Xapo Bank becomes first bank to support Lightning Network Payments
Xapo Bank, a leading international private bank, has integrated with the Bitcoin-based Lightning Network by partnering with Lightspark, to allow lightning-fast Bitcoin transaction payments for its members.
Xapo Bank is an international licensed private bank and Bitcoin custodian that has been around since 2013. It became one of the most trusted Bitcoin custodians in the world because it made it easy for members to buy, sell, and store cryptocurrencies.
Xapo evolved into Xapo Bank to become the first cryptocurrency firm in the world to secure a banking license, and since then, it has expanded its products and services to offer savings accounts and a full package of private banking services such as asset protection, security lending, and wealth management, among other ambitions likely to be seen in the near future.
With this development, Xapo Bank is determined to become a leading private bank in the world, providing its clients with top-notch security measures, flexibility, and privacy that are unparalleled in the traditional finance industry.
The strategic partnership of Xapo with Lightspark and integration with the Lightning Network will allow Xapo Bank users to instantly pay for purchases up to $100 at any vendor, accepting payments via the Lightning Network without paying high transaction costs or experiencing long confirmation wait times.
The Lightning Network is a decentralized crypto network built on top of the Bitcoin blockchain. It lets people pay each other quickly and cheaply. The Lightning Network protocol uses the liquidity and security of the Bitcoin blockchain to develop secure participants who can transact BTC at high speed and volume with instant settlement and low cost.
Lightspark is the infrastructure for the Lightning Network that explores, extends, and builds the utility and capabilities of Bitcoin.
The integration will fill the gap between traditional and crypto financing, one of the things that Xapo Bank has been aiming at. In addition to this, Xapo provides interest-bearing USD bank accounts and plans to offer the same for BTC.
Seamus Rocco, the chief executive officer of Xapo Bank, believes that the hyper-efficient Lightning Network will assist members avoid increased on-chain fees and lengthy wait periods. Xapo Bank is the first financial institution in the world to ease the process of paying for small expenses using Bitcoin without converting BTC to USD. With a stellar reputation as the first Bitcoin security and storage service in the world to be fully insured and secured against insolvency and hacking, Xapo was founded to merge conventional finance and cryptocurrencies.