Revolut Partners with Lightspark to Enhance BTC Transactions in the UK
- Revolut integrates Lightning Network to speed up Bitcoin payments in UK and EEA.
- Integration grants access to MoneyGrid, linking Revolut clients to 300M users in 140 nations.
- Move follows Coinbases 2024 rollout; Lightning now clears 15% of its Bitcoin transactions.
Revolut, a UK digital banking giant, has partnered with Lightspark to speed up Bitcoin transactions through the Lightning Network in the UK and select European Economic Area (EEA) countries.
This move is designed to cut transaction fees and speed up payment processing times, making Revolut one of the many fintech companies adopting blockchain technology for more effective cross-border processing.
Lightning Network to Improve Bitcoin Payment Speeds
As part of the integration with Lightspark, Revolut users will be able to access the Bitcoin-based Lightning Network, a layer 2 scaling solution designed to make transactions faster and cheaper. To solve Bitcoins scalability issues, the Lightning Network created a second layer to process transactions away from the main blockchain and then settle them on the chain massively reducing congestion and costs.
Lightspark CEO David Marcus described the shift as essential for modern financial services, noting that traditional payment systems have become outdated. In a world with a new, open Money Grid that enables instant, seamless transactions, were excited to see a global fintech such as Revolut lead the way, Marcus said. Lightsparks infrastructure, known as MoneyGrid connects over 300 million users across 140 countries enabling near-instant payments for businesses and individuals alike.
Revoluts Expansion into Crypto Payments
Adding the Lightning Network to Revoluts portfolio is also part of the startups broader ambition to expand its cryptocurrency offerings. In April, the company reported a pre-tax profit of $1.4 billion, a record figure representing a 149% jump from a year earlier, partly because the firms digital asset business keeps growing. Revolut X, a specialized crypto exchange app, has added to its stronghold in the market as it can now trade various digital assets.
Although the firm exited the U.S. market in 2023 due to the restrictions, it continues to be interested in crypto-friendly countries, like Europe, where it plans to launch more new digital offerings, including stablecoins. The integration of Lightning Network also strengthens its intention to provide the fastest and cheapest financial services as crypto payment demand keeps expanding.
Growing Adoption of the Lightning Network
Revoluts move follows competing platforms such as Coinbase, which launched Lightning support in 2024. According to reports, Lightning now processes about 15% of Coinbases Bitcoin transaction volume, and its importance in the crypto world is increasing.
Thaddeus Dryja and Joseph Poon introduced the Lightning Network which is now becoming vital infrastructure for Bitcoin operations. The Lightning Network gained significant attention from exchanges, fintech firms, and institutional investors because it can run massive transaction volumes at lower fees.
Read more: https://www.tronweekly.com/revolut-to-enhance-btc-transactions-in-the-uk/
Text source: TronWeekly
