Crypto-friendly banks are becoming more and more numerous. They compete with each other in order to attract more customers. Also, varied offers allow them to remain competitive in a highly competitive sector. For its part, Xapo Bank has chosen a partnership with Lightning Network Lightspark. Result: its members will now be able to make a Bitcoin Lightning payment.
Xapo Bank: first private bank to offer Bitcoin Lightning payment
Bitcoin (BTC) is revolutionizing the global money market. Lightning Network, meanwhile, is reinventing the payment industry by providing better transaction throughput. It provides more secure and faster payment at a more affordable cost.
Aware of such potential, Xapo Bank decided to launch a partnership with Lightning Network Lightspark. The short-term goal was to integrate Lightning into their platform. This will allow its members to make a Bitcoin Lightning payment. Done on February 27 on applications Xapo Bank.
“By integrating with the super-efficient Lightning Network, we are the first bank in the world to streamline this process and allow our members to pay for small purchases with Bitcoin without having to convert to USD first,” said the CEO of Xapo Bank, Seamus Rocca. “We are thrilled to enable the first bank in the Lightning Network to offer instant and inexpensive Bitcoin payments to its customers,” he adds in his press release.
A few key points to remember
For now, the trading volume will be limited to $100. Also, this offer is only valid from providers who accept a Bitcoin Lightning payment.
The CEO of Xapo Bank also points out an important thing: “Bitcoin transaction confirmation can take up to an hour during peak usage times, which makes BTC unsuitable for small daily payments like groceries.”
This partnership is beneficial for both Xapo Bank and Lightning Network. It will also impact the value of Bitcoin (BTC) whose outlook for this month of March is still unclear.
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