Revolut partners with Lightspark to integrate Bitcoin lightning payments

UK fintech elephantine Revolut has partnered with Lightspark to bring Lightning Network enactment for Bitcoin (BTC) payments to users successful the UK and prime European Economic Area countries, the companies announced connected May 7.

The integration enables near-instant, low-cost Bitcoin transactions for Revolut users by leveraging Lightspark’s enterprise-grade infrastructure. It marks a large milestone for the neobank, which is progressively expanding its crypto functionality beyond trading and custody.

Emil Urmanshin, wide manager of crypto astatine Revolut, said:

“Integrating with Lightspark is simply a earthy measurement forward. We’re ever looking for ways to connection faster and much affordable fiscal solutions — and their attack to planetary transactions enables america to bash precisely that.”

The Lightning Network is simply a layer-2 protocol built connected apical of Bitcoin’s basal chain. It is designed to amended transaction velocity and trim web fees. By tapping into this technology, Revolut joins a increasing database of fintech companies adopting decentralized outgo rails for applicable usage cases.

Lightspark CEO and co-founder David Marcus praised Revolut for starring the complaint successful blockchain adoption for modern finance. He added that Bitcoin and blockchain-based infrastructure are the “future of money.”

According to Marcus:

“For excessively long, accepted banks person relied connected outdated, slow, and costly outgo systems‌ — ‌akin to dial-up erstwhile the remainder of the satellite uses 5G. In a satellite with a new, unfastened Money Grid that enables instant, seamless transactions, we’re excited to spot a planetary fintech specified arsenic Revolut pb the way.”

Lightspark’s level besides supports Universal Money Address (UMA), a caller outgo protocol that functions similar an email address. UMA-compatible wallets let users to nonstop and person funds utilizing simple, human-readable identifiers.

Revolut’s Lightning rollout volition statesman with users successful the UK and prime EEA markets, with broader enlargement expected arsenic infrastructure and compliance conditions evolve.

The determination reflects increasing momentum astir the Lightning Network, arsenic planetary fiscal players question alternatives to dilatory and costly bequest outgo systems.

For Revolut, it’s different measurement successful positioning itself arsenic a crypto-forward level offering faster, cheaper, and much flexible wealth movement.

The station Revolut partners with Lightspark to integrate Bitcoin lightning payments appeared archetypal connected CryptoSlate.