Xapo Bank, a licensed private bank and one of the top Bitcoin custodians, has teamed up with Lightspark to integrate with the Lightning Network.
Xpo bank offers super fast payments
With this integration, Xapo Bank customers will be able to make lightning-fast Bitcoin payments for small purchases up to $100 at any vendor that accepts Lightning payments. Unlike traditional Bitcoin transactions with high fees and long blockchain confirmation times, Xapo Bank’s Lightning Network integration eliminates these issues.
What is lighting network?
The Lightning Network, also known as Lightning or LN, is Bitcoin’s scalability solution that enables fast, low-cost BTC transactions. It works as a layer 2 off-chain solution. In other words, the transfer takes place through another network of payment channels connected to the Bitcoin blockchain.
The Lightning Network was first proposed in 2016 as a second layer protocol for Bitcoin transactions to improve the scalability of the original blockchain network. Lightning enables faster and more efficient payments by removing transactions from the main blockchain.
This feature began operating in Bitcoin in early 2018. The protocol is designed to facilitate small day-to-day trading, but with significantly reduced transaction fees.
Major companies using the Lightning Network
There was a lot of talk about Bitcoin’s Lightning Network (LN), especially after the Bitcoin 2022 conference in Miami.
One of the highlights of the event was that multiple companies, including Robinhood, Cash App, and Strike, announced plans to support and expand their Lightning Network applications. The news was well received by those in attendance, as evidenced by the various videos and discussions at the conference.
The strike has been at the forefront of redefining the payment system for some time. During the conference, we announced partnerships with leading companies such as Shopify, Blackhawk, and NCR to bring Lightning-powered payments to online and physical stores around the world.