Wallet of Satoshi Removes App from U.S. Stores
A popular Bitcoin Lightning wallet provider, Wallet of Satoshi, has made the decision to remove its app from the Apple and Google app stores in the United States. The company clarified that it will no longer serve U.S. customers going forward. While the specific reasons for this move were not stated by the Wallet of Satoshi team, they acknowledged that it would be disappointing news for U.S. customers. However, the app will still be available for download in other countries.
Funds Are Accessible and Can Be Transferred
Existing users of the Wallet of Satoshi app in the U.S. were assured that their funds are accessible and can be withdrawn and transferred to another wallet service. Some users speculated that the app may have been banned in the U.S. due to the regulatory environment surrounding the crypto industry, but Wallet of Satoshi confirmed that it was their own decision to remove the app.
Hopes for Future Return in the U.S.
Despite exiting the U.S. market, Wallet of Satoshi remains hopeful for a return in the future as new developments unfold. The company expressed its optimism about being able to revisit and possibly resume operations in the U.S.
One Million Lightning Transactions and Record Capacity
Wallet of Satoshi is known as one of the most popular Bitcoin Lightning wallets, with projections to process over one million Lightning Network payments in November alone. However, criticism has been directed towards its custodial nature, as it retains control over users’ funds instead of offering a non-custodial solution where users have full control over their bitcoin.
The decision by Wallet of Satoshi to exit the U.S. market coincides with a surge in Lightning Network capacity, reaching all-time highs in both U.S. dollar and bitcoin terms. The Lightning Network’s U.S. dollar capacity has increased by 67% in the past two months, nearing the record of $215 million set in November 2021 during the bull market peak. Bitcoin capacity has also risen by 20% over the same period.
Wallet of Satoshi did not provide immediate comments on the matter when contacted by The Block.
Hot Take: Wallet of Satoshi Withdraws from the U.S. Market
Wallet of Satoshi, a prominent Bitcoin Lightning wallet provider, has made the decision to remove its app from U.S. app stores, citing that it will no longer serve customers in the country. Although specific reasons were not disclosed, existing users were assured that their funds are still accessible and can be transferred to other wallets. This move aligns with the Lightning Network’s capacity reaching record highs and Wallet of Satoshi’s projected processing of over one million Lightning Network payments in November. Despite exiting the U.S. market, Wallet of Satoshi remains hopeful for a future return.
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