XapoBank Integrates Bitcoin Lightning Network for Retail Transactions
It is reported that XapoBank, the encryption custodian, has integrated the Bitcoin based lightning network and cooperated with Lightspark. The company is led b…
It is reported that XapoBank, the encryption custodian, has integrated the Bitcoin based lightning network and cooperated with Lightspark. The company is led by David Marcus, the former head of Facebook Crypto, and sold its institutional business to Coinbase in 2017 to focus on the retail sector. Users of XapoBank can now pay small amounts of less than $100 immediately at any supplier that accepts flash payment, without paying high transaction fees and waiting for long blockchain confirmation time.
Xapo Bank, the encryption custodian, integrated the lightning network and reached a cooperation with Lightspark
Interpretation of the news:
XapoBank has integrated the Bitcoin-based lightning network to improve its retail transaction process. The encryption custodian has collaborated with Lightspark in this regard. David Marcus, former head of Facebook Crypto, leads the company that sold its institutional business to Coinbase in 2017 to focus on the retail sector.
With the new integration, XapoBank users can now pay small amounts of less than $100 immediately at any supplier that accepts flash payment. The system operates in such a way, that customers do not need to pay high transaction fees or wait for long blockchain confirmation time. In other words, the transaction can be confirmed almost instantly, ensuring speedy and secure processing of retail payments.
The Bitcoin-based lightning network allows the decentralization of financial transactions, making instantaneous and low-cost payments possible without involving intermediaries or paying exorbitant transaction fees. This integration is consistent with XapoBank’s mission to expand the usage of cryptocurrencies in people’s daily lives.
Although cryptocurrencies like Bitcoin have been popular for almost a decade, high transaction fees and slow processing times have kept them from becoming mainstream in retail transactions. Thus, the integration of Bitcoin-based lightning network can potentially improve the actuality of using cryptocurrencies, especially for small transactions, by providing a frictionless and fast retail payment experience.
XapoBank’s collaboration with Lightspark that provides blockchain solutions, shows the company’s increasing interest in capitalizing on blockchain technology to develop its business strategy.
To sum up, XapoBank’s integration of the Bitcoin-based lightning network for retail transactions represents a significant milestone in the expansion of the usage of cryptocurrencies by facilitating fast, reliable, and low-cost payments.
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