UK Fintech Giant Revolut works together with Lightspark to bring Lightning Network support for Bitcoin (BTC) payments to users in the VK and select countries of European Economic Area Areas, the companies announced on May 7.
The integration makes almost cheap, cheap Bitcoin transactions possible for revolut users by using the infrastructure of Lightspark and Enterprise-Grade. It marks an important milestone for the Neobank, which increasingly expands its crypto functionality outside of trade and guardianship.
Emil Urmanshin, general manager of Crypto at Revolut, said:
“Integration with Lightspark is a natural step forward. We are always looking for ways to offer faster and more affordable financial solutions – and their approach to global transactions enables us to do exactly that.”
The Lightning Network is a Layer-2 protocol built on top of the basic chain of Bitcoin. It is designed to improve the transaction speed and to lower network costs. By using this technology, Revolut adds to a growing list of fintech companies that accept decentralized payment rails for practical use cases.
Lightspark CEO and co-founder David Marcus praised Revolut for leading the indictment in blockchain adoption for modern finances. He added that Bitcoin and Blockchain-based infrastructure are the ‘future of money’.
According to Marcus:
“For too long, traditional banks have been familiar with outdated, slow and expensive payment systems-akin to call when the rest of the world uses 5G 5G. In a world with a new, open money schedule that makes immediate, seamless transactions possible, we are delighted to see a worldwide fintech such as Revolut, the way.”
The Lightspark platform also supports Universal Money address (UMA), a new payment protocol that functions as an e -mail address. With UMA-compatible portfolios, users can send and receive funds using simple, human-readable identification data.
The Lightning -REVOLUT rollout starts with users in the UK and select EEA markets, with a wider expansion as the infrastructure and compliance conditions evolve.
The move reflects a growing momentum around the lightning network, because global financial players are looking for alternatives for slow and expensive legacy paying systems.
For Revolut it is a new step to position itself as a crypto-forward platform that offers faster, cheaper and more flexible money movement.