Cryptocurrency private bank Xapo Bank, headquartered in Gibraltar, has integrated Bitcoin’s Lightning Network (LN) micropayment network.
We are pleased to announce that we are the first bank to offer #LightningNetwork payments, through our partnership with @lightspark.
Our members can now make faster, cheaper #bitcoin payments on the Xapo Bank app. Read more: https://t.co/Nu1AKgm2UT#XapoPrivateBank #blockchain pic.twitter.com/wryWUmIaIN
— Xapo Bank (@xapoprivatebank) March 2, 2023
“This means that Xapo Bank members can now make low-cost and lightning-fast bitcoin payments with a few in-app clicks,” the statement said.
Users will be able to pay through LN for purchases worth up to $100 from any merchant that supports this option.
Xapo implemented the option in partnership with Lightspark, founded by former head of Meta crypto division David Markus.
A big milestone for the Lightning Network. Welcoming the first bank on the network! Really thrilled to be supporting @xapoprivatebank implementation of Lightning for its customers. https://t.co/TiUeeyN5Rf
— David Marcus (@davidmarcus) March 2, 2023
“Big milestone for LN. Welcome to the first bank in the network! We are happy to support Xapo Bank in implementing Lightning for their clients,” he wrote.
Startup Xapo was founded by Vences Casares in 2013 and was one of the first to offer simple and convenient bitcoin wallets. In 2019, the custodian sold the institutional business to the Coinbase crypto exchange and focused on the retail market with a focus on developing countries.
In 2021, the company received a banking license in Gibraltar. Xapo is also a principal member of Visa and Mastercard, and a member of SWIFT.
“Now we are a full-fledged bank with a correspondent account in dollars, which, in our opinion, is very attractive for emerging markets. If you look at the United States or European countries, then basically they consider cryptocurrency as a kind of gambling. While in countries like Argentina, Venezuela, Lebanon, Nigeria, where the currency is depreciating and hyperinflation is possible, bitcoin can change people’s lives, ”said in an interview CoinDesk Xapo CEO Seamus Rocca.
Recall that in December, the British crypto exchange CoinCorner launched a fiat transfer service from the UK and the EU to Africa via LN.
Found a mistake in the text? Select it and press CTRL+ENTER
bitcoinlinux Newsletters: Keep your finger on the pulse of the bitcoin industry!
