XapoBank Integrates Bitcoin Lightning Network for Fast and Low-Cost Transactions

03/02/2023 14:36 • AI & Tech Insights • 133 views

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, a well-known encryption custodian, has recently added the Bitcoin-based lightning network to its platform, making it possible for users to make low-cost, fast transactions of less than $100. The company has also partnered with Lightspark, a blockchain consulting firm, to ensure the success of the integration.

The move to integrate the lightning network was led by David Marcus, the former head of Facebook Crypto, who took on the role of CEO at XapoBank. The company sold its institutional business to Coinbase in 2017 to shift its focus to retail customers. Since then, the bank has been working tirelessly to make Bitcoin more accessible to everyday users.

Now, users of XapoBank can easily pay for goods and services with Bitcoin, without having to wait for long confirmation times or pay high transaction fees. The lightning network is a revolutionary technology that allows quick and inexpensive Bitcoin transactions by creating a second layer on top of the blockchain network.

By implementing this technology, XapoBank has taken a significant step towards strengthening Bitcoin’s position in the retail sector. By making Bitcoin transactions faster and more economical, the bank has made it possible for merchants to accept Bitcoin for small purchases. This could be a game-changer for the cryptocurrency industry, as previously, Bitcoin was not considered a practical payment method for small transactions due to high fees and long wait times.

In conclusion, XapoBank’s integration of the lightning network represents a significant milestone for the cryptocurrency industry. By making Bitcoin more accessible, faster, and cheaper to use, the bank has paved the way for wider adoption of the cryptocurrency for everyday transactions. With this move, XapoBank has shown that it is committed to providing innovative solutions that meet the evolving needs of its customers.

Overall, the integration of the lightning network has the potential to revolutionize the payment industry, making it faster, cheaper, and more efficient. This move by XapoBank is a step forward in the adoption of Bitcoin as a reliable payment method, and we can expect to see more advancements in this space in the future.

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