XapoBank Introduces Lightning Network for Instant and Low-Cost Bitcoin Transactions

03/02/2023 14:36 • Blockchain Buzz • 125 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

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XapoBank, a well-known encryption custodian, has announced that it is integrating the Bitcoin-based lightning network into its services. This integration is a result of a partnership with Lightspark, and the company’s main focus is to enable its users to make small, instant, and low-cost transactions.

Led by David Marcus, the former head of Facebook Crypto, XapoBank sold its institutional business to Coinbase in 2017 and has since focused on the retail sector. Recently, the company has been exploring different ways to make Bitcoin transactions more user-friendly and accessible to the masses.

The lightning network is a layer-two payment protocol that operates on top of the Bitcoin network. It allows users to send and receive Bitcoins in a fast and cheap manner, without the need for high transaction fees and long confirmation times. The technology works by creating a network of payment channels between users, which enables them to make transactions that are not directly recorded on the blockchain. Instead, these transactions are processed instantly on the lightning network and settled on the blockchain at a later stage.

With the integration of the lightning network, users of XapoBank can now make instant payments of less than $100 at any supplier that accepts flash payment. This service will eliminate the need to wait for hours (or even days) for a Bitcoin transaction to confirm on the blockchain. Additionally, the company aims to provide lightning network support for larger transactions in the future.

The move by XapoBank to integrate the lightning network is a significant development for Bitcoin, as it will potentially make the cryptocurrency more accessible to the masses. With low transaction fees and instant confirmations, the technology will make it easier for people to use Bitcoin in their daily lives, such as paying for goods and services. Thus, it could lead to greater adoption of Bitcoin and eventually drive its value higher.

In conclusion, the integration of the lightning network by XapoBank is a game-changer for Bitcoin. It could help to overcome some of the major barriers to its adoption, making the cryptocurrency more accessible, and potentially driving up its value. It is a significant step towards a future where Bitcoin is a widely accepted and integrated payment method.

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