Xapo Bank enables faster Bitcoin payments with Lightning Network

Xapo Bank, an planetary backstage slope headquartered successful Gibraltar, integrates the Lightning Network to amended its Bitcoin (BTC) capabilities.

On March 2, Xapo officially announced a concern with the Lightning Network infrastructure level Lightspark, which allowed the steadfast to instrumentality Lightning connected its platform.

The integration enables faster and cheaper transactions connected Xapo, reducing blockchain confirmation waiting times and transaction fees connected the archetypal Bitcoin network.

According to the firm, Xapo Bank members volition present beryllium capable to instantly wage for tiny purchases of up to $100 astatine immoderate vendor accepting Lightning payments. High-volume transactions are initially not supported with the integration.

The caller integration was introduced connected Feb. 27 arsenic portion of a caller update for Xapo bank’s apps connected the Apple Store and Google Store.

Lightning Network transactions connected Xapo via Lightspark

According to Xapo Bank CEO Seamus Rocca, Bitcoin’s transaction confirmation tin instrumentality up to 1 hr during periods of precocious usage, which makes BTC unsuitable for tiny regular payments similar groceries. By integrating the Lightning Network, Xapo allows its customers to wage utilizing Bitcoin without having to person it to the U.S. dollar, helium said.

Related: Bitcoin node transportation shuts down: BlueWallet users urged to retreat funds

Bitcoin mean confirmation clip has seen a immense spike successful mid-February amid a monolithic enactment connected the Bitcoin network, with the mempool size reaching November 2022 levels. According to information from Ycharts, BTC confirmation clip hit astir 600 minutes connected Feb. 19.

Source: Ycharts

Rocca besides noted that Bitcoin payments are particularly important during times of hyperinflation, economical uncertainty and governmental turmoil.

Founded successful 2013, Xapo operates a backstage slope arsenic good arsenic a Bitcoin custodian and wallet regulated by the Gibraltar Financial Services Commission. The institution is known for combining accepted banking with crypto by offering USD and BTC accounts successful 1 place.

Xapo claims that astatine the highest of its Bitcoin custodianship, the steadfast held much than 800,000 BTC ($18.7 billion) for household offices, funds and precocious net-worth individuals. Such an magnitude of Bitcoin is much than 4% of the full fig of each BTC successful circulation.