Merchants can now receive bitcoin payments in seconds with Bitnet’s ‘Instant Approval’ tool; Blockchain Investment Firm Coinsilium to IPO in London; New Jersey gets its first BTM, and more top stories for July 16.
Merchants to Receive Bitcoin Payments in Seconds with Bitnet’s ‘Instant Approval’ Tool
Payment processor Bitnet has unveiled ‘Instant Approval’, a new service that helps merchants receive bitcoin payments within seconds. The new product circumvents the problem of waiting for transactions to be confirmed on the blockchain.
The service operates on calculating the probability of whether a bitcoin transaction is ultimately confirmed. Akif Khan, Chief Commercial Officer at Bitnet:
“Whatever the reason, when a transaction is propagating more slowly, it increases the chance that a double-spend transaction could be present in the network and reach miners before the slowly propagating original transaction reaches them. We notify the merchant accordingly and take liability for funding that transaction.”
Blockchain Investment Firm Coinsilium to IPO in London
Coinsilium, an investment company focused on early-stage Blockchain startups, has announced that it plans to hold an IPO on the London Stock Exchange’s submarket, AIM.
The float is due to take place in the month of August, and the company will be listed under the ticker COIN.