@_arshbot launches Magnolia Financial@_arshbot launches Magnolia Financial
After over a year of building, I’m pleased to announce Magnolia is shipping.
Now you can:In every state, even NY, FL, CA, and TX
- have subscription to btc in app
- stablecoins/fiat disbursements
- auto-loan top-ups
- noncustodial lightning onramp
link to the actual announcement tweet
This sounds like a very slick new backend for anyone wanting to integrate fiat transfers to their Bitcoin app. And loans. Looks like they have all the things (ie. licenses) for connecting your Bitcoin project to traditional finance.
I'm particularly curious about the lightning integration. Their docs show that you can use their API to fetch invoices and do some other stuff and @_arshbot said that it is "noncustodial lighting" so I'd love to know if anyone has more info on this.
Seems like Magnolia is essentially an exchange...but designed to promote integration with apps.
Their website is pretty cool.
They are backed by Epoch and one of their partner banks is Bitgo (which just raised $212 million).
Definitely something to learn more about. Perhaps we can get @_arshbot to do an AMA...
Reconsidering my name now.
But...magnolia trees, like the kind in the US south, with their dinner-plate sized blossoms are mayhem. It's a good name.
I mean, yeah; but I originally chose it years ago because I wanted to be a positive voice for Mississippi. Now I've gotten to where I just want to remove every tie with this state.
Very relatable! I grew up in Mississippi, and it's a huge part of why we went with the name Magnolia.
I figured. Now, everyone in the Jupiter Broadcasting community is giving me the side-eye though.
Thanks for Sharing.
https://docs.magnolia.financial/guides/user-onboarding
I wonder if they will get a reason code back if KYC is not verified or will just be "Denied"
Hey, thanks for digging into those docs! Wrote them all myself :')
The KYC verification happens through our 3rd party, and we don't get granular information from them. They keep that info close to their vest because of scammers and fraudsters, whom this step is really designed for.
We'd be able to offer very cool lite-kyc options where it's practically seemless if it wasn't for abusers.
Thanks for the info! Is there a place I can find more out about how you all are doing the lightning integration?
Oh interesting, yea I suppose we don't surface that very well in the site do we.. I'll make a note of that and fix it, thanks for pointing that out.
We're actually leveraging lightning a lot right now to create interoperable bridges to a lot of the other bitcoin based projects like ark, sparc, and potentially others. It's a very useful tool for us.
Our node is hosted by voltage, and run by our partners in some jurisdictions and by us in other jurisdictions where we hold relevant licenses.
This for app builders?
Hey @BlokchainB! Yes, it very much is!
In other words... total garbage.
People will never learn the lesson.
https://twiiit.com/arshbot/status/2019407933067653372