Prominent Bitcoin Lightning Wallet Provider Exits U.S. Market

A recent The Block report states that Wallet of Satoshi, the Bitcoin Lightning wallet provider, has removed its app from U.S. Apple and Google app stores, citing its decision not to serve U.S. customers moving forward. While no specific reasons were given, the move disappointed U.S. users. The app remains accessible for download in other countries.

The company reassured existing U.S. users that their funds are retrievable and transferable to other wallet services. Speculation arose about a potential U.S. ban due to regulatory concerns, but the company clarified it was a voluntary decision. Despite the exit, Wallet of Satoshi hopes for a possible return in the future. The app, known for processing over a million Lightning Network payments in November, faced prior criticism for its custodial nature.

The withdrawal from the U.S. coincides with the Lightning Network's capacity reaching all-time highs in both U.S. dollar and bitcoin terms. U.S. dollar capacity rose 67% in the last two months, nearing the 2021 record, while bitcoin capacity increased by 20%.

Resources:

The Block