Digital bank Revolut is collaborating with Lightspark to implement Bitcoin (BTC) transactions on the Lightning Network for its customers in the United Kingdom and certain European Economic Area (EEA) nations.
The objective of this feature is to minimize transaction charges and enhance the speed of payments for cryptocurrency users, as stated by Lightspark in a recent blog post. The specific timeline for the launch of this feature has yet to be announced by the company.
Highlights:
- Revolut intends to leverage Lightspark for transactions on the Bitcoin Lightning Network for users in select regions.
- The integration seeks to lower transaction costs and reduce processing times using Lightspark’s payment framework.
- This development positions Revolut alongside other fintech companies moving towards quicker and more innovative crypto payment solutions utilizing blockchain technology.
Lightspark, founded by ex-PayPal executive David Marcus, delivers the backend tools necessary for accessing what is termed the “Money Grid”—a decentralized infrastructure designed for instantaneous global payments.
The Lightning Network serves as a layer-2 solution on the Bitcoin blockchain, facilitating rapid and low-cost transactions. By connecting with Lightspark, Revolut users will bypass congestion and high fees associated with the primary blockchain, allowing for swifter and more efficient BTC transfers.
“Integrating with Lightspark is a natural step,” stated Emil Urmanshin, Revolut’s crypto general manager, in the announcement. “We’re consistently striving to enhance the affordability and speed of financial services—Lightspark’s approach to global transactions allows us to achieve precisely that.”
This partnership enables London-based Revolut to join a rising trend among fintech firms that are adopting faster, blockchain-based payment systems. In a recent update, Jack Mallers, CEO of Strike, reported that his company processed $6 billion in transaction volume last year.
