluwa Osuntokun, LSAT facilitates automated logins and payments using cryptographic credentials — doing away with the current system of credit cards, usernames, and passwords. LSAT leverages 402 error code Osuntokun states that the LSAT protocol leverages the “widely underused” HTTP 402 ‘payment required’ status code. The 402 error is returned when a user attempts to access a …

Open-source payments network, Celo (cGLD), announced on March 31 that it had awarded $700,000 in developer grant funding to 16 startups looking to build on the Celo network. Cointelegraph spoke to Xochitl Cazador, the head of ecosystem growth at cLabs — the company behind Celo — to discuss what they look for from grant applicants, and Celo’s plans for 2020. Celo provides grant funding to 16 startups Cazador states that the most important criteria applicants are assessed on is whether they “support Celo’s mission of building an open financial system that creates conditions of prosperity for all.” In addition to …

Digital payments giant PayPal posted a new job listing on March 23, where the company seeks to hire an Anti-Money-Laundering (AML) and Blockchain Strategy director for their Global Financial Crimes (GFC) division. According to the company, the new director —based in New York — will be in charge of evaluating blockchain's use cases for the prevention of financial crimes, such as money laundering and terrorist financing, to supervise the entire AML process. The post also detailed that the ideal profile must focus on blockchain-related opportunities for the company in terms of strengthening the risk department of the company. PayPal clarified …

Open-source payments network Celo has announced its first round of development grant recipients. A press release shared with Cointelegraph states that Celo has awarded $700,000 in grants to 13 different companies who are looking to build on top of the network, contribute to the development of the Celo platform, or foster the Celo community. The project has already received more than 50 grants proposals from teams based in 16 different countries and will continue to accept proposals until May 19. Celo Awards $700,000 to 13 developers in first round of grant funding Celo states that the chosen grant recipients "provide …

As a number of global jurisdictions like the Bahamas and Sweden are already testing their central bank digital currencies (CBDC), French central bank is getting more straightforward regarding its own CBDC plans. The Bank of France is now officially launching a program of experiments to test the integration of a CBDC for interbank settlements, inviting potential participants to submit their applications. Bank of France doesn’t insist on blockchain implementation for CBDC According to a March 30 document, France’s central bank is calling for applications to experiment with the use of a digital euro, aiming to explore the potential CBDC opportunities …

The founder and CEO of Square Inc, Jack Dorsey, believes that his company’s crypto-friendly payments application Cash App can distribute America’s stimulus package more efficiently than the U.S. government. On March 27, Dorsey responded to the tweet of a Cash App user suggesting that the payments application could be used to distribute the United States’ forthcoming $2 trillion stimulus package. Square contacts U.S. Treasury regarding stimulus distribution “People need help immediately,” Dorsey posted. “The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US …

Over 30 years ago, in a January 1988 cover story emblazoned with a phoenix hovering over a paper-money inferno, The Economist offered this semi-prophetic vision of currency: “Thirty years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause …

Tron (TRX) partnered with cryptocurrency service provider, Metal Pay, to enable instant purchase of TRX in the United States. According to an announcement shared with Cointelegraph on March 25, TRX will now be available for purchase with fiat currency in the Metal Pay mobile application. Users can pay for the crypto asset via debit card or checking account. Furthermore, Tron users can also earn up to 5% cashback in MTL, Metal Pay’s proprietary tokens, on eligible transactions for sending and receiving United States dollars. The platform also allows its users to exchange TRX for over 20 other cryptocurrencies including Bitcoin …

In its March earnings call, U.S.-Latin American remittance provider, Intermex, revealed that it will not be using Ripple (XRP)’s technology in its major markets. Intermex chief executive Robert Lisv explained: “So, you won’t really see us leveraging Ripple in our core markets. I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.” Intermex to use Ripple for "ancillary products" in "newer markets" Ripple announced its partnership with Intermex on Feb. 5, with its press release emphasizing that the deal would “enabl[e] faster cross-border payments between the U.S. and Mexico.” Despite …

While some Australian authorities recognize cryptocurrencies as a form of investment, digital assets like Bitcoin (BTC) are apparently not very popular as means of payment in the country. Australia’s central bank, the Reserve Bank of Australia (RBA), says that less than 1% of Australians used cryptocurrencies like Bitcoin to make a consumer payment in 2019. Australian consumers increasingly prefer to use electronic payment methods The data is based on RBA’s own study, conducted in October and November 2019. Released on March 19, the RBA’s latest report is the fifth comprehensive survey of consumer payments in Australia. The purpose of the …

In its recent blockchain in banking report, Business Insider Intelligence indicated that financial institutions have mostly deployed the tech to improve payments, securities settlement, fraud detection security and trade finance. Published on March 19, the report analyzed a number of financial and tech organizations worldwide, including Australia and New Zealand Banking Group, Bank of America, Citi Bank, HSBC, Ripple, Visa, Fidelity Investments and CME Group. Major benefits from blockchain The findings showed that 66% of the surveyed financial institutions saw the major benefit of blockchain and distributed ledger technology in payments, while 56% of respondents named securities settlement as a …

The Riksbank, Sweden’s central bank that started testing its own central bank digital currency (CBDC) in February, wants to host the digital currency innovation hub by the Bank for International Settlements (BIS). Officially announcing the news on March 6, the Riksbank noted that in order for the hub to be located in Sweden, the bank would need to undertake a number of measures to co-finance the activity. As such, the Riksbank proposed an amendment to the Sveriges Riksbank Act, asking the Swedish parliament, the Riksdag, for approval to finance the activities of international organizations. The Riksbank requested the parliament for …