Xapo bank, one of bitcoin’s biggest supporters, has released transactions over the Lightning Network to all of its customers. The uniqueness of the initiative offers bitcoin enthusiasts yet another important use case.
That’s because the Lightning Network (LN) is a cheap, secure, and direct way to transfer bitcoin between wallets.
It is worth remembering that few cryptocurrency brokers support LN given the arrival of competing banks.
Banco Xapo remains steadfast in bitcoin adoption with support for the Lightning Network
In a statement to customers, Xapo bank, regulated since 2021, said it will go down in history as the first bank to support bitcoin, and will continue to maintain its position by announcing support for the Lightning Network.
Xapo stated that anyone can make low-cost bitcoin payments using escrow in the bank’s app. The banking institution has protections against hackers and bankruptcies and considers itself one of the first to be regulated to fully support the cryptocurrency market.
“We are pleased to announce that we are the first bank to support Lightning Network payments through our strategic partnership with Lightspark. This means that Xapo Bank members can now make cheap and extremely fast Bitcoin payments with just a few screens in the Xapo Bank app.”
For example, since 2022, Xapo has enabled customers who deposit USDC to instantly convert assets to dollars, at a 1:1 parity. But even with global operations and headquarters in Gibraltar, Xapo doesn’t serve people from the United States.
What does Lightspark say?
In a public release, the Lightspark team stated that it had been working on the product for several months in partnership with Xapo, a licensed private bank.
In addition, the company says it believes that bitcoin is more than necessary, but inevitable.
“At LightSpark, we have long believed that an open Internet money protocol is both necessary and inevitable. We believe that open networks that allow customers to meet their needs are likely to have an advantage over closed networks in the long run. In addition, we believe that any successful value protocol should be open, interoperable, scalable, low cost and able to establish itself in near real time. The LightSpark team has been hard at work building enterprise-grade access to Lightning and today we see it come to life.”
With LN’s historic arrival in a bank, the technology continues to grow alongside bitcoin and gain fans around the world.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
