Introducing FiatLink: A Lightning ↔ Fiat Standard \ stacker news ~bitcoin

Introducing FiatLink: A Lightning ↔ Fiat Standard medium.com/breez-technology/introducing-fiatlink-a-lightning-fiat-standard-68ab380febb2

23.8k sats \ 17 comments \ @roy 8 Jan bitcoin

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186 sats \ 1 reply \ @davidw 8 Jan

Crucially, FiatLink is an open API standard. Any wallet or app can access multiple brokers through a single interface, and every participating broker gains access to traffic from all those apps and wallets. No one is bound to anyone else through proprietary APIs. The market for fiat↔btc conversions becomes more free and open, which is always a good thing.

Congrats on the release and open- sourcing from Day 1.

Curious what’s been the reaction from businesses you’ve talked to about this so far? Is it really the difference of no lightning vs lightning?

777 sats \ 0 replies \ @roy OP 8 Jan

The brokers we've discussed with also think Lightning will make a huge difference for their customers

230 sats \ 1 reply \ @supertestnet 8 Jan

Will you make brokerage partnerships with no-KYC services like robosats and bisq?

756 sats \ 0 replies \ @roy OP 8 Jan

Sure, why not? The SDK doesn't support hodl invoices, but it's coming

52 sats \ 4 replies \ @TonyGiorgio 8 Jan

Is it live? All I see is a draft API spec. https://github.com/breez/fiatlink

62 sats \ 3 replies \ @roy OP 8 Jan

In implementation by the brokers. We are keeping it in draft rn in case final adjustments are needed.

102 sats \ 2 replies \ @TonyGiorgio 8 Jan

Who are the brokers? I'm very confused about how this is supposed to work and how this is considered open source. Plenty of banking services publicize their APIs and you almost never see any similarities across them. This just seems like yet another standard among hundreds of them out there.

41 sats \ 1 reply \ @roy OP 8 Jan

We're starting with lipa & relai. Not sure I understand your confusion. Open source in this case means this isn't a proprietary interface, anyone is free to use it (not the case with "banking API"). It also means that once brokers supports it, any client will be able to use it.

10 sats \ 0 replies \ @TonyGiorgio 9 Jan

So to use it won't require anyone else's permission or a business signing up in advanced? Will it be available to the US?

31 sats \ 0 replies \ @Coinosphere 8 Jan

I've always said we need a much better process to get people skipping on-chain transactions if we want bitcoin to be ready for the mainstream. This looks like a great start.

The AOPP was an especially good addition. Looks like FiatLink will allow wallets to be made with a custom amount of AML compliance... I think we'll see lots of 'dark' wallets use this spec because of the AOPP's OpSec benefits for users.

Dammit, I'm going to have to give Breez another chance after this, aren't I?

10 sats \ 0 replies \ @sirjanstha00 9 Jan

Wow it's very nice

10 sats \ 0 replies \ @Jem 9 Jan

Sounds like it's solving the same problem as https://tbdex.io/whitepaper.pdf is that right?

10 sats \ 0 replies \ @joko 8 Jan

Congrats, guys!

10 sats \ 0 replies \ @dk 8 Jan

congrats on the launch @roy! 💪

10 sats \ 0 replies \ @nout 8 Jan

Looks interesting, but it's a bit hard to see what the user interface will be like.

How do you prevent spamming with many orders or quotes, etc? Is there no other open standard for this already? Also, did you lose the fight on not calling it "wallet"? 🙂

10 sats \ 0 replies \ @grayruby 8 Jan

Interesting.

0 sats \ 0 replies \ @riberet19 13 Jan

The article rates it very well, in fact I don't know why most cryptocurrency exchanges don't use lightning network, especially right now with the high network commissions that we have, luckily, Kraken exchange does use LN