Xapo Bank has recently integrated Lighting network payments through a Partnership with Lightspark. On March 2, 2023, Xapo Bank announced its partnership with Lightspark, a company led by David Marcus, the former crypto boss at Facebook. The partnership’s main purpose is to extend the utility of bitcoin and the Lighting Network. Xapo revealed on Thursday that it is the first fully licensed private bank to offer payments through the Lightning Network.
Xapo CEO sees the new payment network as a solution to high transaction fees.
Recently, Xapo has partnered with Lightspark to integrate the Lightning Network payments into their system, according to an announcement sent to Bitcoin.com News. The company, founded in 2013, detailed that its clients can now pay for small purchases up to 100 dollars at any vendor which would accept this payment method. Additionally, Xapo offers interest-bearing US dollar bank accounts, with plans to provide the same for bitcoin.
Xapo CEO Seamus Rocca believes using their payment method will help clients avoid long waits and higher transaction fees. He said that the average transaction confirmation time of one hour, combined with potentially large fees during periods of huge usage, makes the BTC network unsuitable for small daily payments such as groceries which is not good for many people.
Rocca added that by integrating with the hyper-efficient Lightning network payment system, they would be the first bank in the world to streamline this process and allow their members to pay for small purchases using bitcoin without having them convert it into USD first.
Block also launched its new Lighting Network Service Provider.
As you know, recently, Xapo Bank has integrated Lighting network payments through Lightspark Partnership. At the same time, Jack Dorsey’s payment firm, Block, launched a new Lightning network service provider called “c=”. The c= venture notes on the website that it is partnering with different wallets, businesses, and lighting nodes.
During the Xapo-Lightspark announcement, Seamus Rocca, CEO of Xapo Bank, said that against hyperinflation, economic uncertainty and political turmoil, the demand for bitcoin payments integration is growing continuously. This indicates that in the future many other banks will also integrate bitcoin payment systems, which will boost the crypto industry.
What are your thoughts on Xapo Bank Lightning Network payment integration through the Lightspark partnership? Will this payment integration help Xapo Bank to reduce transaction fees? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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