Revolut, a digital bank, is partnering with Lightspark to implement Bitcoin transactions on the Lightning Network for its customers in the U.K. and select European Economic Area (EEA) countries. This initiative aims to reduce transaction fees and processing times for crypto users, according to Lightspark's blog post. The integration will allow Revolut users to bypass the congestion and high fees of the base Bitcoin blockchain.
Lightspark, under the leadership of former PayPal executive David Marcus, offers backend infrastructure for connecting to a decentralized network for real-time global payments. Revolut's crypto general manager, Emil Urmanshin, stated that integrating with Lightspark is a natural step to make financial services faster and more affordable. This move positions Revolut among fintech firms adopting faster, crypto-native payment systems using blockchain technology.
Bitcoin-focused payments firm Strike processed $6 billion in volumes last year, according to CEO Jack Mallers in an investor letter shared last month. The company didn't specify the timeline for when the feature will go live. The Lightning Network is a layer-2 system built on top of the Bitcoin blockchain that allows near-instant, low-fee transactions.
This article is based on our author's analysis of materials taken from the following resource: CoinDesk.