Bitcoin News and Finance
Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership Skip to main content

Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership

Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership

On March 2, Xapo Bank announced its partnership with Lightspark, a company led by David Marcus, former crypto boss at Facebook. The partnership aims to extend the utility of bitcoin and the Lightning Network. Xapo revealed on Thursday that it is the first fully licensed private bank to offer payments through the Lightning Network.

Xapo CEO Sees Lightning Network Integration as 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 in 2013, detailed that its clients can now pay for small purchases of up to $100 at any vendor that accepts Lightning Network payments. Additionally, Xapo is offering interest-bearing U.S. dollar bank accounts, with plans to soon offer the same for bitcoin. Xapo CEO Seamus Rocca believes that using the Lightning Network can help clients avoid long wait times and higher onchain fees.

“The average transaction confirmation time of one hour combined with potentially large fees during periods of high usage make the Bitcoin network unsuitable for small daily payments such as groceries,” Rocca said in a statement. “By integrating with the hyper-efficient Lightning Network, we are the first bank in the world to streamline this process and allow our members to pay for small purchases with bitcoin without having to convert to USD first.”

At the same time, Jack Dorsey’s payments firm, Block, launched a new Lightning Network service provider called “c=.” The c= venture notes on 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, economic uncertainty, and political turmoil,” the demand for bitcoin payment integrations continues to grow. “We need integrations like this that open up access to bitcoin payments,” the Xapo CEO insisted.

To use the Lightning Network via Xapo, clients need to have bitcoin (BTC) in their Xapo Bank App. Then, users can scan a Lightning Network invoice and pay any merchant with the application. Xapo detailed that the network will charge a small number of satoshis for the transaction. David Marcus, CEO and co-founder of Lightspark, explained that Xapo has been one of the firm’s closed beta partners.

“We’re delighted they chose Lightspark’s enterprise-grade solution to reliably send and receive payments on the Lightning Network without all the complexity and operational overhead that typically comes with running a node on it,” Marcus said. At the time of writing, the Lightning Network has a total capacity of 5,421.53 BTC.

What are your thoughts on Xapo Bank’s Lightning Network integration? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory