• Xapo Bank, a licensed private bank and top bitcoin custodian, has integrated with the Lightning Network.
• This integration enables Xapo Bank’s customers to make lightning-fast bitcoin payments, up to $100 at any vendor that accepts Lightning payments.
• Major companies such as Robinhood, Cash App and Strike have announced plans to expand the applications of the Lightning Network.

Xapo Bank Integrates With The Lightning Network

Xapo Bank, a licensed private bank and one of the top bitcoin custodians, has collaborated with Lightspark and integrated with the Lightning Network. This integration enables Xapo Bank’s customers to make lightning-fast bitcoin payments for small purchases up to $100 at any vendor that accepts Lightning payments. Unlike traditional bitcoin transactions with high fees and long blockchain confirmation waiting times, Xapo Bank’s integration eliminates these issues.

What is Lighting Network?

The Lighting Network (LN), also known as Lightning or LN, is a Bitcoin scalability solution that enables fast and low-cost BTC transactions. It operates as a Layer 2 off-chain solution; meaning transfers occur through a separate network of payment channels connected to Bitcoin’s blockchain. The Lighting Network was initially proposed in 2016 as a second-layer protocol for Bitcoin transactions to improve scalability of the original blockchain network.

Lightning Enables Faster Payments

Lightning enables faster and more efficient payments by removing transactions from the main blockchain. The feature became operational on Bitcoin in early 2018 while reducing transaction fees significantly.

Major Companies Using The Lightning Network

At the 2022 Bitcoin Conference held in Miami major companies such as Robinhood, Cash App and Strike announced their plans to support and expand applications of the Lighting Network which was well received by attendees at the conference. Strike in particular disclosed partnerships with major companies like Shopify, BlackRock among others aiming at redefining payment systems globally.

Conclusion

The latest development towards integrating lighting networks into global financial systems signals an increased adoption rate for digital currencies around the world thus increasing its utility value over time