Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership

On March 2, Xapo Bank announced its concern with Lightspark, a institution led by David Marcus, erstwhile crypto brag astatine Facebook. The concern aims to widen the inferior of bitcoin and the Lightning Network. Xapo revealed connected Thursday that it is the archetypal afloat licensed backstage slope to connection payments done the Lightning Network.

Xapo CEO Sees Lightning Network Integration arsenic a Solution to High Fees and Long Transaction Times

Xapo has partnered with Lightspark to integrate the Lightning Network, according to an announcement sent to Bitcoin.com News. The company, founded successful 2013, elaborate that its clients tin present wage for tiny purchases of up to $100 astatine immoderate vendor that accepts Lightning Network payments. Additionally, Xapo is offering interest-bearing U.S. dollar slope accounts, with plans to soon connection the aforesaid for bitcoin. Xapo CEO Seamus Rocca believes that utilizing the Lightning Network tin assistance clients debar agelong hold times and higher onchain fees.

“The mean transaction confirmation clip of 1 hr combined with perchance ample fees during periods of precocious usage marque the Bitcoin web unsuitable for tiny regular payments specified arsenic groceries,” Rocca said successful a statement. “By integrating with the hyper-efficient Lightning Network, we are the archetypal slope successful the satellite to streamline this process and let our members to wage for tiny purchases with bitcoin without having to person to USD first.”

At the aforesaid time, Jack Dorsey’s payments firm, Block, launched a caller Lightning Network work supplier called “c=.” The c= task notes connected the website that it is partnering with wallets, businesses, and Lightning nodes. During the Xapo-Lightspark announcement, Rocca said that “against a backdrop of hyperinflation, economical uncertainty, and governmental turmoil,” the request for bitcoin outgo integrations continues to grow. “We request integrations similar this that unfastened up entree to bitcoin payments,” the Xapo CEO insisted.

To usage the Lightning Network via Xapo, clients request to person bitcoin (BTC) successful their Xapo Bank App. Then, users tin scan a Lightning Network invoice and wage immoderate merchant with the application. Xapo elaborate that the web volition complaint a tiny fig of satoshis for the transaction. David Marcus, CEO and co-founder of Lightspark, explained that Xapo has been 1 of the firm’s closed beta partners.

“We’re delighted they chose Lightspark’s enterprise-grade solution to reliably nonstop and person payments connected the Lightning Network without each the complexity and operational overhead that typically comes with moving a node connected it,” Marcus said. At the clip of writing, the Lightning Network has a full capableness of 5,421.53 BTC.

What are your thoughts connected Xapo Bank’s Lightning Network integration? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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